Steve Jobs has been named the most powerful person in business for 2007, according to a new list compiled by Fortune Magazine
Employers added about twice as many new employees last month than expected, while factory orders edged up, according to government reports on Friday that implied the economy was strong enough to avoid recession. The Labor Department said 166,000 non-farm jobs were added in October, enough to support consumer incomes and spending in the approaching holiday shopping season.
Bank of America Corp on Wednesday said it planned to eliminate 3,000 jobs, and shook up its corporate and investment bank after a dismal quarter at that unit led to a 32 percent drop in overall profit.The second-largest U.S. bank said a majority of the cuts will be in corporate and investment banking, and the rest elsewhere. The cuts amount to 1.5 percent of the bank's 198,000-person workforce.
The U.S. factory sector and the job market showed surprising weakness in data released on Thursday, raising concerns the Federal Reserve may need to deliver more interest rate cuts to shore up the economy.
U.S. employers added 110,000 jobs in September and August's job losses were revised into a gain in a Labor Department report on Friday that lifted some worry about a recession in the near term.
Treasury debt prices plunged on Friday after a much stronger reading on the labor market suggested the Federal Reserve might not need to cut interest rates later this month.
U.S. employers added 110,000 new jobs in September and hiring in the two previous months was revised up strongly, the government said on Friday in a report showing a more resilient labor market than previously thought. The surprisingly robust report on monthly hiring outside the farm sector sent bond prices higher and stock futures soaring.
As the economy winds through housing troubles and turmoil in credit markets, the picture emerging from data measuring the health of the job market is clouded.Firms are showing a reluctance to lay off workers at the same time they are apprehensive about hiring new ones, creating a puzzling picture, economists say. Usually, low layoffs coincide with robust hiring.
As the U.S. economy winds through housing troubles and turmoil in credit markets, the picture emerging from data measuring the health of the job market is clouded. Firms are showing a reluctance to lay off workers at the same time they are apprehensive about hiring new ones, creating a puzzling picture, economists say. Usually, low layoffs coincide with robust hiring.
Sales of new homes plunged in August and prices posted their biggest year-on-year drop in nearly 37 years, the U.S. Commerce Department said on Thursday, underlining the depth of problems facing the housing sector.
A drop in July payrolls may lead to aggressive interest-rate cutting.
EarthLink Inc said on Tuesday it will cut about 900 jobs, or nearly half its staff, as part of a restructuring to reduce costs at the Internet service provider.
Job losses in the construction sector could top 1 million if a housing downturn tips the economy into recession and tighter access to credit dampens business investment. Strength in nonresidential construction may continue to offset a downturn in housing for now, but recent turmoil in credit markets suggests job losses may accelerate in the sector in the next few months.
Accredited Home Lenders Holding Co said on Wednesday it has stopped taking loan applications and will cut 1,600 jobs, citing turmoil in the subprime mortgage industry. Accredited said it will close substantially all of its retail lending business, consisting of 60 branches and five central support operations.
A prolonged U.S. housing slump is causing a surge in the number of job losses announced by U.S. financial services companies, consulting firm Challenger, Gray & Christmas Inc. said on Tuesday.
Capital One Financial Corp on Monday said it will eliminate 1,900 jobs and shut down a wholesale mortgage unit it acquired less than a year ago, as it struggles with the U.S. housing downturn.
Countrywide Financial Corp, the largest U.S. mortgage lender, said it had eliminated about 500 jobs nationwide as it tries to cope with a credit shortfall stemming from the U.S. housing downturn.
SunTrust Banks Inc., the seventh-largest U.S. bank, on Monday said it expects to eliminate about 2,400 jobs by the end of 2008 as part of a plan designed to save $530 million annually by 2009.
The economy has added non-farm jobs at a steady pace so far this year, but with businesses cutting back on hiring temporary workers, economists say the labor market may be on course to weaken.
A blogger calling himself 'Fake Steve Jobs,' whose parody of the Apple Inc. chief executive amused and enthralled Silicon Valley, revealed himself on Sunday as an editor of Forbes business magazine.
Demands for job guarantees at Siemens AG automotive electronics unit VDO moved to the centre of a takeover contest after two suitors were each reported to have bid more than $16 billion for the business.
Apple Computer announced the results of its internal stock options investigation on Wednesday, finding 15 instances option-backdating leading to the resignation of the firms CFO, however experts believe Steve Jobs should not be affected.