Stagflation fears grip economy amid rising prices
The nation faces a worsening mix of slow growth and accelerating prices. Wholesale prices rose 7.4 percent year over year, the fastest since 1981, as inflation outpaces wage gains. Federal Reserve actions aim to curb inflation while supporting growth, with another rate cut anticipated yet inflation pressures linger.
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Dana Perino
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Inflation sparks housing market fears amid price surge
A sharp January rise in wholesale prices 1 percent and a 12 month 7.4 percent gain fuel concerns that higher inflation will lift mortgage costs and worsen housing sector weakness. Economists warn against assuming a trend, while Dow rises and Fed officials stress continued inflation monitoring.
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Washington
Labor Department
Google joins trans-Pacific fiber cable project
Roundup reports Google with five other firms to fund a 6200 mile trans-Pacific fiber optic cable estimated at 360 million dollars. It marks the first Internet company investment in an ocean-spanning cable and expands digital infrastructure. The project is led by multiple tech and telecom backers.
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Google
Ford unveils 2009 E-Series vans with smart tech
The 2009 Ford E-Series vans from Avon Lake introduce high speed Internet, Garmin GPS, SIRIUS Travel Link, Wireless print and tool inventory systems. New center consoles wider rear doors and redesigned panels aim to boost fleet efficiency and service for business customers. Ford notes strong market leadership in commercial vans and adds 18 new Michigan jobs relocated to Ohio for a front rotor line.
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