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Recessions and Depressions

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Hartford soars on higher outlook, strong capital

NEW YORK, Dec. 5, 2008 (Reuters) — Hartford Financial Services Group Inc raised its 2008 profit forecast and said it had more than enough capital to withstand significant further deterioration in equity markets, sending its shares up as much as 52 percent. ...  > full story

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

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

Starbucks to miss first quarter view, cut more costs

NEW YORK, Dec. 4, 2008 (Reuters) — Starbucks Corp , whose sales are slowing as U.S. consumers buy fewer premium coffee drinks, said on Thursday it does not expect to meet Wall Street estimates for the current quarter and would double its cost cuts for the full year. ...  > 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

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

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

Fed Beige Book says economic activity weakened

WASHINGTON, Dec. 3, 2008 (Reuters) — Economic activity has weakened across the United States since early October, while price pressures have eased with declines in retail and energy prices, the Federal Reserve said on Wednesday. ...  > full story
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