The U.S. economic contraction in the fourth quarter was deeper than the government first estimated, with other reports today signaling little prospect of relief until at least the middle of 2009.

CEO Dowd Ritter volunteered not to receive a cash bonus for 2008. Ritter, who leads the Birmingham-based regional banking giant, was eligible to rake in more than $1.1 million in bonuses based on his performance amid the difficult economic climate, according to public documents filed Tuesday with the Securities and Exchange Commission.

Inflation in Europe stayed close to the lowest rate since 1999 in February as the global financial crisis undermined consumer confidence and curtailed spending. Consumer prices in the euro area rose 1.2 percent, compared with a 1.1 percent increase in January, the European Union statistics office in Luxembourg said today. Economists expected a 1 percent inflation rate in February, according to the median of 32 forecasts in a Bloomberg News survey. The January reading was the lowest since July 1999.

NEW YORK–Oil prices slumped today after China announced no additional measures to revive its economy, and a variety of government reports suggested that energy use could fall further still.

Should we brace for another Great Depression? No. The notion is ludicrous. Conditions will forever be such that the economic disaster that helped define the previous century will never happen again.

Gas prices are soaring again, with local prices at the pump jumping 5 cents overnight in the Dayton area. In Ohio, all major cities saw gas prices climb Friday, with Cincinnati and Toledo seeing the largest increases with jumps of 6 cents per gallon each.

Insituform Technologies Inc. improved sales in the fourth quarter, but its profit still fell, the Chesterfield-based company said Thursday evening in a release. The company repairs water, sewer and other underground piping systems.