Economic Crisis | featured news

Oil prices rise to their highest in six months, buoyed by hopes that the worst may be over for the world economy.

The Obama administration's fiscal stimulus plan will meet previous estimates to save 3.5 million U.S. jobs by the end of 2010, but the unemployment rate at that time may be higher due to further deterioration in the economy, a senior administration official said on Monday.

Investors booked gains on last week’s rally and turned cautious about claims that the global economy is past the worst and ready to recover.

The economy lost 539,000 jobs in April, the government reported on Friday, a sign that the relentless pace of job losses was starting to level off.

The pace of private-sector U.S. job losses slowed dramatically last month, while future planned layoffs also declined, and the hard-hit housing sector showed signs of improvement last week.

The rich feel the pain of the recession, too. Sort of. On paper, Augustine Fou would seem to have little to fear. He and his wife earn around $400,000 a year. He has a solid marketing job and a doctorate from the Massachusetts Institute of Technology.

If the financial system does not relapse, the economy will return to growth this year, Fed chairman says.

Pending sales of existing U.S. homes rose in March for a second straight month, a private survey showed on Monday, supporting views the housing market was close to hitting a bottom.

Beijing could have used the crisis as an excuse to slow market reform. Instead, it's all systems go.

May Day protesters clashed with riot police in Germany, Turkey and Greece on Friday while thousands angry at the government's responses to the global financial crisis took to the streets in France.