economy

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Obama's Approval Rating Softens

Economy pulls down numbers

(Newser) - Concerns over the economy are weighing down President Obama’s poll numbers, which have fallen to their lowest point since his inauguration, Politico reports. Obama’s 57% approval rating in a Gallup tracking poll this weekend remains high, but a series of recent polls find his support falling among Republicans...

Bush Knocks Obama Policies
 Bush Knocks 
 Obama Policies 
Jun 18, 2009 12:38 PM CDT

Bush Knocks Obama Policies

Says private sector is solution to economic problems

(Newser) - George W. Bush is apparently done holding his tongue. He criticized several of President Obama's major policy issues in a speech yesterday, defending his administration on interrogation, assailing nationalized health care, and saying the private sector, not the government, was key to fixing the economy, the Washington Times reports. “...

Anti-Biz Obama 'Loathes Profit Motive': Barnes

(Newser) - “Anti-business may be too crude a label” for President Obama, Fred Barnes writes in the Weekly Standard, but America's leader certainly "has a dark view of profits." Surveying Obama's appointments, policies, and remarks about business, Barnes concludes that "Obama loathes the profit motive or at least...

Report Seeks More Bank Stress Tests

First round may have underestimated unemployment

(Newser) - The US should run a second round of bank stress tests if it turns out the government was overly optimistic about the economy in the first round, says a report to be presented to Congress today. The Congressional Oversight Panel, which monitors the bailout, applauded the tests thus far, but...

Jobless Rate Hits 9.4%, But Layoffs Ease

(Newser) - The unemployment rate jumped to 9.4% in May, the highest in more than 25 years. But the furious pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September. If laid off workers who have given up looking for new jobs or have settled for part-time...

Bernanke Sees Slow Recovery, Despite Positive Signs

Still hopes economy will grow by year's end

(Newser) - The US has a long way to go before the economy returns to full health, despite hopeful signs, Ben Bernanke told the House budget committee today. “Recovery will only gradually gain momentum and that economic slack will diminish slowly,” the Fed chairman said. With businesses cautious, “the...

New Budget Airline Launches With 1 Plane, $9 Seats

First few seats are $9; all extras will cost you

(Newser) - The founder of the short-lived discount airline Skybus thinks conditions are right for a second attempt at adding service to less-used regional airports, the Chicago Tribune reports. JetAmerica will follow the model of European budget carriers like Ryanair, offering a handful of seats for $9 and charging for services like...

Recession Pushes African Immigrants to Head Home

Many opt for slower, cheaper lifestyle

(Newser) - The US recession is driving many middle-class African immigrants home, where life is slower and growth has lately pointed to a bright economic future, the Washington Post reports. Diaspora societies of immigrants say many members are planning to return to Nigeria, Kenya, and Ghana.“The people I know here...

In Recession, Sales of Sex Toys Boom

People have 'more time on their hands'

(Newser) - The recession is good news for at least one retail segment: Sales of so-called sexual enhancement devices are through the roof, Advertising Age reports. Lubricant sales jumped 32% in the first quarter, and sales of “marital aids” sold in food, drug, and mass-market stores have soared 74%. “When...

As Economy Tanks, Women Flock to Clinics

(Newser) - In this tough economy, requests for long-term contraceptives and abortions have spiked at family planning clinics, reports the Los Angeles Times. Planned Parenthood of LA County has seen its caseload jump 15% in just a year, and requests for IUDs nearly doubled in the first quarter compared to a year...

Backward 'Brain Drain' Calls Indians Home From US

Economy exerts pull on well-educated thirtysomethings

(Newser) - While much of the world suffers economic meltdown, India’s economy is comparatively healthy—and that may be reversing a longstanding “brain drain” of Indians to American shores, Sandip Roy reports for NPR. “It’s the hottest topic at potluck dinners all over Silicon Valley—which friend or...

AmEx to Ax 4K Jobs in $800M Chop
AmEx to Ax 4K Jobs in $800M Chop 
May 18, 2009 5:48 PM CDT

AmEx to Ax 4K Jobs in $800M Chop

Cuts are in addition to 7K workers laid off last fall

(Newser) - American Express said today it plans to slash 4,000 jobs as part of an $800 million cost-cutting plan, CNNMoney reports. The cuts are in addition to 7,000 workers slated last fall to be laid off. Amex also plans to reduce operating costs and investment spending. The company "...

Maestro Wages May Sink US Orchestras
 Maestro Wages 
 May Sink US 
 Orchestras 
analysis
May 16, 2009 7:54 PM CDT

Maestro Wages May Sink US Orchestras

(Newser) - Overpaid maestros had better accept slimmer paychecks before America's great orchestras sink into silence, John von Rhein writes in the Chicago Tribune. With the Great Recession raging and musicians accepting pay cuts, big-name conductors like Lorin Maazel and James Levine still rake in millions. Welcome to "the dirty little...

US Immigration Slows, Delaying Minorities' Rise

Won't form majority until 2050s; security, economy take toll

(Newser) - Immigration laws and the recession have slowed the growth of America’s immigrant populations, delaying the date when minorities will become the majority by as much as 10 years, the AP reports. Estimates had pointed to 2042, but it now could be another decade as growth slowed from 4% in...

Iraq, Economy Stalling, May Be Broke by Next Year

Drop in oil price has gutted nation's income

(Newser) - Some people thought Iraq wouldn't be affected by the worldwide economic downturn, says an Iraqi economist. "Those people were stupid." At the very least, they were wrong: Sales of consumer goods are in the basement, along with real estate, and the unemployment rate hovers around 25%. Surpluses from...

No Recovery In Sight for Small Business

(Newser) - Wall Street and Washington financial gurus may be seeing “green shoots” of economic recovery, but small businesses are still stuck in the mud, Kevin Kelly writes in Newsweek. Kelly, the CEO of a bag manufacturing company, says too many colleagues' businesses are losing sales, laying off workers, or shutting...

Recession Could End in 3rd Quarter: Economists

(Newser) - Our long national nightmare could soon be over: Top economic forecasters expect the recession to end by the second half of this year, Reuters reports. In a new survey, experts predict the GDP will shrink by 2.8% this year but edge up 1.9% in 2010. Even so, economists...

In Recession, Sewage Tour, Offbeat Destinations Thrive

Offbeat local museums, tours see record demand

(Newser) - With fancy island getaways now out of most people's price range, alternative attractions are gaining ground, Newsweek reports. Local families have begun flocking to Louisiana's oil rig museum, San Francisco's sewage-plant tour, and Ireland's Famine Museum, perhaps in a spirit of "things are bad, but at least they're not...

Experts Fret as Americans Squirrel Away Income

Savings rate jumps over job, portfolio fears

(Newser) - Even after the economy rebounds, the US will likely remain a nation of penny pinchers—and that has economists worried, the New York Times reports. Consumer spending accounts for 70% of the country’s GDP, but Americans, fretting over job security and losses in the housing and stock sectors, are...

Layoffs Slow as Unemployment Hits 8.9%, Worst Since '83

539K positions cut; jobless rate hits 8.9%, highest since 1983

(Newser) - The pace of layoffs slowed in April when US employers cut 539,000 jobs, the fewest in 6 months; economists had expected 620,000 job cuts. But the unemployment rate climbed to 8.9%, the highest since late 1983, as many businesses remain wary of hiring in a climate of...

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