BATON ROUGE, La.-- The new leader of the Louisiana Association of Business and Industry said Monday that since he took the job in September, he's heard the same complaint from companies: the state has too few skilled workers to take available jobs.» Read More
Two key indicators in the struggling U.S. home construction sector fell to 10-year lows in July and the number of U.S. workers seeking jobless benefits rose, government reports said Thursday.
Amgen shares plunged to a 52-week low on Thursday in the wake of the biotechnology firm’s announcement that it will lay off more than 2,000 and as many as 2,600 employees--or 12 percent to 14 percent of its labor force.
More credit problems surfaced in the financial sector on Tuesday, battering stocks and fueling worries that things will get worse before they get better. "The market is still jittery," said Stephen Porpora, managing floor broker with William O'Neil. "Everybody's looking for the next shoe to drop in this subprime problem."
Oil prices rose on Tuesday as concerns about a newly formed tropical storm in the Atlantic countered fresh troubles in credit markets.
The euro touched a six-week low against a broadly firmer dollar Tuesday as investors shunned the single currency on renewed concerns European banks may face losses related to the U.S. subprime mortgage market.
The euro fell Monday, after the European Central Bank injected cash into the banking system for a third straight day, reminding investors that Europe was not immune from credit problems originating in the United States.
The yen drifted lower against the dollar and euro in volatile trading after the Federal Reserve injected cash into the banking system for a third time on Friday, underpinning U.S. stocks and soothing nervous financial markets.
Roel C. Campos, a member of the Securities and Exchange Commission, announced Thursday that he will leave the agency next month, about three years before his second term expires.
The number of U.S. workers applying for jobless benefits rose by 7,000 last week to a level slightly higher than expected but still underscoring steady labor market conditions, government data on Thursday showed.
The yen fell across the board Wednesday, after a Federal Reserve statement cooled expectations for a near-term U.S. interest rate cut and boosted stocks and other riskier assets.
Crude oil prices rose Tuesday, pulling out of a nosedive after news of new refinery problems in the United States rekindled supply worries during the summer driving season.
The dollar edged higher against the euro but a touch lower versus the yen Tuesday, after the Federal Reserve kept U.S. interest rates steady as expected, and inflation remained its primary concern.
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.
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.
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.
Oil tumbled below $76 per barrel Friday, dragged down as disappointing U.S. economic data helped send stock markets down again
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.
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.
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.
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.