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Economic Indicators

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Late mortgage payments and foreclosures hit record

NEW YORK, Dec. 5, 2008 (Reuters) — Late mortgage payments and the rate of home loans in foreclosure rose to record highs in the third quarter, threatening to escalate as the recession erases jobs and further strains homeowners, the Mortgage Bankers Association said on Friday. ...  > full story

U.S. job losses worst since 1974 as downturn deepens

WASHINGTON, Dec. 5, 2008 (Reuters) — U.S. employers axed payrolls by 533,000 jobs in November, the most in 34 years and far more than expected, government data on Friday showed, as the year-old recession hammered every corner of the U.S. economy. ...  > full story

Pimco says jobs point to dismal Q4

NEW YORK, Dec. 5, 2008 (Reuters) — Mohamed El-Erian, the chief executive of bond giant Pacific Investment Management Co., or Pimco, said the 533,000 drop in U.S. non-farm payrolls in November points to a contraction of gross domestic product of 4 or 5 percent in the fourth quarter. ...  > full story

Asian shares edge up

HONG KONG, Dec. 5, 2008 (Reuters) — Asian shares edged higher on Friday following record rate cuts by central banks in Europe, though plenty of caution remained, lifting the dollar ahead of what is expected to be dismal U.S. employment data. ...  > full story

Fed officials say not running out of policy tools

DEARBORN, Michigan, Dec. 4, 2008 (Reuters) — The year-long U.S. recession has taken a turn for the worse recently, two top Federal Reserve policy-makers said on Thursday, raising expectations for aggressive policy action by the central bank as soon as next week. ...  > full story

AT&T cuts 12,000 jobs

NEW YORK, Dec. 4, 2008 (Reuters) — Top U.S. phone company AT&T Inc said it will eliminate 12,000 jobs, or about 4 percent of its workforce, in a fresh wave of cuts to cope with an economic downturn that has exacerbated a decline in traditional phone sales. ...  > full story

Layoffs mount as crisis drags on

SINGAPORE, Dec. 4, 2008 (Reuters) — Credit Suisse and Nomura Holdings announced big job cuts on Thursday, further evidence the global financial crisis is unrelenting for an industry battered by heavy losses and weak markets. ...  > full story

DuPont warns of quarterly loss, to cut 2,500 jobs

NEW YORK, Dec. 4, 2008 (Reuters) — DuPont expects to post a fourth-quarter loss and cut 2,500 jobs -- about 4.2 percent of its workforce -- amid steep drops in construction, car sales and consumer spending, the chemical maker said on Thursday. ...  > full story

Credit Suisse to cut 5,300 jobs after $2.5 billion loss

ZURICH, Dec. 4, 2008 (Reuters) — Swiss bank Credit Suisse said on Thursday it was cutting 11 percent of its workforce, or 5,300 jobs, as it revealed it made a net loss of about 3 billion Swiss francs ($2.5 billion) in October and November. ...  > full story

Sweden rate cut boosts global stocks

LONDON, Dec. 4, 2008 (Reuters) — European shares rallied on Thursday after a record Swedish interest rate cut boosted expectations for aggressive moves from the euro zone and UK, while government bonds and the yen surged on economy concerns. ...  > full story
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