WASHINGTON (AP) - The economy shrank at a 3.8 percent pace at the end of 2008, the worst showing in a quarter-century, as the deepening recession forced consumers and businesses to throttle back spending. Although the initial result was better than economists expected, the figure is likely to be revised even lower in the months ahead and some believe the economy is contracting in the current quarter at a pace of around 5 percent. The current January-March period, they said, will probably turn out to be the worse quarter for the recession.
SPRINGFIELD, Ill. (AP) -- Now that Rod Blagojevich's scandal-ridden tenure as governor is over, Gov. Pat Quinn said Friday he's ready to get to work and "mend the flaws" in state government....
NEW YORK (AP) -- Stocks turned lower Friday as investors worried that the economy, though perhaps not as troubled as feared in late 2008, is only getting worse....
WASHINGTON (AP) -- President Barack Obama is hailing Senate passage of legislation providing government-sponsored health care to roughly 4 million uninsured children....
BAGHDAD (AP) -- Iraq began Friday sealing its borders, halting air traffic and ordering overnight curfews in some of its largest cities on the eve of its nationwide provincial elections....
MELBOURNE, Australia (AP) -- Top-ranked Rafael Nadal outlasted fellow Spaniard Fernando Verdasco 6-7 (4), 6-4, 7-6 (2), 6-7 (1), 6-4 Friday to reach the Australian Open final after the longest match in the tournament's history....
The list of recalled peanut products linked to a national salmonella outbreak just keeps growing. Already more than 400 kinds of cakes, cookies and other goods have been pulled off the shelves in one of the largest product recalls. Peanut Corp. expanded its recall Wednesday to all peanut products produced at the plant since Jan. 1, 2007. The company is relatively small, but its peanut paste is an ingredient in hundreds of food products, from ice cream, to Asian-style sauces, to dog biscuits.
Aerospace Industries Push for Pentagon Spending to Improve Economy Save the economy. Build fighter jets.
Faced with a national economic crisis and a new president, the defense industry is itself playing defense. Its latest lobbying message: Weapons systems aren't just instruments of national security, they're vital jobs programs.
Nissan Recalls Trucks in Cold Weather States for Air Bag Problem Nissan Motor Co. is recalling more than 240,000 trucks in 20 cold weather states to fix a problem that could prevent front air bags from deploying in a crash. The government said in a posting on its Web site Wednesday that the recall affects the Frontier, Pathfinder and Xterra from the 2005-2009 model years.
'Rage' Guitars for Wii Video Game Recalled The Department of Consumer Protection is alerting consumers to a recall of wireless electric guitars designed to work with the Nintendo Wii system. The voluntary recall was announced by the Consumer Product Safety Commission.. The guitars, distributed by Performance Designed Products of Sherman Oaks, California, are known a Rage Wireless Guitars.
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