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Jobless rate at 5-year high
(Reuters)
Reuters - An unexpectedly steep 84,000 U.S.
jobs were lost in August and the unemployment rate hit a
five-year high of 6.1 percent, fanning worry ahead of
November's presidential vote that the economy was near
recession.
Financial rally lifts Dow, S&P; week ends lower
(Reuters)
Reuters - Stocks ended their worst week in
months with modest gains on Friday, as bargain-hunting among
financial stocks offset a government report showing further
deterioration in the U.S. labor market.
Boeing workers prepare to strike as talks go on
(Reuters)
Reuters - Boeing Co's machinists prepared
for a strike on Friday as the plane maker and its largest union
tried to hammer out a last-ditch deal on their latest
three-year contract.
Home foreclosures reach record high
(Reuters)
Reuters - Home foreclosures and the rate of
homes entering foreclosure rose to record highs in the second
quarter, the Mortgage Bankers Association said on Friday.
Executive leaves hedge fund Citadel
(Reuters)
Reuters - A Citadel Investment Group LLC executive
who ran an unprofitable credit investment group for the large
hedge fund company has resigned, a person familiar with the
matter said on Friday.
Global shares slide on economy fears
(AFP)
AFP - World stock markets tumbled Friday on a weak outlook for the global economy following further disappointing US and European data, dealers said.
Home loan troubles break records again
(AP)
AP - The source of trouble in the mortgage market has shifted from subprime loans made to borrowers with bad credit to homeowners who had solid credit but took out exotic loans with ballooning monthly payments.
Slow August sales signal more weakness in retail
(AP)
AP - When it came to buying their children new jeans and trendy tops, parents held the line: They focused on basics at discounters and waited for the best deals, resulting in weak August sales at many stores. That's a bad sign for the holiday season as families may be just as cautious with their gift-giving.