Economy, Economic Crisis | featured news

Japanese electronics giant NEC Corp. said it will cut 20,000 workers worldwide as it tries to stanch widening losses from semiconductors and other businesses that have been hard hit by competition and the global economic slump.

Mayor Bloomberg's bare-bones budget for next year slashes the city work force by 23,000 but won't hit homeowners with higher taxes, officials revealed Thursday.

The government says the number of people receiving unemployment benefits has reached an all-time high as layoffs spread throughout the economy.

Republicans in the Senate accepted on Thursday President Barack Obama's offer to search for a compromise on an economic stimulus bill that could end up costing around $900 billion, as long as tax cuts play a large role.

A family of four, including two small children, were found dead in their single-story Ohio home in what police believe was a murder-suicide after the father lost his job.

Kodak announced plans to cut between 3,500 and 4,500 jobs, or 14% to 18% of its work force, amid weak sales.

Boeing Co reported an unexpected fourth-quarter loss on Wednesday and said it is targeting 10,000 job cuts this year.

If you only read one critique of the stimulus plan today, check out the Journal's editorial, which concludes that of the $825 billion that's being spent, only 12%, or $90 billion, could legitimately be considered stimulative.

The President 's expansive and expensive plan to jump-start the economy is all but certain to clear its first hurdle when the Democratic-controlled House votes on a $825 billion version later today.

Up to 51 million jobs worldwide could disappear by the end of this year as a result of the economic slowdown that has turned into a global employment crisis, a United Nations agency said on Wednesday.