IN BRIEF
PHILADELPHIA — Both Butler and Allegheny counties on Wednesday reported unemployment rates of 7.1 percent in December.
The national unemployment rate in December was 9.1 percent.
According to the U.S. Department of Labor's Bureau of Labor Statistics, five of the seven counties in the Pittsburgh statistical area are below the national jobless rate, with Fayette and Armstrong counties showing higher rates of 10.2 percent and 9.5 percent, respectively.
The area also includes Beaver, Washington and Westmoreland counties.
WASHINGTON — Under government pressure, Ford said Wednesday it will recall nearly 150,000 F-150 pickup trucks to fix air bags that could deploy without warning, a fraction of the vehicles the government contends should be called back and repaired.The recall covers trucks from the 2005-06 model years in the United States and Canada for what the Dearborn, Mich., company calls a “relatively low risk” of the air bag deploying inadvertently.The government, however, has urged Ford to recall 1.3 million F-150s from the 2004-06 model years, citing 98 injuries from air bags deploying accidentally. The recall is being closely watched because Ford's F-Series pickup truck is the best-selling vehicle in America.
WASHINGTON — Home sales are starting to tick up after the worst year in more than a decade. But the momentum is coming from cash-rich investors who are scooping up foreclosed properties at bargain prices, not first-time home-buyers who are critical for a housing recovery.The number of first-time buyers fell last month to the lowest percentage in nearly two years, while all-cash deals have doubled and now account for one-third of sales.A record number of foreclosures have forced home prices down in most markets. The median sales price for a home fell last month to its lowest level in nearly nine years, according to the National Association of Realtors.Lower prices would normally be good for first-time home-buyers. But tighter lending standards have kept many from taking advantage of them.Cash-only investors are most interested in properties at risk of foreclosure. They can get those at bargain-basement prices.
HOFFMAN ESTATES, Ill. — Sears Holdings' fourth-quarter net income fell 13 percent, but adjusted results topped Wall Street's expectations thanks to continued strengthening at Kmart discount stores.The company led by billionaire Edward Lampert earned $374 million, or $3.43 per share, compared with $430 million, or $3.74 per share, a year earlier.Adjusted earnings were $3.67 per share, beating analysts' $3.60 per share.Revenue dipped 1 percent to $13.14 billion, but still topped Wall Street's $13.02 billion.
