SINGAPORE (AP) — Oil rose slightly to near $85 a barrel today, clawing back some of a large drop from the previous session amid hope that weak U.S. economic growth may trigger new stimulus measures.
The Labor Department on Friday said the U.S. economy added 80,000 jobs last month, which was fewer than expected and prompted speculation that the U.S. Federal Reserve may implement more monetary stimulus measures known as quantitative easing.
Last week, the European Central Bank and the People's Bank of China both cut lending rates in the bid to boost flagging economic growth.
Recovery has been creeping at a slow pace for much of the American economy, but sales by US auto makers have revved up. Chrysler and General Motors both saw double digit growth in June, and Ford wasn't too far behind. Guest host Maria Hinojosa and NPR's Sonari Glinton talk about what's driving the rise.
The city of Hammond's economy is on a 17-month roll. Sales tax receipts are up 7 percent compared to the first half of 2011. Mayor Mayson Foster says the numbers indicate not only a strong economy in Tangipahoa Parish, but also that people are staying in Hammond to make their purchases rather than going elsewhere.