Washington, DC — The Commerce Department released its report on the 4th Quarter GDP. Though it was expected to be bad, it came in even worse — down 6.2 percent on an annual rate.
Posts Tagged ‘recession’
The Ever Shrinking Economy
Friday, February 27th, 2009Hitachi Reverses Financial Outlook / Cuts Jobs
Tuesday, February 3rd, 2009Tokyo, Japan — Hitachi changed their forecast from profitability to a 4.1-billion-dollar quarterly loss.
Hitachi is one of the world’s largest corporations. It was founded in 1910 by Namihei Odaira as an electrical repair shop. They succeeded in manufacturing three 5hp (3.6775 kW) electric motors as the company’s first products.
Today, they manufacture consumer products:
* Home Appliances
* AV Products
* Personal Computer / Mobile Phones
* Home Equipment / Life service
And, business products:
* Information Technology
* Security
* Electronic Devices / Materials
* Public / Urban / Transportation
* Medical / Health Care / Biotechnology
* Environment / Power / Industrial
Because of economic conditions, they plan to lay-off 7,000 workers.
World Recession / Global Slowdown
Saturday, January 24th, 2009Markets around the world are falling. This could be the first time that so many countries have slid into recession at the same time. The United States has been in a recession for the past year. Great Britain announced that it, too, had fallen into recession. In Korea, Samsung posted its first ever quarterly loss. Japan’s Sony saw its first quarterly loss in fourteen years. Canada went from predicting a positive GNP to revising the projection to a recession. Even China is seeing a slowdown with growth going into the single digits for the first time in many years.