American Airlines expects to cancel more flights on Wednesday after cancelling about 500 on Tuesday.
Unite States employers shed 80.000 jobs in March, Labor Department figures have shown, in the latest sign that the US economy may be falling into recession. The decline was the third monthly drop in succession, and worse than market expectations of a 60,000 reduction.
Federal Reserve Chairman Ben Bernanke warned on Wednesday that US gross domestic product (GDP) could contract in the first six months of 2008. If this happens the US would be in recession since two consecutive three-month periods of negative growth is generally accepted as such.
The United States Treasury revealed on Monday its blueprint for the biggest overhaul of regulation of the financial sector since the stock market crash of 1929 and the ensuing Great Depression.
United States Federal Reserve will make a further 100 billion US dollars available to major banks in April, trying to ease concerns about a global credit crunch. The sum, offered across two auctions, is in addition to 260 billion US dollars provided in short-term loans to the end of March.
Other unorthodox steps include the Fed allowing investment banks to borrow from it directly, previously only possible for commercial banks.
The US economy is continuing its economic downturn although it would be premature to officially declare a recession, the Organisation for Economic Co-operation and Development (OECD) has said.
Middle income families in United States should calculate that raising a child born in 2007 to adulthood will demand an estimated 204.060 US dollars in food, housing and education costs, according to an annual report from the US Department of Agriculture.
United States bakers are feeling the pinch of higher wheat prices and have been visiting Washington warning about the possible consequences for the US consumer if the current price level persists, reports FarmPolicy.com (*).
United States economic growth is grinding to a halt, but the Euro zone is doing relatively well so far, according to the latest assessment from the Organisation for Economic Cooperation and Development.
Nobel Prize winning economist Joseph Stiglitz said the current financial crisis is the worst the world has seen since the Great Depression of the 1930s and the US Federal Reserve move to cut interest rates will not make much difference.