Rebel News - Independent News and Analysis

The private sector in the United States has cut 10,000 jobs in August to underscore a weakening labor market, the ADP Employer Services says.

The drop last month represented the first monthly decline since last December, while it failed to meet economists' estimates that recruiting would edge higher.

Apple Inc unveiled a snazzier line of its iPod on Wednesday, with new designs for every model of the popular media device in hopes of kick-starting holiday sales.

"We've gone wild," Apple co-founder Steve Jobs said. "It's the biggest change in the iPod lineup ever."

Stocks jumped Wednesday after surprisingly strong growth in U.S. and Chinese manufacturing allayed some of the worries that had been building over the global economy in recent weeks.

The new reports snapped a string of disappointing economic data that sent stocks slumping in August. The Standard & Poor's 500 Index, the benchmark most widely used by professional investors, lost 4.7 percent in the month, its worst August performance since 2001.

Americans' confidence in the economy improved slightly in August, but the mood is still gloomy amid job worries, according to a monthly survey.

The Conference Board said Tuesday that its Consumer Confidence Index improved slightly to 53.5, up from a revised 51.0 in July. Economists surveyed by Thomson Reuters had expected 50.5. The improvement comes after two straight months of declines.

US stocks have plunged with a triple-digit point decline as investors lost confidence over figures showing a slowdown in the country's economic recovery.

The Dow Jones Industrial Average dropped 141 points at closing on Monday. The Nasdaq Composite also fell 33.66 points, or 1.56 per cent, to 2,119.97. The technology-heavy index has so far dropped 6% this month.

The latest survey by National Association for Business Economics reflect a division between economists over ways the US government should stimulate the economy.

In the NABE's semiannual survey in August, 60 percent of economists surveyed believed that the US economy is threatened by deflation in the short run and inflation in the long run.

A leading American economist has warned that chances of an emerging second phase of an economic crisis in the US are mounting, as its financial recovery is losing steam.

Robert Shiller, professor of economics at Yale University, says the world's biggest economy may face the second dip down of a so-called double-dip recession in the near future.

The United States auto manufacturing giant, Ford Motors, is recalling 575,000 vehicles in the US and Canada over corrosion concerns, a report says.

According to federal regulators the recall covers Windstar vans made between 1998 and 2003 due to the possibility that their rear axles can corrode and potentially break after exposure to road salt, Reuters reported.

A US firm owned by billionaire Microsoft co-founder Paul Allen has filed a lawsuit against 11 web-based companies including Apple, Facebook, Yahoo!, Google, and YouTube on charges of patent infringement.

Interval Licensing said the firms were violating patents on fundamental web technologies the company developed in the 1990s.

Due to the highest surge in imports in 26 years, US economic growth has experienced a major slowdown in the second quarter of 2010 compared to predictions.

The US Commerce Department said on Friday that gross domestic product (GDP) grew at a 1.6 percent annual rate in the April-to-June period, the Daily Telegraph reported.