In brief: Jobless filings up, but less than anticipated
More Americans filed for unemployment benefits last week, but applications rose less than expected, holding at a level that signals a strong job market.
Initial claims for jobless benefits rose 11,000, to 278,000, for the week that ended Jan. 31, the Labor Department said Thursday.
The four-week moving average for jobless claims, which smooths out some of the volatility in the weekly numbers, fell 6,500 to 292,750.
Worker productivity slides in fourth quarter
WASHINGTON – U.S. worker productivity went into reverse in the final three months of the year, while labor costs increased.
Productivity, the amount of output per hour of work, fell at a 1.8 percent rate in the fourth quarter after rising at a 3.7 percent rate in the third quarter, the Labor Department reported Thursday.
Pfizer purchasing Hospira, provider of injectable drugs
NEW YORK – Pfizer is buying Hospira for approximately $15.23 billion, saying it is a good fit with its global established pharmaceutical business.
Hospira Inc., based in Lake Forest, Illinois, is a provider of injectable drugs and infusion technologies.
Pfizer Inc. will pay $90 per share in cash, which is a 39 percent premium to Hospira’s Wednesday closing price of $64.80. The companies put the deal’s enterprise value at about $17 billion.
Average mortgage rates down to May 2013 levels
WASHINGTON – Mortgage company Freddie Mac said the nationwide average for a 30-year mortgage declined to 3.59 percent from 3.66 percent last week. The average rate is at its lowest level since May 2013.
The rate for the 15-year loan, a popular choice for people who are refinancing, eased to 2.92 percent from 2.98 percent last week.
A year ago, the average 30-year mortgage stood at 4.23 percent and the 15-year mortgage at 3.33 percent.
Verizon deal with Frontier, tower leases worth $15 billion
NEW YORK – Verizon Communications will make almost $15 billion from selling part of its wireline business and leasing thousands of wireless towers.
The largest U.S. cellphone carrier is selling its California, Florida and Texas wireline businesses, which serve telephone, TV and Internet customers, to Frontier Communications Corp. for $9.9 billion in cash. Frontier is also taking on $600 million in debt.