Corporations doing great, the little guy not so much [View All]

[ck4829]

Exxon Mobil Corp. and Chevron Corp., the two biggest U.S. oil companies, reported gains in fourth- quarter earnings after record crude prices more than made up for declines in output.

Net income at Irving, Texas-based Exxon Mobil climbed 14 percent to $11.7 billion, or $2.13 a share, the company said today in a statement. San Ramon, California-based Chevron said its profit rose 29 percent to $4.88 billion, or $2.32 a share.

Both companies exceeded analyst earnings estimates, even as oil output fell, and both set all-time highs for full-year profit. Exxon Mobil also broke its own record for profit by any U.S. company, at $40.6 billion for all of 2007. Oil futures traded 50 percent higher than a year earlier in the quarter before topping $100 a barrel for the first time in January.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a886CUdiXs8U&refer=home


Nervous employers cut 17,000 jobs in January -- the first such reduction in more than four years and a fresh sign that the economy is in danger of stalling.

The Labor Department's report, released Friday, also showed that the unemployment rate dipped slightly to 4.9 percent, from 5 percent, as the civilian labor force shrank slightly.

Job losses were widespread. Manufacturers, construction firms and a variety of professional and business services eliminated jobs in January -- reflecting the toll of the housing and credit debacles. The government cut jobs, too. All those cuts swamped job gains in education, health care, retailing and elsewhere.

Wage growth also slowed, another indication that employers are tightening their belts amid the economic slowdown.

http://biz.yahoo.com/ap/080201/economy.html