U.S. Unemployment Rate Falls To 7.7 Percent

WASHINGTON — The U.S. economy added 146,000 jobs in November and the unemployment rate fell to 7.7 percent, the lowest since December 2008. The government said Superstorm Sandy had only a minimal effect on the figures.

The Labor Department‘s report today offered a mixed picture of the economy.

Hiring remained steady during the storm and in the face of looming tax increases. But the government said employers added 49,000 fewer jobs in October and September than it initially estimated.

And the unemployment rate fell to a four-year low in November from 7.9 percent in October mostly because more people stopped looking for work and weren’t counted as unemployed.

Read more:  http://readingeagle.com/article.aspx?id=433757

Twinkies Maker Hostess: 110 Suitors Are Lined Up

NEW YORK – The future of Twinkies is virtually assured.

Hostess Brands Inc. got final approval for its wind-down plans in bankruptcy court Thursday, setting the stage for its roster of snack cakes to find a second life with new owners – even as 18,000 jobs will be wiped out.

The company said in court that it’s in talks with 110 potential buyers for its brands, which include CupCakes, Ding Dongs and Ho Hos.  The suitors include at least five national retailers such as supermarkets, a financial advisor for the company said.  The process has been “so fast and furious” Hostess wasn’t able to make its planned calls to potential buyers, said Joshua Scherer of Perella Weinberg Partners.

“Not only are these buyers serious, but they are expecting to spend substantial sums,” he said.

Read more:  http://business-news.thestreet.com/the-mercury/story/twinkies-maker-hostess-110-suitors-are-lined-0/1