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Economy Briefs: Crude price jumps on Election Day

- - Tuesday, November 6, 2012

NEW YORK — The price of oil jumped the most in a month Tuesday as investors, along with voters across the country, awaited the results of the U.S. presidential election.

Benchmark crude rose $3.06, or 3.5 percent, to finish at $88.71 in New York.

But it's still a far cry from the rise in oil the last time U.S. presidential ballots were cast in the midst of the financial crisis. Crude gained more than 10 percent on Nov. 4, 2008, as the Dow Jones industrial average rallied 305 points. On Election Day in 2000, the most hotly contested election in U.S. history, oil gained a more modest 1.6 percent.

LABOR

Report: Fewest jobs posted in 5 months

U.S. employers posted fewer job openings in September after advertising more in August than first estimated. The report suggests hiring will likely remain modest in the coming months.

The Labor Department said Tuesday that job openings dropped by 100,000 to 3.56 million, the fewest in five months. August's openings were revised up to 3.66 million.

The number of available jobs has jumped about 63 percent since July 2009, one month after the recession ended. It remains well below the more than 4 million jobs a month advertised before the recession began in December 2007.

RECALL

Britax's 60,000 car seats recalled for choking danger

DETROIT — Britax Child Safety Inc. is recalling about 60,000 car seats because children can bite off a piece of the harness pad and choke on it.

The recall covers Boulevard 70-G3, Advocate 70-G3 and Pavilion 70-G3 models sold in the U.S. and Canada.

U.S. regulators say the seats were made with softer chest pad material that can be bitten off and chewed by children.

Britax says in a letter to the government that it has three reports of children biting off pieces and gagging on them.

The seats were made from June 11 to Aug. 31.

RETAIL

Sandy knocks off big chunk of sales

NEW YORK — Superstorm Sandy knocked off nearly $4 billion of retail sales last week in the hard-hit Mid-Atlantic and Northeast region, nearly 20 percent of the usual total, according to figures released Tuesday by a retail data service.

MasterCard Advisors' SpendingPulse says Tuesday that the region, which accounts for about 24 percent of retail sales nationwide, typically generates $18.7 billion in sales for the week ended Saturday. But revenue came in at about $15 billion. The figures exclude auto sales.

From wire dispatches and staff reports