The Labor Department reported that jobless claims jumped by 32,000 to a seasonally adjusted 493,000 last week
The Commerce Department said that new orders to factories for big-ticket manufactured goods fell by 4.5 percent last month
The average price of a new home fell in August by 11.8 percent to $263,900, the biggest one-month drop on record. The median home price was down 5.5 percent to $221,900.
Bookings for transportation equipment dropped 8.9 percent, today’s report showed. Orders for commercial aircraft decreased 38 percent and those for automobiles fell 8.1 percent, the most since January 2007.
German Finance Minister said the U.S. will lose its position as the world’s undisputed financial superpower
HSBC, Europe’s largest bank by market value, cut 1,100 jobs in its global banking and markets division as deepening financial crisis threatens to crimp earnings.
Washington Mutual Inc. may be seized by regulators later today and parts sold to JPMorgan Chase & Co. in what will rank among the biggest banking failures in U.S. history.
Lennar Corp., the second-largest U.S. homebuilder, this week reported its sixth straight quarterly loss and said the government must take measures to boost home prices that are down by nearly a fifth from their 2006 peaks.
While GMAC’s auto lending is suffering from dwindling truck sales at GM, home foreclosures account for the majority of the company’s losses. Minneapolis-based ResCap, the 12th biggest U.S. subprime lender in 2006, has lost $7.2 billion in the past seven quarters, compared with a $4.4 billion deficit for the company as a whole. With $65 billion in assets, ResCap is less than half the size of the global auto business, which has $169 billion in assets, according to GMAC.
GE cuts profit forecast for year as loan and leasing business is hurt by market turmoil