W10 Lab Conniekim

DLI

DESIGN LAB ONE

2009

GROCS "We are facing the greatest economic challenge of our lifetime and we are going to have to act swiftly to solve it," Obama said in his first news conference since his election. Before the press conference, Obama and Biden met with a 17-member council of economic advisers. Among the panelists were former Treasury Secretaries Lawrence Summers and Robert Rubin, former Fed Chairman Paul Volcker, billionaire businessman Warren Buffett and other leaders in business and politics. The Labor Department's monthly jobs report Friday morning showed that the economy shed 240,000 jobs in October, bringing the year's total job losses to 1.2 million. The unemployment rate climbed from 6.1 percent to 6.5 percent, the highest it has been since March 1994. Also Friday, General Motors Corp., the nation's largest automaker, reported a huge loss that was much worse than expected and warned it's in danger of running out of cash in the coming months. GM said it lost $4.2 billion, or $7.35 a share, excluding special items.

DL1

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4 11 18 25

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