Labor/Economy

The U.S. Bureau of Labor Statistics reported on Friday that 26 states and the District of Columbia reported unemployment rate increases in August, while 12 states recorded rate decreases, and 12 states had no rate change.

Foreclosure filings spiked 7 percent in August compared with July, according to foreclosure specialist RealtyTrac on Thursday. Additionally, the CPI increased.

As a followup to last week’s speech by President Obama on jobs, the administration sent the proposal–called the American Jobs Act–to Congress on Tuesday.

At an investor conference in New York on Monday, Bank of America CEO Brian T. Moynihan said that the bank plans to cut $5 billion in annual expenses by 2014, largely through eliminating positions.

Investors weren’t encouraged by events late last week, especially the latest from the cauldron of rumors in Europe. By the end of the day on Friday, the Dow Jones Industrial Average had lost 303.68 points, or 2.69 percent.

Speaking before a joint session of Congress on Thursday, President Obama took to the bully pulpit to call for the passage of a $450-or-so billion jobs program.

The Conference Board’s Employment Trends Index, which is always released right after the official U.S. monthly employment numbers, dropped slightly to 100.8 in August, compared with a revised July figure of 101.