Job cuts and credit worries show recession not over, recovery fitful

LONDON/TOKYO: Major companies have announced more job cuts and losses, adding weight to a downbeat report on US consumers and reminding investors the global economy isn’t in recovery yet.

Policymakers sought to keep the scale of the global downturn in perspective, saying it would take time to pull out of recession but there was evidence the worst case outcome had been avoided, thanks to official efforts to prop up economies.