July 2012 Current Events: Business News
Here are the key events in business and science news for the month of July 2012.
European Central Bank Cuts Lending Rates to a Record Low (July 5): In an effort to prevent further deterioration of the euro zone crisis, the European Central Bank cut its benchmark rate from 1 percent to 0.75 percent. The cut brings the bank's lending rate to its lowest point ever. The hope is that the move will unblock the flow of credit.
Another Weak Month for U.S. Economy (July 6): Only 80,000 jobs are added to the U.S. economy in June. The unemployment rate remains at 8.2, the same as the month before. The bleak report causes the Dow Jones industrial average to drop 124 points.