Consumers: Over the barrel

WASHINGTON - The economy shrank at a 3.8 percent pace at the end of 2008, the worst showing in a quarter-century, as the deepening recession forced consumers and businesses to throttle back spending....

The unemployment rate jumped to a 16-year high of 7.2 percent in December and could hit 10 percent or higher at the end of this year or early next year. A staggering 2.6 million jobs were lost last year, the most since 1945, though the labor force has grown significantly since then. Another 2 million or more jobs will vanish this year, economists predict.

[From Economy shrank at fastest clip since '82 - Stocks & economy- msnbc.com]

US oil giant Exxon Mobil on Friday notched a 45.22 billion dollar record net profit in 2008 despite a 33 percent decline in net income in the fourth quarter of the year.

[From The Raw Story | Exxon notches record profit of $45.22 bln]