The latest employment data shows a loss of 598,000 jobs in January, slightly more than expected, while the unemployment rate shot up to 7.6 percent. CNBC asked economists, executives and political leaders what the deep cuts mean for the economy.
There are jobs available, but financial types will have to make drastic changes—including going into a different field, accepting less money and possibly moving.
Economists predict another steep decline in payrolls for January, with the jobless rate expected to reach 7.5%.
The Fed could cause Zimbabwe-like inflation making the US a 'banana republic,' famous bear Marc Faber said.
Marc Faber, better known as Dr. Doom thinks there's value in Asian markets where you get paid to wait out the recession. He also sees inflation as a major problem looming ahead in the future of the U.S. economy.
“We need a stimulus bill, and we need it now,” said Jack Bogle, founder of the Vanguard Group. Bogle said the U.S. is in a deep recession that could turn worse if actions are not taken quickly.
Whether it's Friday's jobs report or some other bad news, the stock market is likely to retest the November lows. But pros say look past the bottom and start buying.
Today is the day Californians begin to personally feel the pain of the state's massive budget gap. As Gov. Arnold Schwarzenegger and top legislative leaders continue to meet behind closed doors to hammer out a plan covering the current $16 billion gap—projected to grow to $42 billion by June, 2010—the state controller is delaying $3.5 billion in payments to conserve cash.
Not even big layoffs can convince investors that companies are shoring up their balance sheet and are a safe place to put money.
Below is the statement released by the Federal Open Market Committee after its Jan. 27-28 meeting on interest rate policy:
US and global stocks are still likely to fall because the corporate and economic news will be worse than expected, Nouriel Roubini, RGE Monitor Chairman, told CNBC in Davos.
The recent lull in the government bond market's bullish tone only enhances the arguments for ramping-up a portfolio of the heretofore dullards of the financial markets.
Global stocks ended the week lower Friday on heightened economic fears. The dollar and government bonds gained as investors parked their money in safe havens.
Warren Buffett sat down recently for a taped interview with Susie Gharib of Nightly Business Report to mark the PBS program's 30th anniverary tonight. In the conversation, Buffett hints Berkshire Hathaway might buy back some of its stock since it has fallen so sharply from its highs. He also says the credit crunch is easing but business conditions are getting worse. This is a transcript of that entire interview, as provided to us by NBR.
Warren Buffett says the credit crunch has eased in the last month, but business has "really slowed down" as fearful U.S. consumers cut back on spending. In an interview to air tonight on PBS, Buffett tells Nightly Business Report that the recession won't be ending anytime soon. He also answers questions about Bernard Madoff and the idea of buying back Berkshire Hathaway's stock.
The yen rose toward a 13-1/2 year high against the dollar and a seven-year peak versus the euro on Thursday. While the sterling fell again against the greenback, nearing $1.3618, its lowest since September 1985.
Global stocks were down again Wednesday on continued signs of trouble in the financial sector. Experts tell CNBC that there is more bad news to come.
Barack Obama will become the 44th President of the United States on Tuesday. Ahead of Obama's inauguration, global stocks were mixed on investors' concerns about the economic difficulties confronting the incoming president. Experts on CNBC expect the dollar and U.S. stock market to fall on Obama's induction.
Today’s consumer price index dropped for the fifth consecutive month. This is part of the unwinding of the great oil shock that was an important, if overlooked, factor in the current economic downturn.
The Consumer Price Index fell another 0.7% after having its biggest one month drop ever last November. The core rate, excluding energy and food, remained unchanged. Here is a breakdown of the inflation benchmark to show you where costs are falling most.