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U.S. existing home sales race to more than 9-1/2-year high

U.S. home resales rose in October to their highest level in more than 9-1/2 years as homebuyers, buoyed by an improving labor market, took advantage of still-low mortgage rates to snatch up properties after many were shut out during the busy summer selling season. The jump in sales was further evidence of a pickup in

Fed Studies Show Damage to Labor Market Is Reversible

Most of the damage inflicted on the U.S. labor market by the recession is reversible, according to Federal Reserve research, leaving open the possibility that additional stimulus will be effective in reducing joblessness. About one-third, or 1.5 percentage points, of the jump in unemployment from 5 percent as the economic slump began to its 10

U.S. Navy Fires on Boat in Persian Gulf

A security team aboard the oil supply ship U.S.N.S. Rappahannock fired on a boat in the Persian Gulf today, killing one and injuring three others. The Navy’s 5th Fleet, based in nearby Bahrain, said the U.S. ship fired a .50 caliber machine gun at a “small motor vessel after it disregarded warnings and rapidly approached