From auto companies in the Midwest to Wall Street firms in New York, thousands of laid off workers will spend these holidays wondering where their next job will be. Blue collar or white collar, it doesn't matter. These people are hurting.
As Capitol Hill wrestles with a bailout of the Big Three Detroit automakers, CNBC decided to look into the Senate representation of the U.S. automotive manufacturing base. What follows is a state-by-state compilation of auto plants:
The next time you open your quarterly statement, you might feel a bit like a pro-hockey player, slightly bruised. So where should go to play when you're ready to lace up?
The Dow tumbled on Wednesday closing below the psychologically important 8,000 level for the first time since March 2003.
If Congress turns its back on the Big Three auto makers—as many expect—investors probably won't drive the stock market off a cliff.
"I don’t see what’s in the history of the automakers that leads anyone to believe that a $25 billion dollar loan isn’t just throwing good money after bad," says Karen Finerman. Agree?
If the US auto industry is to survive, it will have to undergo a major transformation—slashing operations, focusing on fewer models, shedding dealerships and making better cars, analysts say.
As the mess in Detroit continues to get worse, and the Big Three automakers continue to lobby the government for a bailout, it's looking ever more likely that we could be talking about a Big Two before long.
An old friend of mine always used to say, "There's no such thing as a free lunch."
The Dow ended modestly lower with investors worried about the outlook from a raft of companies including General Motors and Goldman Sachs in this harsh environment.
Australia's government is to inject an extra $2.3 billion into the ailing car industry to offset tariff cuts and a global economic slowdown, Prime Minister Kevin Rudd said on Monday.
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.
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
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.
Stocks sold off on Thursday in their worst two-day slide since October 1987 with disappointing corporate outlooks and bleak sales from major retailers fueling invsetor fears.
Blue chips logged their biggest two-day decline on record as worries about the economy gripped the market the minute the U.S. presidential election was over. Weak outlooks from Cisco and Toyota, dismal October retail sales and the prospect of a very grim payrolls number tomorrow fueled the selloff today.
The most important fact about the economic and earnings data in the past couple weeks is that it has generally been worse than the already lowered numbers predicted. We have seen this again this morning, with the exception of the Productivity number.