Economy, Economic Crisis | featured news

Federal Reserve Chairman Ben Bernanke on Tuesday urged bold action action to pull the economy out of a deepening slump, even if it means a surge in U.S. government debt.

Rebecca Hodges, who's been unemployed for a year, sat down at a computer in a public library in New York.

The U.S. economy suffered its deepest contraction since early 1982 in the fourth quarter, shrinking at a much worse-than-expected 6.2 percent annual rate as exports plunged and consumers slashed spending.

The Indian economy grew 5.3% in the October-December quarter, weaker than in the previous three months and less than economists had expected.

Nine states are considering rejecting federal stimulus money meant to extend unemployment benefits.

US orders for long-lasting manufactured goods fell more than expected in January as the downturn continued to bite.

Claims for unemployment insurance jump, those living on unemployment benefits hits record high.

General Motors Corp. posted a $9.6 billion fourth-quarter loss Thursday and said it burned through $6.2 billion of cash in the last three months of 2008.

The Royal Bank of Scotland will later report what is expected to be the biggest annual loss in UK history.

Six months after Utah became the first state government in the nation to adopt a four-day workweek, the money-saving experiment is attracting interest from other states trying to ease their financial problems.