Wouldn't it be nice if, just for once, Obama defended American business instead of attacking it?, asks Larry Kudlow.» Read More
The U.S. job market weakened in October as demand for goods and services continues todecline, a private research group said on Monday.
Tough times are getting tougher. Almost no business is immune. When Google cuts back on free food and Goldman Sachs has to cut its work force and Warren Buffett watches profits drop 77%, it’s a safe bet that we are all in for a world of hurt.
The economy will worsen in the coming months and cause the market to fall another 20 to 25 percent in the United States and abroad, said Nouriel Roubini, a New York University business professor, on CNBC’s “Squawk Box” on Monday.
Nortel Networks reported a large quarterly loss and announced a round of sweeping cost-cutting Monday, from laying off 1,300 people to freezing salary increases and cutting back on consultants.
U.S. financial services and brokerage companies could lay off another 70,000 workers in an effort to cut costs in the face of a sharp economic downturn and credit constraints, according to a published report.
China launched a huge stimulus plan worth nearly $600 billion, kicking off what could be a round of big spending or interest rate cuts by leading economies to stave off a recession in many countries.
Stocks bounced back after a two-day selloff as traders shrugged off a bigger job loss than expected. It was a welcome reprieve after the bloodbath of the last two days but wasn't enough to dig out stocks completely and the Dow ended down 4 percent on the week.
Markets are braced for more hemorrhaging in jobs, with a Friday employment report expected to record 200,00 more jobs vaporized in October. This would push the jobless rate up two-tenths of a point to 6.3 percent.
The job losses in this downturn are hitting workers across all income levels and job categories, and the cuts are swifter and broader than in past recessions.
Stocks bounced back after a two-day selloff as traders shrugged off a bigger job loss than expected. However, a larger-than-expected loss from General Motors clipped some of the Dow's gains as did the first press conference with President-Elect Barack Obama.
Stocks rebounded after a two-day selloff as traders shrugged off a bigger job loss than expected. The 240,000 drop in payrolls was a dismal indication of the economic situation but a lot of that was priced in during the selloff of the past two days, when the Dow lost 10 percent.
GM and Ford reported far deeper-than-expected quarterly losses as an extended slump in car sales raised questions about the future of the US auto industry
Do you think Barack Obama should implement a series of new reforms, similar to FDR's "New Deal"?
The nation's unemployment rate is at a 14-year high, General Motors reported a massive third-quarter loss and says it may run out of cash next year, and Ford is planning more job cuts after burning through billions of its own.
U.S. stock index futures briefly pared their gains after a report showed more jobs were lost in October than expected. Earlier, futures had bounced after the two-day selloff that followed the U.S. presidential election that saw the Dow log its worst two-day point drop on record.
The latest overall job loss numbers showed a loss of 240,000 jobs in October and the unemployment rate climbed to 6.5%. This is the highest unemployment rate since March 1994. The September payroll numbers were revised to a loss of 284,000. Here is a breakdown of where the job losses were as well as which sectors were adding jobs.
The Labor Department releases October's employment numbers at 8:30 am New York time Friday, with a big drop in nonfarm payrolls predicted.
President-Elect Barrack Obama should attend the upcoming summit of the G20 developing and industrialized countries in Brazil to show that the US has a truly international leader, Mohamed El-Erian, Co-CEO of Pimco, told CNBC Friday.
The nonfarm payrolls data may be even worse than the consensus estimate, as the U.S. economy is taking further blows from the financial crisis, Mohamed El-Erian, Co-CEO of Pimco, told CNBC Friday.
After being laid off, it's tough to get back in the game. But you can do it.