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Factories in China, India and Russia slashed output and jobs at a record pace in December in another sign the world's largest emerging markets were wilting under the recession that has gripped most industrialised nations.
Wall Street started the new year with a big rally Friday, as investors, brushing aside a disappointing report on manufacturing, sent the Dow Jones industrials up more than 250 points and to their first close above 9,000 in two months.hr noshade size=1 width=50%>
Oil prices held above $40 a barrel Tuesday in Asia after being dragged down overnight by more grim U.S. economic news that pointed to a deepening recession in the world's largest economy.
WASHINGTON (AP) - U.S. consumers slashed spending for an unprecedented sixth straight month in December, feeding the already painful recession as millions of households opted to save rather than buy.
WASHINGTON (AP) - Consumer spending and incomes rose more than expected at the start of the year, but the gains were seen as fleeting in light of the recession and the waves of layoffs battering Americans.