Job cuts will be made as well

The news for the U.S. economy continues to roll in — and a lot of it is negative. Right now, even after receiving billions in government aid, GM and Chrysler are looking for even more.

Today, the two embattled carmakers asked for a combined more than $20 billion in loans from the government. Additionally, both companies are proposing to cut more jobs: 47,000 for GM and 3,000 for Chrysler.

Job cuts of this magnitude are likely to reflect in U.S. economic data down the road in terms of unemployment, consumer spending and confidence.

See Also

• U.S. Economic Data and Forex Trading
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