Stocks Drop 1%, Dow Falls 150 as Bernanke Speaks
Employment
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Fed Chairman Ben Bernanke has evaded questions about his life beyond employment at the Fed. CNBC's John Carney and Robert Frank, discuss.
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The dollar rebounded against the yen on Monday, riding a rally in U.S. stocks ahead of Tuesday's Federal Reserve meeting. The U.S. currency nearly hit an all-time low against the euro, however, and remained weak against other major currencies amid concern over the health of the U.S. economy.
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Oil and gasoline futures plunged Monday, on concerns about the economy's health and as investors sold to lock in profits from last week's record-setting rally.
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The dollar tumbled Friday, hitting two-year lows versus the Swiss franc, as fears about losses in the credit sector intensified after Bear Stearns said fixed-income markets were the worst in more than two decades.
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Oil tumbled below $76 per barrel Friday, dragged down as disappointing U.S. economic data helped send stock markets down again
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Those who argue the U.S. economy is weakening may have received further support for their argument. U.S. employers boosted payrolls in July at the slowest pace since February, adding 92,000 jobs as the national unemployment rate ticked up to its highest level since the beginning of the year, a government report on Friday showed.
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New orders at factories rose by a less-than-expected 0.6 percent in June and fell somewhat once the volatile transportation component was stripped away, government data on Thursday showed. Separately, new applications for U.S. jobless benefits rose by a slim 4,000 last week to a still-low 307,000, government data showed , underscoring continued strength in the labor market.
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U.S. manufacturing grew at a slower rate in July as a drop in new orders spawned caution among factory managers, and U.S. private employers probably added jobs last month at their slowest rate in four years, according to two reports Wednesday.
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Johnson & Johnson said Tuesday it planned to eliminate 3 percent to 4 percent of its global work force of about 120,500 people as part of a plan to improve its cost structure. The cost-cutting plan is expected to generate pretax cost savings of $1.3 billion to $1.6 billion in 2008, the diversified health care company said.
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Inflation in the 13 nations that use the euro fell to 1.8 % in July, the EU statistics agency said Tuesday, as business confidence weakened from a near-record high.
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The ranks of the unemployed in Germany ticked nominally higher in July, rising to 8.9% from 8.8% in June, the government said Tuesday, as workers took an expected pause at the peak of the country's vacation season.
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Monster Worldwide, parent of jobs Web site Monster.com, reported lower-than-expected quarterly earnings on Monday and announced a restructuring plan that includes cutting 800 jobs, or 15% of its full-time staff.
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After a first quarter swoon, business is more upbeat about the current quarter and the rest of the year--especially when it comes to hiring, profits and productivity, the latest survey by the National Association for Business Economics shows.
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Many lawmakers, along with advocates for low-wage workers, are celebrating the first increase in the federal minimum wage in a decade. Yet many acknowledge that raising it from $5.15 an hour to $5.85 will provide only meager help for some of the lowest paid workers.
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Last week I told you I got one of those international emails asking for help in dealing with money. You know, “I live in Nigeria and I’m looking for someone to help me locate $10 million my father left in a bank account.” The writing is usually contorted and only the most stupidly greedy among us would respond. The email I most recently received offered me a job helping a Malaysian company (selling something vague) make deposits in the U.S.
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We did it! Five states in five days, four flights and one long drive. Our journey through America's Top States for Business covered some 6,000 miles, and we hope we highlighted some of the states and practices that are "Keeping America Great".
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The economic fates of Texas and the energy industry are inexorably linked. And that industry is part of how Texas gained a reputation for doing everything big.
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It's amazing the power you posses when you know a secret--apparently no matter how trivial. To add a little fun to our series on America's Top States for Business, we've been unveiling our Top Five daily on CNBC's Power Lunch. Not only have we been keeping the identity of the states secret from our viewers until the last minute; there is only a small circle of people within CNBC who know where we will be each day.
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The countdown begins, as the team begins its trip across America, visiting each of the top five states in days ahead. . The first stop is North Carolina, which ranked No. 5 in our study.
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We didn't plan it this way, honest. But it's a good thing our No. 4 state, Georgia, is just two states away from our number five state, North Carolina.
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CNBC, America's Business Channel, and CNBC.com look at the best -- and worst -- states for business in our new exclusive study.
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