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Business News: Unemployment rates spike in big cities

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(CBS) - In Business News, unemployment rates rose in 90 percent of all large U.S. cities in June.


The labor department says jobless rates climbed as college graduates began searching for work. Detroit, which has filed for bankruptcy, had the highest unemployment rate at 10.3 percent.

Nationally, the jobless rate in June was 7.6 percent down from 8.2 percent a year ago. 



(CBS) - A government report today is expected to show that the U.S. economy grew at a dismal pace last quarter, thanks to big tax increases and steep federal spending cuts.

 


But economists say the second quarter should be the low point for the year.

They say improvement in housing and the job market should push growth higher in the second half of the year. 



(CBS) - Churchill Downs is getting a makeover.

Churchill officials plan to add nearly 2,400 seats and a VIP hospitality lounge as part of a $14.5 million dollar project at the home of the Kentucky Derby.

The new venue is expected to be ready in time for the derby and the Kentucky Oaks next May. 
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