ECONOMY NEWS LINES

Canada finance minister says unemployment to rise (AP) AP - Canada's finance minister said Friday that the country's economic recovery will likely be modest and job losses will mount into 2010 even after growth has begun.

AP - Her fellow job seekers offer knowing groans as Diane Castro recalls the day she was laid off: The fear of being summoned to the front office. The phones in nearby cubicles going off like grenades. Finally, a ring at her desk.

AFP - The dollar climbed against the euro Friday after eurozone retail figures slipped back into a rut and as fresh worries about the health of the US economy supported the "safe-haven" greenback.

AFP - Oil prices fell further on Friday, but losses were less severe than a day earlier when traders had sold heavily on fresh worries about the weakness of the US economy.

AFP - Halfway through 2009, the US economy is still struggling in recession amid fragile hopes for recovery by the end of the year.

AP - Several states are facing the prospect of government shutdowns and program cuts as they enter the first weekend of the fiscal year and July Fourth holiday without a budget in place.

Reuters - Top California lawmakers raised hope on Thursday that an elusive budget deal could be at hand, as officials began issuing billions of dollars in "IOUs" to avoid a cash crisis on the second day of a new fiscal year without an agreement to balance the state's books.

AFP - President Barack Obama said he was confident the US economy would recover, despite new data showing unemployment at a 26-year-high of 9.5 percent, which dampened hopes of a quick rebound.

Reuters - With Wall Street stuck in a range since May, the start of second-quarter earnings season next week could prove to be a decisive factor for determining how much faith investors should have in an economic recovery.

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