The United States economy lost 663,000 jobs in March, raising the unemployment rate to 8.5%.
The U.S. unemployment rate reached 8.5 percent, its highest level in a quarter-century, in a sign of the severity of the downturn.
- New York Times (Image)
- Harley-Davidson, a US motorcycle manufacturer, states that it intends to shift export production for the EU overseas. The company reports that the decision is related to rocky trade relations between the European Union and the United States.
- US retailer Walmart acquires a 77% controlling stake in Flipkart, India's largest online shop, for US$16 billion.
- Toys "R" Us considers closing all its stores in the United States.
- After struggling with debt from a leveraged buyout, Claire's files for chapter 11 bankruptcy in the United States. The company has issued a statement that it expects its stores to remain operational while it restructures its debt.
- Shortly after the announcement of the closure of Toys "R" Us stores in the UK, the company announced that they will close down all 800 stores in the United States, resulting in the loss of about 33,000 jobs.