Jul 22 Wachovia Posts Surprising $8.9 Billion Loss By Admin, PBS News Hour Banking giant Wachovia Corp. reported a nearly $9 billion second-quarter loss Tuesday, surprising Wall Street analysts who had expected a smaller drop. The company plans to cut 6,350 jobs and slash dividends to offset the losses. Continue reading
Jul 03 Watch Economy Burdened by Job Losses, Slipping Sales, Oil Costs The Labor Department announced the sixth consecutive month of job cuts Thursday as employers cut 62,000 workers, further fueling U.S. economic concerns. Analysts examine the news. Continue watching
Jun 26 Watch Wall Street Jitters, Fuel Costs Spread Economic Woes The Dow Jones dropped Thursday to its lowest point since September 2006, due to economic woes and soaring oil prices across the country. A chief investment officer examines the impact of the bleak news on the national economy. Continue watching
Jun 19 More than 400 Arrested in Mortgage Fraud Sting By Admin, PBS News Hour More than 400 real estate industry workers have been indicted since March in a Justice Department crackdown on incidents of mortgage fraud nationwide -- a key contributing factor to the country's housing crisis. Continue reading
Jun 16 Watch Lehman Reports $3 Billion in Losses Due to Bad Mortgage Investments Lehman Brothers chief Richard Fuld took responsibility Monday for a staggering $3 billion in losses in the second quarter, saying the company was too slow to react to the unfolding credit and mortgage crisis. Roben Farzad of BusinessWeek magazine outlines… Continue watching
Jun 06 Unemployment Rate Jumps to 5.5% in May By Admin, PBS News Hour The nation's unemployment rate hit 5.5 percent in May as employers cut 49,000 jobs, providing a fresh snapshot of a still-struggling U.S. economy. Employers have now cut payrolls for five straight months. Continue reading
May 02 Labor Dept. Report Shows Fewer Jobs Lost in April By Admin, PBS News Hour Employers cut fewer jobs in April than in recent months and the unemployment rate dropped to 5 percent, the Labor Department announced Friday. Continue reading
Apr 24 Ford Posts Surprise $100M Quarterly Profit By PBS News Hour Ford Motor Co. surprised Wall Street Thursday when it announced a $100 million profit for the first quarter, marking the automaker's first profitable quarter since the spring of last year. Continue reading
Apr 18 Citigroup Reports $5.1B Loss, Cuts 9,000 Jobs By Admin, PBS News Hour Citigroup Inc. lost $5.1 billion during the first quarter and will eliminate about 9,000 more jobs, as it suffered the impacts of poor bets on mortgages and shaky credit markets. Continue reading
Apr 04 Watch Bleak U.S. Economic Outlook Stirs Recession Fears, Candidate Proposals Large jobs loses, stock market tremors and a slumping housing market continued to build fears this week of a recession. NewsHour analysts Mark Shields and David Brooks discuss the latest economic developments and reflect on the Martin Luther King, Jr. Continue watching