Economic growth likely strong in Q3
WASHINGTON - The U.S. economy appears to have grown over the summer faster than first thought.
U.S. companies sold more goods overseas in September, helping narrow the nation's trade gap substantially. And wholesale companies boosted their stockpiles after reporting their best sales in 18 months.
Those figures could lead the government to sharply revise its estimate of the economy's growth rate in the July-September quarter up from the 2 percent annual rate it estimated last month.
Ex-Madoff worker pleads guilty
NEW YORK - A former controller for imprisoned Wall Street swindler Bernard Madoff has pleaded guilty to federal charges related to history's largest Ponzi scheme.
The U.S. attorney in Manhattan says Irwin Lipkin of Paramus, N.J., entered the plea Thursday. The charges included conspiracy to commit securities fraud.
The prosecutor said Mr. Lipkin could get up to 10 years in prison. He will be sentenced in March.
Chrysler recalls older Jeep SUVs
DETROIT - Front and side air bags on some older Jeep SUVs can inflate while the vehicles are being driven. The National Highway Traffic Safety Administration found that the air bags went off 215 times, causing 81 minor injuries. No crashes were reported. About 919,000 Jeep Grand Cherokees from the 2002 to 2004 model years and Libertys from 2002 to 2003. The figures are worldwide. About 745,000 of them are in the U.S. Chrysler will recall the vehicles and fix them free of charge.
China's factory output rises
BEIJING - China's auto sales, consumer spending and factory output improved in October in a new sign of economic recovery as the Communist Party prepared to install a new generation of leaders.
Growth in factory output accelerated to 9.6 percent over a year earlier from the previous month's 9.2 percent, the government reported Friday. Retail sales rose 14.5 percent, up from September's 14.2 percent.
Also in October, inflation eased further, giving Beijing more room to cut interest rates or launch new stimulus measures to speed a recovery with less danger of igniting politically dangerous price rises.
The data are welcome news for the ruling party, which is meeting in Beijing for a once-a-decade handover of power to younger leaders.