Worries over economy spread; global markets sink

By Jeannine Aversa Associated Press Published: Thursday, Oct. 16, 2008 6:56 a.m. MDT WASHINGTON — Rising fears that the global economy will sink into a deep recession spread to markets around the world on signs the U.S. economy is slipping further. A fresh batch of economic reports due out Thursday is likely to show more problems for the nation's economy, which is already suffering from falling wages, rising inflation, weak consumer spending, job losses, tight credit and a lingering malaise in real estate. Industrial production is expected to have dropped in September, underscoring the plight of troubled auto makers and manufacturers of furniture, construction materials and other goods that have been hard hit by the collapse of the housing market. The number of new people signing up for unemployment benefits last week may dip... [read full story]