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Unemployment rate of 16- to 24-year-olds tops 18 percent; A $1.6 billion reduction in news gathering operations; Old-fashioned railroad ranks among the hottest IPOs; Outstanding consumer credit continues to fall; Aid from foreign workers dwarfs a

Unemployment rate of 16- to 24-year-olds tops 18 percent
The unemployment rate of 16- to 24-year-olds in the U.S. climbed to more than 18 percent, from 13 percent a year ago. Only 46 percent of people in that age group held a job in September—the lowest proportion since the government began to keep track of such data, in 1948.
BusinessWeek

A $1.6 billion reduction in news gathering operations
U.S. newspapers reduce news gathering by $1.6 billion annually
Since 2004, U.S. newspapers have collectively reduced their investment in news gathering by approximately $1.6 billion annually, according to an analysis by the journalism think tank Poynter Institute.
Poynter.org

Old-fashioned railroad ranks among the hottest IPOs
One of the hottest initial public offerings of recent weeks isn’t a tech company but rather, an old-fashioned railroad. RailAmerica, which operates small lines connecting to major freight railways, cleared $330 million from this week’s stock sale and sold 1 million more shares than expected.
The Wall Street Journal

Outstanding consumer credit continues to fall

Outstanding consumer credit in the U.S. fell in August at an annualized 5.8 percent to $2.46 trillion—the seventh straight monthly decline. Most of the drop came as a result of consumers paying down revolving debt, such as credit cards.
Financial Times

Aid from foreign workers dwarfs aid from Western countries
Foreign workers sent $328 billion from richer countries to poorer countries last year, the World Bank says. Such remittances dwarf the $120 billion in direct aid doled out to poorer countries by Western democracies.
The Economist

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