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Article: WEEK IN REVIEW: U.S. recession is a year old.(Briefs)
- Article from:
- Crain's New York Business
- Article date:
- December 8, 2008
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: from staff reports and bloomberg news reports
The National Bureau OF ECONOMIC RESEARCH confirmed that the U.S. is officially in a recession and that it started last December. Adding gloom to the announcement, the Labor Department said employers laid off 533,000 employees in November. Already this month, AT&T Inc. has announced plans to cut 12,000 jobs, J.P. Morgan Chase & Co. is slashing 9,200, Credit Suisse is trimming 5,300 and Viacom Inc. is shaving 850 positions.
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