Larry Summers: Americans can be "heartened" that the U.S. economy is growing again and creating jobs UPDATE 4:15 pm

Larry Summers on May 24th, 2010: "Americans can be "heartened" that the U.S. economy is growing again and creating jobs..."

NEWS UPDATE June 1, 2010

Wall Street Journal
NEW YORK—Hewlett-Packard Co. said it plans to spend $1 billion to automate data centers and make other operational changes in its IT services business, resulting in the cutting of 9,000 jobs over several years.

The world's largest personal-computer maker expects to take a $1 billion charge during a multiyear period. It anticipates the restructuring will generate the same amount in annual savings, or $500 million to $700 million in net savings after reinvestment.

Along with the 9,000 job cuts, H-P plans to hire about 6,000 new workers to add to its sales force and global delivery centers. H-P has about 300,000 employees.

NEWS UPDATE 4:15 pm CDT

Citigroup's CitiFinancial Group will shut 330 of its U.S. branches and cut between 500 and 600 jobs. SORRY ABOUT THAT MR. SUMMERS...