Pessimism on the Chinese Economy Sends Down Major Indices (AAPL, YHOO)
Today, Chinese Premier Wen Jiabao set a lower target for China's economic growth, and markets reacted negatively. The new target is 7.5 percent annual GDP growth, down from last year's 8 percent goal. In corporate news, Apple (AAPL) calculated that it has added 514,000 jobs to the American economy. This includes not only the 47,000 directly employed by the company, but the hundreds of thousands of jobs created by contracts with other American companies, as well as yet more hundreds of thousands who make a living by developing and selling apps for the iPhone and iPad.Apple's global labor market impact is even larger, as it has contracts with manufacturing firms in Asia and app developers exist around the world. In juxtoposition, Yahoo (YHOO) may be heading for further layoffs and restructuring, the Wall Street Journal reported.
Word on the Street
- Markets were down as the Chinese Premier lowered the country's growth target.
- Some investors have agreed to a Greek bond swap.
- An increase in gas prices is eliciting interest in regulating speculation.
- Bloomberg launched a daily index of the world's richest people.
- Apple (AAPL) estimates that they have added 514,000 jobs to the economy through their business activity.
- Yahoo (YHOO) CEO Scott Thompson is rumored to be contemplating a round of restructuring and layoffs for the company.
Published on Mar 5, 2012By InvestorGuide Staff