Fewer apply for unemployment

Fewer apply for unemployment

WASHINGTON

Fewer people applied for unemployment benefits last week, but applications remain stuck at a level that signals weak job growth.

The number of applications for unemployment benefits dropped by 6,000 to a seasonally adjusted 422,000, the Labor Department said Thursday. It was the third drop in four weeks. But the declines follow much bigger increases in April.

Applications dropped to 375,000 in late February — a level consistent with sustainable job growth. But for the past eight weeks, applications have stayed above 400,000. The four-week average, a less volatile measure, fell for the second-straight week but remained high at 425,500.

Sony PlayStation Network restored

TOKYO

Sony Corp. is fully restoring its PlayStation Network in the U.S., Europe and parts of Asia after hackers stole customer data and sent services offline in April.

The Tokyo-based company said in a statement Thursday that services are set to resume in the U.S., Europe and Asia, excluding Japan, Hong Kong and South Korea.

Customers also will be able to download music again on their PlayStation 3 consoles and PCs through Sony’s Qriocity music service.

Sony shut down the network after a massive security breach that affected more than 100 million online accounts and embarrassed the tech giant.

Oil settles above $100 as dollar sinks

NEW YORK

Crude oil long has been considered a relatively safe investment, because the world runs on oil and needs more of it every day.

Investors moved into oil again Thursday despite another round of gloomy economic news. They fled the dollar and bought oil futures after Moody’s Investment Service said it might review the credit rating of the U.S., if Congress and the White House don’t agree to raise the nation’s borrowing limit. Moody’s also said it will review the ratings of Bank of America, Citigroup and Wells Fargo & Co. for possible downgrades.

“They always run to oil when the dollar is weak,” PFGBest analyst Phil Flynn said. “They’re going to look for something that has some real value.”

From wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .62, 21.95 —.21

Avalon Holdings,2.97.07

Clear Channel, .63 57.76 .21

Cortland Bancorp, 6.80.00

Farmers Nat., .12, 4.70 —.10

First Energy, 2.20, 43.73—.27

FirstMerit Corp., .64,16.01 .52

First Niles Financial, .32,7.50.00

First Place Fin., 1.51—.02

FNB Corp., .48,10.33.05

General Motors,29.60—.63

General Electric, .60,19.09—.04

Motors Liquidation, .0422.00

Huntington Bank, .04, 6.24—.11

JP Morgan Chase, 1.00,41.61—.15

Key Corp, .12,8.23.05

LaFarge, 16.55 —.15

Macy’s, .40, 28.02—.26

Parker Hannifin, 1.48, 86.901.27

PNC, 1.40,60.19.22

RTI Intl. Metals,37.341.31

Rural/Metro, 17.18 .01

Simon Prop. Grp.,3.20,114.43—.78

Stoneridge 14.78 —.12

United Community Fin. 1.24—.06

Selected prices at 4 p.m. Thursday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.