Banks borrow record $33B daily from Fed; grad hiring up
CBS
Transcript
The future looks bright for college students approaching graduation. Despite a tightening job market, a new survey found that 60% of companies plan on recruiting more new grads than last year. 21% will hire the same amount, and only 19% plan to cut back on hiring. Experts say the economic slowdown will help grads entering the workforce as more companies look to replace retiring employees with lower paid entry-level workers. Major investment banks are stepping up their borrowing from the Federal Reserve. The Fed says it's been lending out an average of $33 billion a day over the past week from its new emergency lending facility. That's nearly $20 billion more per day than the previous week. On the docket today, reports on personal income and spending as well as the latest look at consumer sentiment. On Thursday, stocks sold off after a top Fed policy maker said the US economy could be at the edge of a recession. The Dow finished off 120 points while the NASDAQ slid 43. Keep your eye on shares of Merc. The FDA said it's investigating a possible link between the drug makers best-selling Singular and suicide. Merc has updated the asthma drugs label four times in the past year to include information on a range of reported side effects, including suicidal behavior. That's your money watch. Log on to cbsnews.com for the latest business headlines in New York. I'm Alexis Christopherus.