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Monday, March 22, 2010
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Monday, March 22, 2010
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The U.S. cut more jobs than expected last month and unemployment hit 9.5 percent, the highest in nearly 26 years.
Sales of previously owned U.S. homes rose for a second straight month in May but were weaker than expected.
The global economy will contract more than initially thought, given rising unemployment, the World Bank says.
U.S. foreclosure activity for May ebbed from April's record, but mortgages still failed at a staggering pace.
Pres. Obama said that even though he remains concerned about the economy, the latest jobs report was encouraging.
Fewer U.S. workers filed new claims for jobless benefits for a third straight week last week and productivity rose.
GM and Chrysler told Congress that eliminating more than 2,300 dealerships was crucial to saving the companies.
Federal Reserve Chairman Ben Bernanke warned that rising U.S. debt could eventually undermine the economy.
The United Auto Workers union has overwhelmingly ratified a new cost-cutting labor agreement with General Motors Corp.
The U.S. economy contracted less than initially estimated in the first quarter, while corporate profits rebounded.