UNEMPLOYMENT

House of Representatives Speaker John Boehner on Thursday caved in to a growing chorus of criticism from both within and outside his Republican party and agreed to a short-term deal to extend a payroll tax cut for 160 million Americans.

After multiple delays and finger pointing from politicians, the unemployment extension for 2012 has finally passed.

The number of Americans filing new claims for jobless benefits hit a 3-1/2 year low last week, bolstering views the economy was gaining momentum, even though third-quarter growth was revised down.

As Wall Street traders cheered positive jobs data on Thursday, they seemed to ignore layoffs and bonus cuts on their own trading floors that will hurt growth in the broader U.S. jobs market in the coming months, TrimTabs Chief Executive Charles Biderman said.

The unemployment extension for 2012 - at least two months of it - may be passed after all.

Senate Minority Leader Mitch McConnell, R-Ken., finally broke his silence and suggested the House pass the extension of the payroll tax cut, which has been languishing on Capitol Hill since the Senate approved it on Saturday, while Senate Democrats contribute to a conference committee aimed at ironing out a long term deal.

U.S. February crude jumped 90 cents to $99.57 per barrel after reaching a high of $99.87. Brent February crude rose 46 cents to $108.17 per barrel. Trading volumes were light. The oil price increase was different than a week ago when Europe concerns pushed prices below $100.

The number of Americans filing new claims for jobless benefits hit a 3-1/2 year low last week, bolstering views the economy was gaining momentum, even though third-quarter growth was revised down.

The number of Americans filing for first-time unemployment benefits continued to decline last week, even after dropping to a three-and-a-half year low in the previous week. The figure is still below a key threshold for gauging the job market, a sign that the labor market is gaining strength heading into 2012.

New claims for unemployment benefits dropped last week to its lowest in more than 3-1/2 years, suggesting the labor market recovery was gaining speed.

The fact is everyone in the financial services or wealth management business has thought about what they feel the markets will do next year. Following are the 10 market predictions for 2012 from Oliver Pursche, co-portfolio manager of GMG Defensive Beta Fund.

Following the House of Representatives' rejection of legislation to extend the payroll tax cut and jobless benefits for two months, on Tuesday the White House took to social media asking people to comment on what the rejection meant to them. For an average taxpayer earning $50,000 a year, terminating the tax cuts could mean an extra $1000 in Social Security tax from Jan. 1, 2012. When broken down that is about $40 for a pay period of two weeks.

With House of Representatives Republicans under attack from friends and foes, Democrats held out for victory in a fight over extending a payroll tax cut for millions of workers that is set to expire at year's end.

President Barack Obama tried to budge a Congress currently deadlocked over how to bridge a divide between Senate and House plans for extending the payroll tax cut, with both sides seemingly stubborn in ceding middle ground.

In the new issue of Elle magazine, actor Matt Damon has some choice words for President Obama.

After breezing through the euro zone debt crisis for the past two years, Germany's economy could fall into recession as anxious businesses hold off on investment and exports wither.

After breezing through the euro zone debt crisis for the past two years, Germany's economy could fall into recession as anxious businesses hold off on investment and exports wither.

Due to Kenya’s soaring unemployment rate, the men are easily fooled into this trap.

Sales of previously owned homes surged in November, but revisions to data for the last four years showed the housing recession was deeper than previously thought.

The unemployment extension for 2012 has not passed yet. Some politicians in Washington still call for lawmakers to work out a solution before Jan. 1, 2012. Many critics and unemployment benefits recipients, however, fear no deal will be made by then.

The Arizona state economy is expected to grow but at a lower gear than that which the state was accustomed to during the housing-market-driven-growth days, as the economy is still recovering from the recession and the collapse of the housing market.