Democratic Slugfest Ends
It's been almost one week since Sens. Barack Obama and Hillary Rodham Clinton's mythic battle (campaigns complete with combat and resurrection, conspiracy theories and new lows in TV journalism!) came to a close last Tuesday. Though it now sounds hackneyed to call the outcome of the Democratic primary contest "historic," that doesn't mean it wasn't.

On Saturday, Clinton brought her presidential campaign to an official end, concluding her barrier-breaking bid by endorsing likewise-barrier-breaking Obama for U.S. president.

Unemployment Report a Stunner
The United States unemployment rate jumped by the most in 22 years in May, reaching its highest level in more than 3-1/2 years, the U.S. Department of Labor said on Friday. The jobless rate rose from 5 percent to 5.5 percent last month, its highest level since October 2004. Some 49,000 jobs were cut from payrolls in May, the fifth straight month of job losses.

U.S. Manufacturing Productivity, Revised
Total manufacturing productivity grew 4 percent from the first quarter of 2007 to the first quarter of 2008, according to the Labor Department on Wednesday.

Yet while productivity grew at a 3.6 percent annual rate in the manufacturing sector during the first quarter of this year, it represented a 1.2 percent decrease in output and a 4.7 percent decrease in hours, as noted by IndustryWeek. This was the largest decline in hours since a 6.3 percent drop in the third quarter of 2003.

Initial Car Quality Surprise
Overall quality has improved to 118 problems per 100 (PP100) vehicles in 2008, down from 125 PP100 in 2007, according to the results of J.D. Power & Associates' 2008 Initial Quality Study last week. The study concluded that overall initial quality has improved considerably, with gains shared across most manufacturers.

Two American cars were in the top three. (Weigh in with your thoughts here.)

Exports Keep U.S. Economy Out of Recession
Exports have accounted for nearly half (46 percent) of the growth in the U.S. economy over the past year and are supported by a robust financing sector, according to panelists in a June 2 round-table discussion hosted by Equipment Leasing and Finance Association, the National Association of Manufacturers (NAM) and the latter's research, education and workforce affiliate The Manufacturing Institute.

"Capital goods exports — including automotive vehicles and parts — account for more than a third (34 percent) of total U.S. exports and nearly half (49 percent) of manufactured exports," David Huether, chief economist of NAM, said in a statement. "These manufactured exports are the real bright spot in the U.S. economy and are supported by a robust financing sector. U.S. export growth will be a real shot in the arm for manufacturers in 2008."

Oil Spikes Friday, Dips Monday
Crude soared beyond $139 on Friday after "a shock jump in U.S. unemployment sent the dollar reeling and Wall Street plunging by more than three percent amid fears of sharply slower economic growth," Agence France-Presse reports. Crude futures reached a record of $139.01 in electronic trading on Globex, an all-time high for a front-month future contract.

Oil prices dropped more than a dollar today after last week's rocketing record heights.

A steep drop in the U.S. dollar, as well as the potential for an Israeli attack on Iran contributed to oil's rally. Others say a report from Morgan Stanley predicting $150 oil by the 4th of July is behind the latest rise.

Thousands of Truckers Join Protest in Europe
Tens of thousands of truckers in Spain, France and Portugal today stepped up protests against rising fuel prices, AFP is reporting.

Spain's second-largest haulers' union, Fenadismer, launched an open-ended strike on June 9, and French truckers struggling with high fuel costs staged fresh protests near the Spanish border and in the southwest. Meanwhile, Portuguese truckers today threatened to "paralyze" the country.

Senate Approves Small-Biz Budget Boost
The Senate last week approved $101 million in additional funding for federal small-business programs aimed at providing entrepreneurs with better access to capital and counseling services," according to Inc.com: "Several of the programs that will receive extra funding promote economic development and job training in low-income areas, as well as the creation of job opportunities for women and minorities."

GM Shifts Gears
General Motors Corp. on Tuesday announced the closure of four truck-making plants and a strong shift in its production plans toward cars, MarketWatch reports. As part of the overhaul, GM will close plants that make such fuel-thirsty trucks and SUVs as the Chevrolet Silverado and the Suburban. The automaker is also launching a strategic review of its Hummer line of heavy trucks and planning to fund production of the Chevy Volt, a hybrid electric car.

U.S.-Asian Automaker Productivity Gap Narrows
The Detroit Three automakers have nearly erased a once-gaping productivity gap with their Asian rivals, according to an annual report on factory efficiency released last week.

Oliver Wyman's The Harbour Report North America 2008 said GM, Ford Motor Co. and Chrysler would probably have been forced out of business were it not for their major productivity improvements, "driven by more consistent, leaner processes and buyouts of tens of thousands of workers."

In other business/financial news, Forbes is reporting on who would win in a fight between T. Rex and King Kon— wait, what?