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ESPN, the sports channel that is Walt Disney's most profitable unit, is cutting 300 to 400 jobs across the company and closing a small Denver office, a source said.
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Business activity in the U.S. Midwest rose unexpectedly in July, snapping a five-month run of contraction on the back of a small expansion in new orders, a report showed on Thursday.
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Stocks plunged at the open as the morning's economic news disappointed: Economic growth was weaker than expected -- even with the boost of the rebate checks -- and jobless claims shot up to their highest level in five years.
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An emergency dose of government stimulus helped the U.S. economy grow at a 1.9 percent annual rate in the second quarter, a soft pace but enough to take it off a path perilously close to recession.
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Euro zone inflation jumped to another record high of 4.1 percent year-on-year in July as forecast, data showed on Thursday, but a bleak economic outlook may discourage interest rate increases this year.
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Singapore's jobless rate rose to a one-year high as firms slowed hiring amid choppy financial markets and a weakening global economy, and analysts warned that unemployment may climb in coming months.
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Stocks and oil typically move in opposition, but not today. A late-day rally in financials propelled the Dow to a triple-digit gain, while oil ended near $127 a barrel. The Nasdaq was the lagging index, gaining just 0.4 percent.
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The US economy probably grew modestly in the second quarter, but analysts believe Thursday's GDP report will mainly reflect the help from stimulus checks.
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Stocks rose Wednesday after ADP reported an unexpected rise in private payrolls and the government announced two measures intended to boost liquidity and provide some stability to financial markets.
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Stocks rose Wednesday after ADP reported an unexpected rise in private payrolls and the government announced two measures intended to boost liquidity and provide some stability to financial markets.
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U.S. private employers added 9,000 jobs in July, according to ADP Employer Services, surprising analysts who were expecting a fall.
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Inflation is a concern in the United States and headwinds to economic growth may be picking up, Minneapolis Fed President Gary Stern said in a newspaper interview published on Monday.
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US consumer sentiment recovered from early 1980s lows in July as Americans received tax rebate checks, but remained pressured by high gasoline prices and falling home values.
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The number of U.S. workers filing new claims for jobless benefits jumped 34,000 last week, overnment data on Thursday showed, reflecting seasonal volatility typical at this time of year.
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The following is the full text of the Beige Book released by the Federal Reserve on July 23, 2008 and based on information collected on or before July 14, 2008:
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Oilman T. Boone Pickens says he's pushing his alternative energy proposal to Congress not because he wants to make money through his own businesses, but because he knows how to solve the nation's energy problem.
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U.S. consumers are going to continue to feel pain until housing prices stabilize, even though global growth remains mostly strong, General Electric Chairman Jeff Immelt said.
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To fend off inflation, the Federal Reserve probably will need to boost interest rates "sooner rather than later" even if employment and financial conditions haven't revived, the president of the Federal Reserve Bank of Philadelphia said Tuesday.
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Treasury Secretary Henry Paulson said America's housing market could turn a corner and begin recovering within months, but it will take longer to resolve all housing-related problems.
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The U.S. economy needs months to recover from its slowdown, but the banking system remains sound despite a home mortgage crisis that could cause more problems, Treasury Secretary Henry Paulson said.
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The U.S. economy may have avoided a recession but will grow below trend for some time as firms face higher prices for a range of goods that will cut into profits, according to a panel of economists surveyed.