Evidence of a recession piles higher with new data... Followed by:
By MARTIN CRUTSINGER, AP Economics Writer
31 Oct 2008
WASHINGTON – Evidence of a recession piled ever higher Friday, with new figures showing Americans are spending less and gloomy about the economy, while the government signaled it won't buy stock in the financing arms of auto companies to prop them up. The Commerce Department reported consumer spending dropped a sharp 0.3 percent in September while their incomes, the fuel for future spending, managed only a small 0.2 percent gain.
That followed a report a day earlier that the U.S. economy shrank by 0.3 percent in the third quarter. The accepted definition of a recession is two straight quarters of a shrinking economy.
Chevron 3Q profit soars, yet caution prevailsTo whom does Sen. McCain want to give tax breaks???
By JOHN PORRETTO, AP Energy Writer
Fri Oct 31, 2008
HOUSTON – Chevron on Friday reported the largest quarterly profit in its 129-year corporate history, joining other oil companies reporting stunning third-quarter earnings gains.