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The states with the largest declines were New York, a drop of 21,000 which was attributed to fewer layoffs in the service and transportation industries, and California, which saw claims fall by 15,380. The states and territories with the largest increases in claims for the week of April 17 were Puerto Rico, up 3,549; Iowa, up 1,606, and Georgia, up 1,412. There have been some hopeful signs recently in the economy. Many companies are reporting strong first-quarter profits as consumers, who account for 70 percent of the total economy, spend more. While the profit turnaround has not yet produced a dramatic increase in hiring, it at least provides hope that the worst of the economic slump is over. Companies in the Standard & Poor's 500 index have reported 76 percent higher operating earnings than a year ago
-- on pace to be the biggest year-over-year increase ever, according to S&P analyst Howard Silverblatt. Nearly half the companies in the index have reported earnings so far. Part of the reason for the big jump is that the economy was hitting the depths of the recession a year ago, making the rebound look more impressive. Among the winners was Ford Motor Co. which reported a $2.1 billion profit on 15 percent higher revenue for the first quarter this year and said it plans to boost production. Caterpillar Inc. also reversed a loss from a year ago and said demand for its construction and mining equipment is surging. A number of major corporations have boosted their full-year profit forecasts this month. This week alone, the list includes DuPont Co., Estee Lauder Cos. and Whirlpool Corp.
[Associated
Press;
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