economy

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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...

Bargain Brewskies Buoy Breweries

Cheap beer sales are rising faster than pricier options

(Newser) - Cheap brews are giving breweries just the boost they need during tough times, reports the Wall Street Journal. Economy suds such as Busch, Miller High Life, and Pabst Blue Ribbon are rising faster than the nation's overall beer sales and helping companies weather the economic storm. A short time ago,...

Bernanke Sees Economy Stabilizing

But not going to improve quickly

(Newser) - It looks like the economy is stabilizing, Ben Bernanke told the congressional Joint Economic Committee today, but recovery won’t be quick, and there are still “sizable job losses” on the horizon. “We continue to expect economic activity to bottom out, then to turn up later this year,...

In Hard Times, Big Donors Don't Flaunt It

Some seek subtlety as neighbors struggle

(Newser) - In hard times, big givers are staying out of the spotlight, the Chronicle of Philanthropy reports. Some 19% of donations of $1 million or more in the past 10 months have been anonymous, compared with 3%-5% over the past 10 years. Donors often stay nameless to keep other charities from...

3 Million US Job Openings Isn't a Good Thing
3 Million US Job Openings Isn't
a Good Thing
ANALYSIS
May 1, 2009 2:26 PM CDT

3 Million US Job Openings Isn't a Good Thing

Figure shows troubling disconnect between employers, workers

(Newser) - Even with the unemployment rate shattering records, 3 million jobs nationwide remain unfilled. But the growing mismatch between employers and workers tarnishes that silver lining, Peter Coy argues in BusinessWeek. Untrained job-seekers often don’t have necessary skills to work in growing sectors like health care and accounting, and employers...

Economy Shrinks Faster Than Expected in 1st Quarter

6.1% pace fueled by biz cutbacks, export drop

(Newser) - The US economy shrank at a worse-than-expected 6.1% pace at the start of this year as sharp cutbacks by businesses and the biggest drop in US exports in 40 years overwhelmed a rebound in consumer spending. Today's Commerce Department report dashed hopes that the recession's grip on the country...

Iran Prez: No Talks Without Preconditions
 Iran Prez: 
 No Talks 
 Without 
 Preconditions 
TALK SHOW ROUNDUP
Apr 26, 2009 10:07 AM CDT

Iran Prez: No Talks Without Preconditions

Gibbs: WH 'very serious' about swine flu outbreak; Summers: recession will worsen

(Newser) - Rebuffing President Obama’s call for beginning US-Iranian negotiations without preconditions, Mahmoud Ahmadinejad pushed instead for a “clear-cut framework for talks.” In an interview from Tehran, the Iranian president told ABC’s This Week, “The agenda should be clear,” and complained that Obama didn’t respond...

March New Home Sales Down 0.6%
March New Home Sales Down 0.6%
Apr 24, 2009 11:09 AM CDT

March New Home Sales Down 0.6%

But that's good news: Numbers are actually better than expected

(Newser) - New US home sales dipped slightly last month but still beat expectations as builders start to see long-awaited encouraging signs about the housing market—including a dip in the inventory of new homes for sale. Sales fell 0.6% in March to a seasonally adjusted annual rate of 356,000,...

Obama Could Try Some of His Vaunted Fiscal Responsibility

Administration involved in major economic gambles

(Newser) - In a recent speech at Georgetown, President Obama outlined his plans for the economy. The funny thing is, David Brooks writes in the New York Times, "he sounded like a cultural conservative." The president talked about the good old days and vowed to end fiscal irresponsibility. In short,...

Zimbabwe Central Bank Stole Cash to Stay Solvent

Governor admits pilfering private accounts to keep ministries running

(Newser) - Zimbabwe's central bank governor admits he took money from bank accounts of private businesses and foreign aid groups without permission to keep the country's cash-strapped ministries running. Gideon Gono said today he loaned money from the private hard-currency accounts to the government. He says the accounts will be reimbursed when...

Fed Swears Stimulus Won't Spike Inflation

Central bank will 'adapt flexibly' and one day reverse rescue plans

(Newser) - The Federal Reserve's plans to plunge more money into the economy are “necessary, safe, and effective" and “will not lead to adverse aftereffects,” Ben Bernanke's top deputy said today. Giving a speech at Vanderbilt University, Fed Vice Chairman Donald Kohn admitted that the Fed's balance sheet...

Don't Get Excited, Crisis Isn't Over: Krugman

Tough times ain't over—and we can't afford 'complacency'

(Newser) - We’re hearing about “glimmers of hope" from policymakers, but the president’s biggest lefty naysayer has a word of warning: “Don’t count your recoveries before they’re hatched,” Paul Krugman writes in the New York Times. “Premature optimism” has been disastrous during previous downturns,...

Old Days&mdash;Good and Bad&mdash;Are Back: Noonan
Old Days—Good and Bad—Are Back: Noonan
OPINION
Apr 17, 2009 10:36 AM CDT

Old Days—Good and Bad—Are Back: Noonan

In slump, simple pleasures are chic as traditional values gain

(Newser) - Reading about a Michigan family that shed modern excess in favor of a self-sufficient farm life didn't strike Peggy Noonan as shocking in these economic times. Her fellow New Yorkers have already begun responding to the same forces, causing Noonan to predict the rise of "a certain authenticity chic,...

New Home Construction Down 11% in March

Slow pace projects that market dive hasn't run its course

(Newser) - Housing construction plunged to the second-lowest level on record last month, providing a sobering sign that the worst housing slump in decades has not ended. Construction of new homes dropped by nearly 11% , the second-lowest construction pace in records that go back 50 years. The decline was worse than economists...

Consumer Prices Dip in March
 Consumer Prices Dip in March 
Apr 15, 2009 1:18 PM CDT

Consumer Prices Dip in March

Prices drop 0.1%, despite tobacco hike

(Newser) - Consumer prices dipped unexpectedly in March, leaving prices over the past year falling at the fastest clip in more than a half-century. The recession is expected to keep a lid on inflation as widespread layoffs dampen wage pressures and weak demand keeps companies from raising prices. Consumer prices edged down...

Obama: We're Not 'Out of the Woods Just Yet'

(Newser) - President Obama said today that the US faces a long slog in finding its way out of financial tumult, but emphasized that he is seeing signs of hope, the New York Times reports. "Times are still tough," he said. "By no means are we out of the...

March Retail Sales Show Surprise 1.1% Drop

Blow to hopes that economy has hit trough

(Newser) - Retail sales fell unexpectedly in March, delivering a setback to hopes that the economy's steep slide could be bottoming out. The Commerce Department cited a 1.1% drop, the biggest decline in 3 months and a much weaker showing than the 0.3% increase that analysts expected. Falling auto sales...

In Recession, Teaching, Service Hot Jobs for Grads

Recession will effect talent flow for years to come

(Newser) - The dream of pulling in big bucks just out of college at a prestigious Wall Street job is fading in the face of the recession, and early signs point to public service, government, science, and education as today's emerging hot industries, reports the New York Times. The economy, combined with...

Frugalistas Rejoice: Recession Is a Validation

'Frugalistas' embrace new thrifty values

(Newser) - Shredding credit cards and buying less may sound like consumer America's version of hell, but some—especially those penny-pinchers long scoffed at as miserly—are downright gleeful. "This validates the choices I've made," one tells the New York Times. With the savings rate up a remarkable 4 points...

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