On the hunt: The number of people seeking first-time unemployment benefits rose a slight 4,000 last week to a seasonally adjusted 372,000, evidence that the job market’s recovery remains modest and uneven. The Labor Department today reports the four-week average, a less volatile measure, increased 3,750 to 368,000. Applications are a measure of the pace of layoffs. When they fall consistently below 375,000, it generally suggests hiring is strong enough to lower the unemployment rate. Applications have risen for two straight weeks. Read the full story here.
Billions on the line: Jurors begin their second day of deliberations today in a multibillion-dollar patent infringement case pitting Apple against Samsung over the design of iPhones and iPads. After a three-week federal trial in San Jose, Calif., a jury of seven men and two women picked from a pool of Silicon Valley residents will try to decide whether Samsung Electronics Co. ripped off Apple Inc. designs or Apple wronged Samsung. With so much money and market clout at stake, few experts were expecting a quick verdict. Click here for the full story.
Bring it on home: A boom in oil production from the shale formations of North Dakota and Texas has the United States on a course to cut its reliance on imported crude oil to about 42% this year, the lowest level in two decades, Bloomberg reports. Dependence on crude purchased from foreign countries is on pace to decline from last year, says Adam Sieminski, the head of the U.S. Energy Information Administration. In 2011 the U.S. relied on imports for 44.8% of its petroleum consumption, down from 60.3% in 2005, according to EIA data. Read the full story here.
