May 2012 Current Events: Business News
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Here are the key events in business and science news for the month of May 2012.
Jobs Recovery Still Slow in April (May 4): April is another slow month for job growth. Only 115,000 jobs are added in April, less than economists' predictions. The unemployment rate does decrease from March's 8.2 percent to 8.1 percent in April, but this is not because more jobs are created. The decrease in unemployment is due to 342,000 workers leaving the labor force.
JPMorgan Chase Announces Two Billion Dollar Loss (May 10): JPMorgan Chase, the largest bank in the U.S., announces it has lost more than two billion dollars in trading. In a statement, Chief Executive Jamie Dimon blames the loss on "errors, sloppiness and bad judgment." Dimon also says that the losses can "easily get worse." (May 14): Ina Drew retires from JPMorgan Chase. Drew is the chief investment officer responsible for the trading that led to the two billion dollar loss of the bank's own money. The bank announces that it will form a team of senior executives to investigate the loss.
Facebook Shares Go Public to Disappointing Results (May 17): Facebook becomes a public company, raising $14 billion in its initial public offering, at $38 a share, which gives the company a value of $104 billion. This makes Facebook the third-largest public offering in the history of the U.S., behind General Motors and Visa. (May 18): Facebook shares start selling at $42.05, but close at $38.23, only 0.6 percent above the I.P.O. price, a disappointing start to going public.
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