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Profits at China's oil producers, steel makers and other major industrial companies fell 10.6 percent in the first eight months of 2009 from the same period a year earlier, the National Bureau of Statistics said Sunday.
It's official. The U.S. economy has been in a recession for the past year.
Oil prices were steady near four-year lows below $44 a barrel Friday in Asia as more bad U.S. economic news soured the outlook for global growth and demand for crude.
A recession isn't officially a recession until the National Bureau of Economic Research says it is.
China's inflation rate dipped to a still high 7.7 percent in May, thanks to easing food prices, though pressures for further price increases remain a threat and few saw reason to celebrate.
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