More than a dozen categories of jobs are exempt from the minimum, currently $7.25 an hour. Tom Harkin, D- Iowa, would gradually raise the minimum to $10.10 by 2016. The Congressional Budget Office estimates it would mean higher earnings for 16.5 million workers— but also would cost 500,000 others their jobs.» Read More
A heavy gloom hanging over Wall Street may deepen this week unless such bellwether companies as Apple and United Technologies provide investors with hope that the U.S. economy can avert recession.
Agreement between the White House and Congress that the stumbling U.S. economy needs help was a big first step but it was clear Saturday there was room for sparring over crafting a rescue package.
Forget rate cuts and stimulus packages. In Wall Street's eyes, the recession is already here and the credit crunch is far from over.
Weaker U.S. growth means that more interest rate cuts are "quite possible" but inflation is also still a risk, Federal Reserve Bank of Richmond President Jeffrey Lacker said Friday.
U.S. consumers' mood brightened a bit in January, defying expectations driven by the constant drumbeat of talk about a possible recession, weak jobs market and falling stock prices.
French President Nicolas Sarkozy wants to change the law to allow workers who quit their jobs to receive unemployment benefits, as many French workers go to great lengths to get fired if they want to search for a new job.
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Wall Street is sending a clear message to Washington: an economic stimulus plan and Fed rate cuts are too little, too late.
Federal Chairman Bernanke told lawmakers that extending tax cuts put in place during the Bush administration could have a positive long-term effect on the economy.
Most analysts say Fed Chairman Bernanke will move cautiously even if the Fed cuts interest rates by half a percentage point at its Jan. 29-30 meeting, as many now expect.
U.S. home building projects started in December fell by 14.2 percent to the lowest pace inmore than 16 years, but jobless claims fell unexpectedly last week.
Fed Chairman Bernanke has indicated he is open to congressional and White House efforts to develop a rescue package to avert a recession.
The Austrian capital is the city where the old EU meets the new EU. Teeming with international organizations, it's also the city that was the first to foray into Eastern European banking and the destination for tasty pastry.
Employment in Australia recorded another solid rise in December while the jobless rate fell by more than expected, underlining a domestic case for a rise in interest rates, even as a troubled global outlook argued against one.
Democratic and Republican leaders of the U.S. House agreed to develop a bipartisan economic stimulus plan to help avert a possible recession.
Federal Reserve Chairman Ben Bernanke wants Congress to act quickly to pass an economic stimulus package, Sen. Charles Schumer told CNBC.
The U.S. economy continued to grow in the final weeks of the fourth quarter but the paceof activity slackened amid subdued holiday spending and a weak housing sector.
Bank of America said on Tuesday it would eliminate 650 corporate and investment banking jobs and sell its equity prime brokerage business, as the second-largest U.S. bank retrenches in the face of difficult credit market conditions.
Retail sales a clear disappointment, dropped futures even more, only good news is Fed has even more room to ease here. Citigroup reported a fourth quarter loss of $1.99, $1.03 expected. Losses were driven by write-downs (of $17.4 billion) and losses in subprime, and an increase in credit costs of $5.4 billion in the consumer loan portfolio (more signs that the consumer is slowing down).
British music company EMI is to axe up to 2,000 jobs in a restructuring plan by its new private-equity owners to save up to 200 million pounds ($392 million) a year and recast itself for the digital age.