November 2013 Current Events: Business News
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Here are the key events in business news for the month of November 2013.
Job Numbers Increase, So Does Unemployment (Nov. 8): The U.S. economy adds 204,000 jobs in October. It is an unexpectedly high number, especially since the federal government was partially shut down for half the month. Meanwhile, the unemployment rate increases from 7.2% in September to 7.3% in October.
Merger Creates World's Biggest Airline (Nov. 12): The U.S. Justice Department reaches an agreement to allow American Airlines and US Airways to merge. In order to merge, the airlines had to agree to fewer flights into certain airports in major cities, such as New York's LaGuardia and Washington's Reagan National. The merger is expected to be completed by December 2013, creating the biggest airline in the world.
JPMorgan Will Pay Record Amount to U.S. Government (Nov. 19): JPMorgan agrees to pay the U.S. Government $13 billion, about half the bank's yearly profit. It is the largest amount that any company has ever paid the government. The payment is an attempt to avoid a lawsuit over the bank's questionable mortgage practices which occurred before the 2008 financial crisis. Of the $13 billion, $4 billion will go to struggling homeowners, $2 billion to prosecutors and $7 billion will go to federal agencies across the country.
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