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AFP - The US economy has been in recession since December 2007, a panel of economists charged with the official designation of business cycles said Monday.
Reuters - The economy slipped into recession in December 2007, the National Bureau of Economic Research, the prestigious private research institute that is regarded as the arbiter of U.S. recessions, declared on Monday.
AP - President George W. Bush expressed remorse that the global financial crisis has cost jobs and harmed retirement accounts and said he'll back more government intervention if needed to ease the recession.
AFP - US and European stocks plunged on Monday as weak economic data pointed to a looming global recession, dashing hopes of a quick recovery in equity prices after the gains of last week.
AP - Construction spending fell by a larger-than-expected amount in October, another indication that problems facing the builders of homes, hotels and other projects are deepening and likely to persist.
Reuters - The Federal Reserve will lower its policy rate to zero percent by January in its attempt to avert a prolonged recession and to revive the struggling credit market, according to J.P. Morgan Securities analysts.
Reuters - Car makers reported tumbling sales across Asia and Europe Monday as the recession drove buyers from showrooms and drew a warning of more gloom for next year.
Reuters - U.S. bank stocks tumbled on Monday on expectations that a deepening global economic slump will reduce employment, crimp borrowers' access to credit and spur more writedowns.
AP - Administration officials say they will urge the Chinese to continue allowing their currency to rise in value against the dollar and to avoid raising protectionist trade barriers amid the global economic crisis.
Reuters - House of Representatives Speaker Nancy Pelosi met leading governors on Monday to discuss the size and shape of an economic stimulus package she hopes Barack Obama can sign when he becomes president on January 20.
AP - The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.
AP - A measure of U.S. manufacturing activity fell to a 26-year low in November as new orders dropped for the twelfth consecutive month, a trade group said Monday.
AP - European Union finance ministers on Monday took a first look at a proposed euro200 billion ($252 billion) economic stimulus package to counteract a deepening economic slowdown — a plan the 27 EU leaders are asked to formally endorse later this month.
AP - Timothy Geithner, President-elect Barack Obama's pick to be Treasury secretary, will soon step down from his current post as president of the Federal Reserve Bank of New York.
AFP - American consumers still shopped but with more prudence than in recent years, according to surveys from the opening weekend of the year-end holiday season.
Reuters - European leaders clashed on Monday over how much public money to spend on battling recession as data showed factories were slashing output in the United States, Europe and China.
AP - The global financial crisis is overshadowing U.S.-Chinese trade tensions as Cabinet ministers from the two sides meet this week for talks on the long-range growth of one of the world's most important economic relationships.
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Getting home equity bad credit loans are very popular lately. In many cases a person with debt problems may be tempted to...
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