IMPORTS PUSH TRADE GAP TO $55.5 BILLION
Record imports in October drove the U.S. trade deficit to the highest level in a decade.
The Commerce Department said Thursday the gap between the United States sells and what it buys from foreign countries hit $55.5 billion in October, the fifth consecutive increase and highest since October 2008.
Survey: Businesses added 179,000 jobs last month. TON»
W A S HI N G
U.S. businesses hired new workers at a solid pace in November, adding 179,000 jobs, according to a private survey.
Payroll processor ADP said Thursday that last month’s job gains slowed from October’s strong showing of 225,000. Still, November’s hiring is enough to lower the unemployment rate over time.
Sears’ biggest holder bids $4.6B for rest of bankrupt chain.
YORK» Eddie Lampert and his ESL Holdings hedge fund are offering to buy the rest of Sears for up to $4.6 billion in cash and stock in a move to stave off liquidation.
Sears filed for Chapter 11 bankruptcy protection in October, weighed down by years of declining sales and massive debt.
Average mortgage rates drop; 30-year loan at 4.75%. TON» U.S.
W A S HI N G
long-term mortgage rates fell this week amid a steep decline in stock prices.
Mortgage giant Freddie Mac said Thursday the average rate on the benchmark 30-year, fixed-rate mortgage dipped to 4.75 percent from 4.81 percent last week. The key rate stood at 3.94 a year ago.
The rate on 15-year fixed-rate loans declined to 4.21 percent from 4.25 percent the previous week.
Frontier pilots to vote on proposed contract over holidays.
Frontier Airlines pilots will be voting on whether to accept a new contract proposal over the holidays.
Union spokesman Capt. Alan Christie says voting will begin Dec. 20 and wrap up Jan. 10.
Lyft aims to beat Uber to stock market with IPO.
» Lyft hasn’t caught up to Uber in the rapidly growing ride-hailing market, but it’s ahead in the race to sell its stock on the public market.
The San Francisco company took the first step toward listing its shares on the U.S. stock market by filing confidential documents for an initial public offering. The filing, announced by Lyft on Thursday, is expected to become publicly available early next year.