US Private Sector Loses 697,000 Jobs
ADP – a private payroll services firm – released data today showing that the US private sector lost 697,000 jobs for the month of February. This is considerably more than the 630,000 jobs analysts predicted. More
Australia’s GDP Contracted 0.5% for 4th Quarter
Recent GDP figures show that Australia is likely to enter into recession as the economy contracted by 0.5 percent for the 4th quarter of 2008. This is Australia’s first GDP contraction in 8 years despite government stimulus packages pumping A$50 billion (USD$32 billion) into the economy. More
Stock Prices Move Up After Days of Losses
Stocks rallied in Asia and Europe today on speculation that China will increase efforts to stimulate the economy. This optimism is expected to carry over to North American markets as the Standard and Poor’s 500 futures index rose 1.3 percent. More
Oil Companies Stashing Crude Wait for Market to Rebound
Despite OPEC cutbacks, global oil supplies still outweigh demand and this is forcing oil firms to find imaginative ways to stash away crude until prices start moving upwards again. Supertankers that only a few months ago ferried oil from port to port, now sit idly off the coast with their holds full as nervous investors wait for higher prices. More
