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USA UK and Malta News
08/11/2008 - 19:33

USA Today Editoweb 8 november 2008

OPEC president: Oil cuts likely if no price rally - Jobless rate bolts to 14-year high of 6.5 percent - Budget deficit swells after financial bailout.



OPEC president: Oil cuts likely if no price rally

OPEC nations could further reduce oil output if moves last month to slash production do not bolster plummeting oil prices, OPEC president Chakib Khelil said Saturday.

Jobless rate bolts to 14-year high of 6.5 percent

The nation's unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, far worse than economists expected and stark proof the economy is deteriorating at an alarmingly rapid pace.

Budget deficit swells after financial bailout

Just one month into the fiscal year, the federal budget deficit has already reached $232 billion, according to estimates released Friday.

September wholesale inventories drop unexpectedly

Wholesale inventories held by distributors fell in September, the government said Friday, as companies cut stockpiles in the face of the economic slowdown.

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