Dow Drops 275 Points as Dismal Jobs Report Sends Markets into Tailspin
US economy added 69K jobs in May, fewest in a year
US economy added 69,000 jobs in May, fewest in a year; unemployment rate rose to 8.2 percent
Stocks Post Worst May Since 2010; FB Jumps
By: JeeYeon Park
CNBC.com Writer
CNBC.com Writer
Stocks
closed lower Thursday with all three major averages logging their worst
May since 2010, driven by mounting concerns over the euro zone debt
crisis in addition to worries over a slowing U.S. economy.
U.S. Economic Momentum Slows
BY NEIL SHAH AND KATE LINEBAUGH
The U.S. grew slower during the first quarter than previously thought and continued weakness in the job market and elsewhere suggest the economy is struggling to gain traction.
On Thursday, the government said gross domestic product—the broadest
measure of all goods and services produced in the economy—grew in the
January to March period at an annualized 1.9% pace, short of the 2.2%
growth previously estimated. This means the economy had less momentum
going into the second quarter and comes as fears are growing that a
larger global slowdown is under way that could eventually weigh on
domestic growth.
Bloomberg Defends Move to Curb Big-Soda Sales
By John Letzing
- EPA
During an appearance via video link Thursday at the D: All Things Digital conference,
Bloomberg said his plan to ban the sale of sodas larger than 16 ounces
in restaurants and movie theaters is part of an effort “to encourage
people to live longer.”
“This is something we think we have the legal authority to do,” the
mayor said. “Obesity is a local problem for us, and that’s why we’ve
addressed it.”
FDA Sour on New Name for Corn Syrup
more in Business
»
BY DAVID KESMODEL
The U.S. Food and Drug Administration rejected a request by corn-refining giants to change the name of the widely used—and controversial—food ingredient "high-fructose corn syrup" to "corn sugar."
The Corn Refiners Association, which has been
waging an advertising and public-relations campaign to stem criticism of
the ingredient for several years, sought the name change in a petition
to the FDA in 2010.
Critics of the sweetener, which is widely
used in snack foods, condiments and other products, contend it has
played a significant ...
No Equal Pay for Nancy
House Minority Leader Nancy Pelosi (D., Calif.) refused to answer
questions about Senate Democrats paying their female staff members less
than male staffers on Thursday. She may have ducked the question
because a Washington Free Beacon analysis shows she pays the women on
her staff $26,606 less per year on average.
Broken Advertisement
The
Massachusetts Democrats featured in “Broken Promises,” the Obama
campaign’s latest attack on Mitt Romney, criticize Romney for failing to
bring down taxes—despite the fact that they helped defeat a proposed
Romney tax cut in April 2005.War on Women in the Womb
The
Prenatal Non-Discrimination Act (PRENDA) failed 246 to 168 in the House
Thursday afternoon after a motion to suspend the rules and pass the
bill did not win the required two-thirds majority. Rep. Trent Franks
(R., Ariz.) authored the bill, which would outlaw abortion based on the
sex of the fetus.Warren Acknowledged Heritage ‘After’ Hiring
Democratic
Massachusetts Senate candidate Elizabeth Warren admitted Wednesday that
she told the University of Pennsylvania and Harvard Law School that she
was a Native American—a claim that has no documented basis in fact.DWS: Eye on the Ball
Democratic
National Committee chair Rep. Debbie Wasserman Schultz (D., Fla.) had
some trouble remembering who she is supporting in the effort to recall
Republican Wisconsin governor Scott Walker (R., Wis.).U.N. Seeks Greater Control Over Internet
China,
Russia, and other members of the United Nations are backing a proposal
to give the international organization greater control over the
internet, but Congress and the Obama administration plan to oppose the
measure.Combat Journalism
Dems Divided Over Soaking the Rich
President
Obama and his Democratic allies agree on one thing: Rich people are
giving insufficient quantities of money to the federal government. But
they are having trouble agreeing on exactly what constitutes “rich.”Client 9 Not a Fan of ‘Gotcha Journalism’
Spitzer
was recently tapped to replace media juggernaut Keith Olbermann as a
host on Al Gore’s Current TV network, and expounded on his new role in
an interview with Politico.Obama bundler eyes $300 million federal payoff
A
New York Obama bundler and major Democratic donor stands to win big
from a tailor-made bill up for approval today by the House Financial
Services Committee.Wisconsin Unions Dwindle Ahead of Recall Vote
Public-sector
union membership in Wisconsin is dropping precipitously as Gov. Scott
Walker gains strength in the run-up to the recall election next week. Where Dems Fear to Tread
National Democrats are distancing themselves from the Badger State as Wisconsin’s recall election approaches.Don’t Know Much About History
President
Barack Obama’s inaccurate assertion that Nazi extermination camps in
occupied Poland were in fact “Polish” has led to concern among
historians and foreign policy experts that the president’s knowledge of
Jewish history and Israel is lacking. Warren’s Snowed ‘Globe’
The
campaign of Democratic Massachusetts Senate candidate Elizabeth Warren
may have leaked previously unavailable documents to the Boston Globe in
order to defuse the growing controversy over her claim to American
Indian ancestry, according to correspondence obtained by the Washington
Free Beacon. Barrett Can’t Back Up Claims
Tom
Barrett, the Democratic gubernatorial challenger to GOP incumbent Scott
Walker, has hammered Walker for cutting public education funding, but
was unable to identify any particular Wisconsin schools that have been
harmed by Walker’s policies.
First Solar Furlough
A
politically connected, taxpayer-funded solar firm announced a massive
round of furloughs on Friday, just weeks after its chairman told
Congress his company was “financially strong.”
No comments:
Post a Comment