Thanksgiving travel expected to be down 2%Passengers may have to compete with slightly fewer people getting to the airport this Thanksgiving, but flights will be as full as ever, airline industry officials said. The Air Transport Association's annual Thanksgiving travel forecast predicts 37,000 fewer passengers per day -- about a 2 percent drop -- over the holiday period compared with last year. But U.S. carriers have reduced capacity to match demand and offset higher costs, the association said. That means few empty seats.
U.S. productivity rose in third quarterThe productivity of U.S. workers rose in the third quarter for the first time this year as companies tried to cut costs following a slowdown in growth. The measure of employee output per hour increased at a 3.1 percent annual rate, following declines in each of the previous two quarters, figures from the Labor Department showed. Expenses per employee fell at a 2.4 percent rate after a 2.8 percent gain in the second quarter.
Chipmaker AMD to cut 10% of workforceAdvanced Micro Devices Inc., the second-largest maker of computer processors, plans to eliminate 10 percent of its workforce in a bid to cut costs and shift its products into faster-growing markets. The reduction will occur across all levels of the company and carry $105 million in restructuring expenses, mostly in the fourth quarter, Sunnyvale, Calif.-based AMD said in a statement. AMD had 12,019 employees as of Oct. 1.
In surprise move, Europe cuts interest ratesThe European Central Bank unexpectedly cut interest rates at Mario Draghi's first meeting in charge as the new ECB head signaled officials have no plans to help bail out cash-strapped nations facing an escalating debt crisis that threatens to splinter the euro region. ECB officials unanimously lowered the benchmark interest rate by 25 basis points to 1.25 percent, confounding 51 of 55 economists in a Bloomberg News survey. Four predicted a quarter-point move and two expected a half-point reduction.
Google teams with REI for national daily dealGoogle Inc. is unveiling the first national discount for its daily-deals service with an offer from retailer Recreational Equipment Inc. (REI) as it ramps up competition with Groupon Inc. and LivingSocial. Users can spend $15 to get $25 worth of goods at REI, which sells outdoor gear and clothing. The REI deal will be available to all users who have signed up for Google Offers in any city, even those where the service hasn't yet arrived, said Eric Rosenblum, director of product management at Google.
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