June Job Losses Deepen as Economy Braces for Recession
U S June shows 62,000 layoffs and total losses near 438,000 this year as energy and housing woes drag payrolls. Unemployment hits 5.5 percent, with analysts predicting a rise to over 6 percent next year. Chrysler, Starbucks trim workforce. American Airlines eyes cuts. Dow up 73 points as investors digest weak service sector data.
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Judge orders Continental to stand trial over Concorde crash
A Paris judge ordered Continental Airlines and five individuals to face trial on charges related to the 2000 Concorde crash that killed 113 people. Investigators traced part of the tragedy to a titanium strip from Continental’s DC-10 left on the runway, causing a tire burst and fuel tank rupture. The defendants include two Continental employees, two Aerospatiale staff, and a French aviation authority official. The incident occurred after takeoff from Charles de Gaulle, with fatalities including 109 aboard and four on the ground.
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30 year mortgage rates dip as Fed signals ease
Freddie Mac reports the 30 year fixed mortgage at 6.35 percent this week, down from 6.45 percent last week. The decline marks the lowest in three weeks but remains above 6 percent, with the Fed signaling no immediate rate increases despite inflation risks. Economists expect rates to stay unchanged for the year amid a weak economy.
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