November 2010 Current Events: Business News
Here are the key events in business and science news for the month of November 2010.
Federal Reserve Will Buy $600 Billion in Debt (Nov. 3): The Federal Reserve announces its intention to buy $600 billion of the nation's debt, in treasury bonds, citing the slow economic recovery, high inflation, and concern about continued umemployment. The Fed will complete these purchases by June 2011.
U.S. Economy Adds 151,000 Jobs in October; Unemployment Remains at 9.6% (Nov. 5): The U.S. economy added 151,000 jobs in October. The number was more than expected, and a welcome change from four straight months of losses, but the gains did not make a dent in rate of unemployment, which remains at 9.6%. Currently there are 15 million people registered as unemployed in the United States.
Obama Announces Pay Freeze for Federal Employees (Nov. 30): President Obama announces that he will freeze the pay of all civilian federal workers for two years in an effort to offset the enormous budget deficit the United States faces. The pay freeze will save approximately $5 billion over two years; the current budget deficit is over $1 trillion.