STATE

STATE JOBLESS RATE AGAIN BELOW NATIONAL AVERAGE

Unemployment continued to inch downward in New York in November, and for the second straight month joblessness in the state was lower than in the nation as a whole, the state Labor Department reported Thursday.

The unemployment rate of 4.9% was down from 5.2% in October and significantly better than the 6.3% recorded in November 2003. Last month’s jobless rate was the lowest since unemployment was recorded at 4.8% in July 2001.

The corresponding national unemployment rate for the country as a whole last month was 5.4%. Statisticians said that after years of running at or above the national jobless average, unemployment in New York was better than in America for the second consecutive month in November.

New York City continued its employment comeback. Joblessness in the city in November was 5.4%, down from 6.1% in October 2004 and 8% in November 2003. Statisticians said the number of unemployed people has fallen from an estimated 295,800 in November 2003 to about 202,000 last month.

– Associated Press

ECONOMY

HOME STARTS DROP BY MOST SINCE 1994

American home construction plunged in November by the most in almost 11 years, a bigger-than-expected decline that suggests housing may not add to fourth-quarter growth. Jobless claims dropped to a five-month low.

Builders started work on 13% fewer homes, the Commerce Department said in Washington.The annual rate fell to 1.771 million from October’s 2.039 million. Initial jobless claims fell by 43,000 to 317,000 last week, the Labor Department said Thursday.

“We expect the housing market will show some cooling going forward,but we’ve all been saying that for years,” said Peter Kretzmer, a senior economist at Banc of America Securities LLC in New York.The initial claims data brought “more signs of a labor-market improvement.”

The decline in housing starts is not a sign of collapse in the housing market, economists said. November’s starts declined from the best month of the year in October, when builders kicked into high gear following summer hurricanes.Thursday’s report showed building permits fell just 1.5% in November, and a survey yesterday said builders are the most optimistic in five years.

– Bloomberg News

WALL STREET

GOLDMAN NET RISES 23%; SHARES FALL AS REVENUE DROPS

Goldman Sachs Group, the third-largest American securities firm, said its quarterly profit rose 23%. Its shares had their biggest fall in more than a year as trading revenue tumbled from the prior three months.

Net income in the fiscal fourth quarter increased to $1.19 billion, or $2.36 a share, from $971 million, or $1.89, a year earlier, the New York-based company said Thursday. Profit was boosted by a $254 million gain from an investment in Sumitomo Mitsui Financial Group, more than analysts anticipated.

Goldman’s traders, overseen by President Lloyd Blankfein, 50, took smaller bets with the firm’s own money on currencies and interest rate products, leading to a 22% fall in revenue in the unit from the third quarter. Fees from offer ing mergers advice slipped 8%.

“They took less risk all quarter so they made less money,”said Wayne Bopp,who manages $35 billion at Fifth Third Bancorp. in Cincinatti, including 400,000 Goldman shares.”I’d rather have Goldman taking risks and doing trading. People think of them as the smart money.”

– Bloomberg News

NATIONAL

LISA MARIE PRESLEY SELLS ELVIS STAKE FOR $100 MILLION

Lisa Marie Presley, daughter of Elvis Presley, sold a controlling stake in the business that manages her father’s music rights and Graceland mansion for $100 million to former concert promoter Robert F.X. Sillerman.

Ms. Presley sold 85% of Elvis Presley Enterprises, which had revenue of $45 million in 2003, Mr. Sillerman and Lisa Marie Presley said in a statement. Mr. Sillerman said he plans to take the company public as part of a new company.

The purchase marks a return to the entertainment industry for Mr. Sillerman, who created SFX Entertainment Incorporated in the 1990s, turned it into the largest American producer of live concerts, and sold it for $4 billion in 2000 to radio station owner Clear Channel Communications.

“It’s an extremely personal matter for Lisa Marie and she wants to preserve, protect and enhance” Elvis’ legacy, said the chief executive of Elvis Presley Enterprises, Jack Soden. “This isn’t a brand of cereal.” The title to Graceland and most of Elvis’s personal effects will remain with Lisa Marie, Mr. Soden said.

– Bloomberg News