Unemployment Rate Hits 8.5%

Companies shed 663,000 jobs in March

g20

(Source: G-20)

U.S. Treasury Secretary Timothy Geithner, Obama, United Kingdom Prime Minsiter Gordon Brown, and other world leaders met in London this week for the Group of 20 (G-20) summit to discuss measures to curb fallout from the global economic crisis. President Barack Obama conceded U.S. culpability in the financial crisis. G-20 members agreed on new global rules to cap the pay and bonuses of bankers, as well as a common approach to dealing with the toxic assets on the balance sheets of the world’s bank.

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