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December 11, 2008
Bank of America to cut thousands of jobs
Bank of America Corp. says it expects to eliminate 30,000 to 35,000 jobs over the next three years.
December 05, 2008
Stocks rebound
Stocks have shaken off the losses that mounted following the worst monthly employment report in 34 years.
Half a million jobs lost in November, worst in 34 years
Some analysts are now saying the U.S. economy is in a freefall. New figures from the Labor Department on Friday show job losses last month were much worse than forecast.
Home foreclosures break records… again
An industry group says a record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September.
December 02, 2008
GM, Ford, Honda, Toyota report lower November sales
There’s not much besides bad news in the latest auto sales figures released today, as consumer concern about the slumping economy continues.
Chrysler Nov. US sales drop 47 pct; GM down 41 pct
Chrysler says its November U.S. sales plunged 47 percent, blaming a slumping industrywide demand and a planned drop in fleet sales.
November 26, 2008
New home sales drop
The government says new home sales in October fell 5.3 percent to the lowest level in 18 years.
November 25, 2008
Economy’s tumble even worse than expected in third quarter
The economy shrank more than expected in the third quarter.
November 24, 2008
Stocks soar after government bailout of Citigroup
Wall Street has barreled higher for the secondstraight session, this time in a relief rally over the government’s plan to bail out Citigroup Inc.
Report on existing home sales to be released
We’ll get an update on the housing market slump today, as the National Association of Realtors reports on existing home sales.
Citigroup fears send world markets lower
Some of those losses have started to recede though, now that the U.S. government has announced a plan to rescue the troubled banking giant.
November 20, 2008
Sluggish auto economy has trickle-down effect
Communities and auto support industries beyond Detroit, bracing for the worst if the big three automakers can’t survive.
Market unrest continues
Asian stock markets are headed down again amid fears of a protracted recession that sent Wall Street plunging to it lowest point in five years.
November 19, 2008
The Fed grows more pessimistic about the economy
The Federal Reserve has sharply lowered its projection for economic activity this year and next, and signaled additional interest rate reductions may be needed.
US housing starts hit record low
The Commerce Department reported Wednesday that construction of new homes and apartments dropped more than expected to an annual rate of 791,000 units from an upwardly revised September rate of 828,000 units.
Largest consumer price drop in 61 years reported
The Labor Department reports that consumer prices fell by 1 percent last month, the biggest one-month decline on records that go back to February 1947.
November 18, 2008
Paulson grilled on Capitol Hill
It was the first time Treasury Secretary Henry Paulson faced lawmakers in public since he announced he would not be using the bailout money to buy bad debt as he’d promised.
Paulson, Bernanke to testify before congress
They’re expected to explain why the administration has ditched its original strategy behind the rescue.
Asian markets continue slide
They sank after Wall Street retreated and global financial firms announced another round of massive layoffs, adding to gloom about the world economy.
November 17, 2008
Yahoo to replace Yang as CEO, ending rocky reign
Yahoo will replace founder Jerry Yang as CEO as soon as a replacement is found.
