Best Small Cos. A newly released report from the Commerce Department shows that U.S. consumer spending remained strong even as the economy has weakened.
Consumer spending accounts for nearly two-thirds of the U.S. gross domestic product.
Analysts said the fall in production reflected weak demand in Japan's key export markets of the U.S. and Asia, as well as anemic demand at home, while aggressive corporate restructuring kept unemploymemt rising. Confirmation that GM wanted to begin formal takeover negotiations came after six months of evaluation and business plan development by the world's top automaker. The Hopkinton, Mass.-based company said that it will take a charge of 1 cent per share in the second quarter for the cuts, which will take place over the next several weeks. Houston-based Conoco, the No. 4 U.S. oil company, is looking to build its reserves in North America and Asia. Fill in this form for your free trial issue.