Economy News

President Barack Obama says more work is needed to create new jobs.

Orders to U.S. factories jumped in May by the largest amount in nearly a year, further evidence that the nosedive in manufacturing is nearing an end.

Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy's road to recovery will be a bumpy one.

The government says the number of newly laid-off workers filing for unemployment insurance dropped last week, a sign job cuts are easing.