Tuesday, January 27, 2009
Brutal Job Losses Continue In 2009
The job market is off to a terrible start this year, with companies announcing more than 80,000 job losses so far, in one of the most painful symptoms of the ongoing recession. Circuit City Inc. is the biggest culprit of 2009. The bankrupt retailer said on Friday that it is shutting down because of dried-up consumer spending and liquidating its 567 U.S. stores, dooming some 30,000 jobs.
Tuesday, January 13, 2009
Monday, January 5, 2009
The decline in U.S. manufacturing deepened in December as demand for such products as cars, appliances and furniture reached the lowest level since at least 1948, signaling further cutbacks in factory jobs and production this year. The Institute for Supply Management’s factory index fell to 32.4, below economists’ forecasts and the lowest level since 1980, from 36.2 the prior month. Readings less than 50 signal contraction. The group’s new-orders measure reached the lowest level on record and prices slid the most since 1949.
U.S. Auto Sales Plummet
General Motors Corp.’s 2008 U.S. sales plunged to a 49-year low, dragged down by a 31 percent plunge in December as demand was ravaged by the recession and concern that the biggest domestic automaker might collapse. Toyota Motor Corp.’s U.S. deliveries plummeted 37 percent last month, while Honda Motor Co. slipped 35 percent, Ford Motor Co. fell 32 percent and Nissan Motor Co. was down 31 percent, pointing toward the industry’s worst annual volume since 1992. The federal rescue of GM and Chrysler LLC couldn’t overcome the weight of consumer pessimism and tight credit in the world’s biggest auto market. Ford’s annual U.S. sales sagged to a 47- year low, while GM’s total of 2.98 million was the least since 1959, according to trade publication Automotive News.
Obama Said to Push for Tax Cuts
President-elect Barack Obama is pushing for tax cuts amounting to hundreds of billions of dollars in a stimulus package he’s asking Congress to pass within the next several weeks, a transition official and a Democratic aide say. Obama is asking that tax cuts make up 40 percent of a stimulus package, the officials say. The measure may be worth as much as $775 billion, the Democratic aide says, meaning tax cuts may constitute more than $300 billion of the legislation.