Reuters - The U.S. economy showed signs of resilience on Wednesday as the service sector and private employment posted surprising gains for May, but rising inflation pressures cast a shadow over the optimistic figures.

Reuters - A "credit recession" sparked by the U.S. housing market downturn and excesses in structured finance may last more than two years, and the financial sector will undergo "massive consolidation," leading Wall Street strategists said on Wednesday.

AP - Worker productivity increased at a faster pace in the first three months of this year than previously estimated, wage pressures moderated and an important measure of business activity showed the service sector skirted recession in May.

AFP - Oil prices fell sharply on Tuesday as the dollar jumped higher on foreign exchange markets in the wake of comments from US Federal Reserve chairman Ben Bernanke.

AP - Wall Street fell sharply for a second straight day Tuesday as investors grew more worried that the financial sector is still suffering badly from the credit crisis. The Dow Jones industrials dropped more than 100 points, bringing their two-day loss to 235.

Reuters - Stocks fell for a second day on Tuesday after a report that Lehman Brothers may have to raise more capital compounded recent worries the financial sector faces another round of big losses from the credit crisis.

AP - Oil prices fell sharply Tuesday, dropping below $124 a barrel as demand concerns grew and Federal Reserve Chairman Ben Bernanke indicated that more interest rate cuts are unlikely. Bernanke's comments sent the dollar higher and raised questions about oil's ability to reach new highs in the short term.

AP - It's standing-room-only on many commuter buses from Washington's suburbs. Rail systems from Boston to Los Angeles are begging passengers to shift their travel to non-peak hours. And some seats have been removed from San Francisco's subway cars to allow more people to cram in.

AFP - The dollar firmed Tuesday as unusually sharp comments from US Federal Reserve chairman Ben Bernanke about the inflationary impact of the weak greenback prompted traders to change course.

Reuters - As though Southern California's fine weather and beaches weren't attractive enough, a San Diego developer desperate to clear inventory is offering potential home buyers a buy-one-get-one-free scheme.