Overall industrial production, which includes mines and utilities, dipped 0.1 percent, after a solid 1 percent rise in April. Both mines and utilities increased production.
Foreign holdings of US debt hit record high
WASHINGTON (AP) â¿¿ Foreign demand for U.S. Treasury securities rose to a record high in April. China, the largest buyer of Treasury debt, increased its holdings slightly after trimming them for two straight months.
The Treasury Department said Friday that total foreign holdings rose 0.4 percent to $5.16 trillion. It was the fourth consecutive monthly increase.
Demand for U.S. debt is rising largely because investors are worried about Europe's worsening debt crisis. U.S. government debt is considered one of the safest investments in the world.
Unemployment rates rose in 18 US states last month
WASHINGTON (AP) â¿¿ Unemployment rates rose in 18 U.S. states in May, the most in nine months. Increasing unemployment in more than a third of U.S. states is the latest evidence of a weaker job market.
The Labor Department said that unemployment rates fell in 14 states. That's fewer than the previous month, when rates fell in 37 states. Rates were unchanged in 18 states.
Nationally, the jobless rate rose to 8.2 percent in May from 8.1 percent in April, the first increase in almost a year. Employers added only 69,000 jobs, the fewest in 12 months.
SEC questioned Facebook about Zynga, mobile
NEW YORK (AP) â¿¿ As Facebook's much-anticipated public stock offering approached, federal regulators wanted to know more about the revenue it gets from mobile devices, its $1 billion deal to buy Instagram and the control CEO Mark Zuckerberg has over the company.
Documents filed Friday show the back-and-forth the social-networking company had with the Securities and Exchange Commission on a variety of issues. As all companies do, Facebook Inc. amended its regulatory documents several times ahead of its initial public offering of stock. But the communications leading to those changes weren't public until now.