Briefs: Unemployment up in Chicago area

CHICAGO -- Chicago was one of two metropolitan areas that experienced the largest October unemployment rate increase year-over-year. The Chicago-Naperville-Joliet area unemployment rate rose 1.2 percentage points to 4.7 percent, up from 3.5 percent last year. Out of 34 metropolitan areas surveyed by the Bureau of Labor Statistics, Chicago shared the top spot with West Palm Beach-Boca Raton-Boynton Beach, Fla. Chicago's October unemployment was unchanged from September. It is equivalent to the country's current unemployment rate.

Bear Stearns to cut 650 positions

NEW YORK -- Battered by the subprime mortgage crisis, Bear Stearns Cos. on Wednesday cut 4 percent of its staff in a move that could prelude a final push by investment banks to cull their ranks before bonuses are handed out. The nation's fifth-biggest investment bank will cut 650 jobs in all departments from its staff of about 15,500. This marks the third wave of layoffs to sweep through Bear Stearns, which as of last month eliminated about 900 positions.

President gets new economic adviser

WASHINGTON -- President Bush announced Wednesday that Keith Hennessey will become director of the National Economic Council, replacing Al Hubbard, who is joining a growing line of top presidential advisers exiting the White House as the Bush administration heads into its final year.

Air Force orders F-15 jets grounded

WASHINGTON -- The Air Force grounded more than 450 Boeing F-15 fighter jets Wednesday after investigating a crash earlier this month and finding defects in the aircraft's fuselage. It's the second time this month the F-15s have been grounded. The entire fleet was grounded following a Nov. 2 Missouri Air National Guard training exercise in which a pilot safely ejected before the aircraft crashed. The fleet subsequently returned to flight status Nov. 21. A representative for Chicago-based Boeing could not be reached for comment.