Economy, Records | featured news

The U.S. economy shrank at its fastest pace since 1982 in the fourth quarter and corporate profits plunged a record $120.1 billion, pulled down by falling consumer spending and exports, government data showed on Thursday.

In the global descent into recession, Japan continues to lead the way.

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

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

Falling 89 points isn't a dramatic one-day drop, but last time index closed lower was March '03.

U.S. employers slashed 598,000 jobs in January, the deepest cut in payrolls in 34 years as the national unemployment rate shot up to 7.6 percent, according to a Labor Department report on Friday that underlined a deepening recession.

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.

Hit by falling oil prices, Exxon Mobil reported a 33% drop in quarterly profit Friday, but its annual profit of $45.22 billion set a record for any U.S. company.

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

Americans’ mood about the economy darkened further in January, sending a widely watched barometer of consumer sentiment to a new low.