Recession | featured news

The economy shrank at its fastest pace in nearly 27 years in the fourth quarter, government data showed on Friday, sinking deeper into recession as consumers and business cut spending.

The recession is killing jobs at an alarming pace, with more than 33,000 new layoffs announced Monday by some of the biggest names in American business - Pfizer, Caterpillar and Home Depot. More pink slips, pay freezes...

The conventional wisdom about the adult entertainment business is that it is recession-proof.

President Barack Obama's top economic adviser would not rule out on Sunday that more money may be needed to stabilize the financial system as a deep recession increases banks' losses.

Consumer prices fell by a slightly smaller-than-expected margin in December, according to government data on Friday that showed a sagging economy was exerting downward pressure on prices and raising the specter of deflation.

With the recession pummeling states' budgets, their governments increasingly want to fill the gaps by collecting taxes on Internet sales, which are growing even as the economy shudders.