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US service sector sheds 250,000 jobs in a month

More than 250,000 private sector workers in the US lost their jobs in November, according to new figures from the Institute of Supply and Management (ISM). As the credit crunch further takes its toll on the country's already fragile economy , the ISM's employment index plunged to a record low...

Posted to guardian.co.uk (Weblog) by Anonymous on 12-03-2008
US carmakers rush to devise recovery plans before crucial bail-out talks

The big three Detroit car manufacturers - General Motors, Ford and Chrysler - were yesterday scrambling to complete new business plans before submitting their latest plea for a $25bn (£16bn) bail-out to Washington. The carmakers must deliver restructuring proposals to Congress by tomorrow after...

Posted to guardian.co.uk (Weblog) by Anonymous on 11-30-2008
US shops pin hopes on Black Friday

Black Friday at Macy's, one of New York's most venerable department stores, is a holiday season staple for hundreds of thousands of shoppers. The biggest shopping day of the year in the US has a seemingly downbeat moniker but it is supposed to be a highlight of the economic calendar. It marks...

Posted to guardian.co.uk (Weblog) by Anonymous on 11-28-2008
Torrent of gloomy news gives US little to be thankful for

The US consumer freeze deepened yesterday as the biggest fall in spending since the 2001 terrorist attacks gave the Thanksgiving shopping season its worst possible start. Americans cut their high-street expenditure by 1% in October, a worse-than-expected decline and the steepest in seven years. The figures...

Posted to guardian.co.uk (Weblog) by Anonymous on 11-26-2008
US pumps another $800bn into mortgage and credit markets

US authorities escalated their economic firefighting programme yesterday by pumping $800bn (£500bn) into the mortgage and consumer credit markets, amid further confirmation of a rapidly deteriorating outlook. The latest move exceeds the $700bn troubled asset relief programme, or Tarp, that performed...

Posted to guardian.co.uk (Weblog) by Anonymous on 11-25-2008
US puts up record $300bn in Citigroup rescue

The US government pulled Citigroup back from the abyss yesterday with a comprehensive bail-out that saw taxpayers guaranteeing $306bn (£201bn) of risky assets and injecting $20bn of capital into the banking group. The move gave a sharp boost to global stockmarkets with the FTSE 100 enjoying its...

Posted to guardian.co.uk (Weblog) by Anonymous on 11-24-2008
Barack Obama's team promises huge jolt to economy

President-elect Barack Obama yesterday promised an extraordinary multibillion-dollar economic package to deliver a jolt to the US and stave off what he described as a "crisis of historic proportions". Obama, introducing his new economic team of Tim Geithner as treasury secretary and Larry Summers...

Posted to guardian.co.uk (Weblog) by Anonymous on 11-24-2008
Citigroup axes 50,000 jobs

Up to 2,400 jobs could go in London as world's biggest banking group cuts 15% of its global workforce

Posted to guardian.co.uk (Weblog) by Anonymous on 11-17-2008
Brown: major countries must cut taxes now

Gordon Brown tonight called on the world's most powerful industrial nations to agree a programme of immediate and coordinated tax cuts to prevent the global economy sliding deeper into recession . Arriving in New York for this weekend's unprecedented gathering of the leaders of the world's...

Posted to guardian.co.uk (Weblog) by Anonymous on 11-13-2008
Day of reckoning as secretive billionaires face the spotlight

Like urban foxes, they dislike the glare of lights and avoid the human gaze. But the stealthiest, wealthiest billionaires in America's hedge fund industry will reluctantly show their faces today to deny that they have wrecked the global economy. At a hearing of Congress's house oversight committee...

Posted to guardian.co.uk (Weblog) by Anonymous on 11-12-2008

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