October 2010 Current Events: Business News
Here are the key events in business and science news for the month of October 2010.
Economy Loses 95,000 Jobs in September (Oct. 8): The economy loses 95,000 jobs in September, due to a combination of the decline in new jobs created by private companies – they added just 64,000 jobs in September – and a rapid decline in government jobs across the United States. The government loses 159,000 jobs in September, mostly at the local level, where city and state governments are flailing after the end of the stimulus.
GlaxoSmithKline Settles Criminal and Civil Complaints for $750 Million (Oct. 26): British drug manufacturer GlaxoSmithKline agrees to settle criminal and civil complaints against the company for $750 million. Charges against the company, filed by fired quality manager Cheryl Eckard, claimed GlaxoSmithKline knowingly sold 20 drugs with questionable safety standards – including contaminated baby ointment and ineffective antidepressants – for many years.
U.S. Economy Grew at Rate of 2% in 3rd Quarter (Oct. 29): The U.S. economy grew at an annual rate of 2% in the third quarter of the year, matching the forecasts of economists. Experts agree that this tiny movement of growth is not nearly enough to improve the national unemployment rate of 9.6%.