U.S. New Jobless Claims Rises to 589,000
The U.S. Labor Department said this morning that the number of new jobless claims increased more than expected to a seasonally-adjusted 589,000 for the week ending January 17th. The early estimates had pegged the number at 540,000. More
U.S. New Home Starts Fall to Record Low
Construction of new homes in the month of December 2008 fell by 15.5 percent bringing the total annual rate to 550,000 units. This is the worst year for builders since 1959 when national records were first compiled. More
Chipmaker Intel to Cut 6,000 Jobs
Intel has announced that it will close several factories – including its last production site in California’s Silicon Valley – in a move to shed 6,000 jobs from its rolls. Just last week Intel reported a 90 percent reduction in profits for the final quarter of 2008. More
Citigroup Pressures Government for More Help
Richard Parsons – the new Chairman of Citigroup – told reporters reporters today that Citigroup could not be aggressive with respect to consumer lending due to “balance sheet issues”. He noted that if the government were to buy up the bad assets held by the banks, then it may be possible to return to more typical lending levels. More
