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Consumer spending, after adjusting for inflation, fell in June as shoppers were hit with the biggest increase in prices in nearly three decades.

University of Calif. plans furloughs to cut costs

The president of the University of California (UC) said on Friday he would propose to its regents that they approve pay cuts through furloughs to shave $515 million from the public university system's costs amid the state's broader budget crisis.

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Markets Responses

US stocks tumble 4% as bailout plan unveiled

Wall Street sinks as investors dump banks
World markets surge on recovery hope
Japan's exports suffer record plunge
European stocks slip; US futures fluctuate

Impact on China

FDI sees 4th monthly dive in row

Data mixed on China's road to recovery
Shanghai auto expo: showdown for global automakers
Wen: Stimulus package plan paying off
How far is China away from the crisis?

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University of Calif. plans furloughs to cut costs