Applications for
unemployment dropWASHINGTON -- The outlook for the U.S. job market is brightening, with a government report showing a sharp drop in the number of Americans applying for unemployment benefits.Weekly applications fell 27,000 to a seasonally adjusted 341,000, the Labor Department said Thursday. Except for a few weeks last month affected by seasonal distortions, that's the lowest in nearly five years.-- The Associated PressGerman output dropsin 2012's last quarterBERLIN -- With many of its debt-ridden euro partners in recession, Germany could only swim against the tide for so long.Figures on Thursday showed that output in Germany, Europe's largest economy, contracted by more than anticipated in the last three months of 2012. And the German drop lay behind a deepening recession across the economy of the 17 European Union countries that use the euro.Eurostat, the EU's statistics office, said the eurozone's economic output shrank by 0.6 percent in the final quarter of 2012 from the previous quarter. It was the steepest fall since 2009.-- The Associated PressAverage mortgage ratesremain flat and lowWASHINGTON -- The average rate on the 30-year fixed mortgage was unchanged for a second week, remaining near historic lows. The average rate on the 15-year mortgage also stayed the same. Low mortgage rates are helping to strengthen the housing recovery.Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year stayed at 3.53 percent. That's near the 3.31 percent reached in November, which was the lowest on records going back to 1971.The rate on the 15-year fixed mortgage stayed at 2.77 percent for a second week. The record low is 2.63 percent.-- The Associated PressMerck agrees to pay$688 million settlementTRENTON, N.J. -- Merck & Co. has agreed to pay $688 million to settle two long-running lawsuits brought by investors who alleged that the drugmaker delayed releasing bad news on its blockbuster cholesterol drugs to prevent a drop in sales.-- The Associated PressHave more to add? News tip? Tell us
