Facebook Plans Professional Website; Japan’s Economy Slips Into Recession

facebook3Shares of LinkedIn are trading 2 percent lower in pre-market trading after the Financial Times reported over the week-end that Facebook plans to develop a professional website called “Facebook At Work” that allows Facebook users to create a separate work profile and chat with professional contacts and work colleagues.

Oil futures continue to tumble on Monday following surprising news that Japan’s economy slipped back into a recession and declined for the 2nd consecutive quarter after 3rd quarter GDP showed that their economy contracted -1.6 percent compared with a forecast of over 2 percent.

In the 2nd quarter of 2014  Japan’s economy, the 3rd largest economy in the world, contracted -7.3 percent on an annualized basis, marking the largest decline since  March 2011 during the earthquake and tsunami.

Today’s weaker than expected GDP numbers for Japan are likely to force Prime Minister Abe to forego a planned consumption tax increase.

-Johnathan Schweitzer

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