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Banks borrow more, investment firms less from Fed (AP)

AP - Commercial banks borrowed more, while investment firms drew less over the past week from the Federal Reserve's emergency lending program.

Obama warns of dire consequences without stimulus (AP)

AP - President-elect Barack Obama urged Congress Thursday to work with him "day and night, on weekends if necessary" to approve the largest taxpayer-funded stimulus ever, warning in almost apocalyptic terms that a dire economic future was certain without it.

Top Democrats skeptical on stimulus tax breaks (Reuters)

Reuters - Top U.S. Senate Democrats on Thursday raised concerns about some of the tax breaks that may be included in a stimulus plan aimed at boosting the stricken economy, questioning if they would have a significant impact.

Pinched Americans stay on treadmill, but seek deals (Reuters)

Reuters - Americans squeezed by the economic crisis are still forking out money for gym memberships and dieting centers but health clubs are having to hold down their fees to keep customers coming in.

Jobless rolls at 26-year high (Reuters)

Reuters - Unemployment benefit rolls swelled to a 26-year high in the last week of December, data showed on Thursday, while retailers, including market leader Wal-Mart, reported poor sales as the year-long economic slump deepened.

Oil prices down on global economic concerns (AFP)

AFP - Oil prices fell Thursday amid concerns over a US stockpile buildup and worries that the global economic slump will further dampen demand.

Finding a new job becomes harder as layoffs mount (AP)

AP - The number of laid-off workers who are continuing to draw unemployment checks jumped more than expected to 4.6 million at the end of December and is likely to keep climbing this year � fresh evidence that people are finding it increasingly difficult to get a new job amid a deepening recession.

Consumer credit posts record drop in November (Reuters)

Reuters - Consumer borrowing dropped by a record $7.94 billion in November, a Federal Reserve report showed on Thursday, the latest evidence that households were unwilling or unable to take on more credit.

Consumer borrowing falls by $7.94B in November (AP)

AP - Consumers cut back on their borrowing by a record amount in dollar terms in November, another sign of trouble for the rapidly weakening economy.

Dow Jones plans to freeze salaries: memo (Reuters)

Reuters - News Corp's Dow Jones & Co, which owns The Wall Street Journal, plans to freeze employee salaries because of the prolonged economic downturn, according to a memo sent to workers on Thursday.

US retailers reveal extent of dismal holiday sales (AFP)

AFP - US retailers revealed Thursday the extent of dismal sales in the crucial year-end holiday shopping season, when wary consumers snapped their wallets shut in the face of a deepening recession.

Obama's green energy plans build hopes, skepticism (Reuters)

Reuters - Proponents of alternative energy and energy efficiency were elated on Thursday by President-elect Barack Obama's economic stimulus speech, but some analysts warned his energy agenda could hit turbulence in Congress or from the slow economy.

Obama pushes stimulus, warns on recession (Reuters)

Reuters - President-elect Barack Obama warned on Thursday that the U.S. economy could stay mired in recession for years without bold action and he urged lawmakers to work day and night to pass a massive stimulus plan.

Wal-Mart and other retailers warn after weak December (Reuters)

Reuters - Wal-Mart Stores Inc and other top U.S. retailers delivered disappointing December same-store sales and profit warnings on Thursday, sparking fresh recession concerns that hit stock and currency markets.

Gas crisis threatens industry in Eastern Europe (AP)

AP - From salami makers to fertilizer producers, industries in Eastern Europe are being forced to cut output as the shut-off in Russian gas supplies risks deepening the economic crisis already plaguing the region.

European pessimism grows as U.S. retail disappoints (Reuters)

Reuters - Economic weakness in Europe worsened and disappointing sales from Wal-Mart, the world's largest retailer, knocked financial markets lower on Thursday, strengthening the case for government stimulus and new rate cuts.

Macy's to close 11 stores, cuts forecast (Reuters)

Reuters - Macy's Inc said on Thursday it will close 11 stores that are performing badly in the recession as it also cut its quarterly profit and sales forecasts due to steep markdowns during the holiday season.

Text of Barack Obama's economic speech (AP)

AP - Text of President-elect Barack Obama's speech on the economy on Thursday at George Mason University in Fairfax, Va., as transcribed by CQ Transcriptions.

Laptop charity lays off staff, blames weak economy (Reuters)

Reuters - A U.S.-based project that aims to place low-cost laptops in the hands of children in developing nations is cutting half its staff, or about 30 jobs, citing tough economic times.

Battle of the balls as inaugural galas woo US revelers (AFP)

AFP - Organizers of balls celebrating Barack Obama's presidential inauguration on January 20 are rolling out special offers to entice revelers amid deepening economic turmoil in the United States.

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