Business Highlights

New signs emerge that recession may be easing

WASHINGTON (AP) — The number of people receiving jobless benefits exceeded 6 million for the first time, the government reported Thursday, and housing construction unexpectedly plunged to its second-lowest level on record — fresh evidence that the recession is far from over.

That was the bad news. But those same reports Thursday included some silver linings suggesting the recession may be easing.

The pace of new-home construction seems to be nearing a bottom. First-time jobless benefit claims fell more than expected for the second straight week.

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JPMorgan Chase posts better-than-expected profit

NEW YORK (AP) — JPMorgan Chase & Co.'s first-quarter profit wasn't as good as last year's, but it told investors what they wanted to hear: Banking is not dead.

JPMorgan became the third big bank in a week to release upbeat earnings news, reporting Thursday that it earned $2.14 billion for the January-March period, thanks to both strong trading activity and banking to consumers. The company's performance added to the evidence that the financial industry is starting to recover from the devastating losses caused by the credit crisis and the recession, even as banks still contend with rising loan defaults.