recession

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Economists: Recession's Over, Bring Back Bernanke

(Newser) - Economists give Ben Bernanke a big hug in a new Wall Street Journal survey. Most declare that the recession is over and nearly all in the group of 53 think President Obama should keep Bernanke in charge of the Fed when his term expires in January. Twenty-seven economists say the...

Builders Are Building Again, Despite Risk
 Builders Are Building 
 Again, Despite Risk 
ANALYSIS
Aug 11, 2009 1:08 PM CDT

Builders Are Building Again, Despite Risk

(Newser) - A decrease in vacant housing inventory and an uptick in sales have home builders ramping up construction for the first time in months, Time reports. Currently, the number of new homes on the market would take an estimated 8.8 months to sell—a far cry from the standard of...

Only 2nd Stimulus Can Save US: Stiglitz
Only 2nd Stimulus Can Save US: Stiglitz
OPINION
Aug 10, 2009 7:12 AM CDT

Only 2nd Stimulus Can Save US: Stiglitz

But Wall Street bailout has made it a dirty word, writes economist

(Newser) - Pundits can't help but ask whether the winter's fiscal stimulus has failed, and for Joseph Stiglitz it has—because the Obama administration made "political compromises that caused it to be less effective than it could have been." For the Nobel Prize-winning economist, there is no option but a...

Attacks on Homeless Spark Hate-Crime Laws

(Newser) - A surge in vicious, unprovoked assaults on homeless people has put weight behind efforts to reclassify such attacks as hate crimes, the New York Times reports. Attacks have risen as more people have been pushed onto the streets by the recession, and researchers say the assailants are generally men or,...

Obama: Ignore Reform 'Rumors'

(Newser) - President Barack Obama asked Americans to put no stock in "outlandish rumors" that health care reform will "promote euthanasia, or cut Medicaid, or bring about a government takeover of health care," in his weekly radio and Internet address today. "That's simply not true." Politico noted...

Posh Resort Offers $19 Empty Room —With Tent

(Newser) - A chic San Diego hotel is offering rooms for only $19 a night—without toiletries, towels, sheets, or a bed, the San Diego Union-Tribune reports. “It's our way of getting people here that might not normally come," says Rancho Bernardo Inn manager John Gates. Taken over by...

Brewers Relieve Recession With Cheap Beer

Natural Light, Busch, High Life see sales jump

(Newser) - With the recession drying up cash flow, thirsty Americans are seeking out “sub-premium” beers, and brewers are marketing accordingly, the St. Louis Post-Dispatch reports. Anheuser-Busch is creating its first-ever ad campaign for Natural Light, whose sales are up 4% this year; MillerCoors is pushing Miller High Life, whose sales...

Latest Victim of Recession: Larger Families

(Newser) - Families appear to be putting off that baby until economic conditions improve, the New York Times reports. The birth rate fell 2% in 2008 compared to 2007, and the trend looks to be continuing into 2009. “It’s the recession," a sociologist says. "Children are the most...

Stimulus Worked: Economists

 Stimulus Worked: 
 Economists 
Aug 7, 2009 10:14 AM CDT

Stimulus Worked: Economists

Good news for prez ahead of today's job-loss report

(Newser) - President Obama’s stimulus package appears to have helped the economy bottom out more swiftly, an economists’ report says. Analysts hold that the stimulus boosted economic growth by about a percentage point in the second quarter—not enough to keep the economy from shrinking but enough to slow the pace...

Credit Checks Trap Jobless in Financial Spiral

(Newser) - For many unemployed Americans, a new trend is keeping the prospect of a new job out of reach: detailed credit checks of prospective employees. Once used mostly for government positions, cheap credit checks are now routine at private employers seeking to cull huge applicant pools. Businesses say they're just...

Goldman Analyst Bullish on Stocks' Recovery

Cohen predicts S&P to gain 10% by Jan 2010

(Newser) - A top Goldman Sachs forecaster predicts the recovery in stocks that began in March should hold, Reuters reports. The S&P 500 could rise as much as 10% from its current level to top 1,050-1,100, says Abby Joseph Cohen, the chief of Goldman’s investment policy committee. "...

Cheaper Tide Rises in Hard Times

Procter & Gamble agonizes over risky move

(Newser) - A cheaper Tide is rolling in: The recession-friendly Tide Basic drops some of the high-tech cleaning components—like anti-pilling ability—contained in the detergent’s traditional form, in exchange for a 20% lower price tag, the Wall Street Journal reports. But the decision to release the new Tide was no...

Coffee Shops Grow Weary of Laptop Users

Drink-nursing users told to make way for bigger spenders

(Newser) - The longstanding love affair between coffee shops and laptop users is starting to go off the boil, the Wall Street Journal reports. Big chains still let computer users linger, but a growing number of independent shops, sick of customers nursing a cup of coffee all day when seats are in...

Clock Runs Out on Arena Football League

Owners can't reach agreement on new financial model

(Newser) - The Arena Football League, which canceled its 2009 season to work on its financial model, won’t be back, barring a big surprise. A team official says the league voted to indefinitely suspend operations, and a formal announcement should come soon, the Columbus Dispatch reports. Owners couldn’t agree on...

Tax Revenue Takes Biggest Dive Since Great Depression

(Newser) - US tax revenue is set to shrink 18% from last fiscal year to the current one, ending in October—the largest falloff since 1932, the AP reports. Individual income-tax receipts are off 22%, and corporate revenues have sunk an astounding 57%. “Our tax system is already inadequate to support...

Clunker Cash Turbo-Charges July Dealer Biz

(Newser) - Last week's rush of demand for new cars may may have exhausted the $1 billion earmarked for the "cash for clunkers" program, but struggling auto dealers saw their sales zoom, reports Reuters. Though exact figures aren't yet available, the program was certain to drive car sales to the...

Unemployed Grad Sues College for Tuition

Unable to find work, New Yorker wants her $70K back

(Newser) - After months of looking for work, fed up New Yorker Trina Thompson is suing her college for the $70,000 she spent on tuition. Monroe College's Office of Career Advancement hasn't done enough to help her find employment, the 27-year-old spring graduate claims in a suit filed in Bronx Supreme...

1.5M Jobless Will Lose Benefits by Dec.

(Newser) - As many as 1.5 million Americans will lose unemployment benefits by the end of the year, reports the New York Times. Some 9 million Americans currently receive an average of $300 a week in unemployment, and many in the current recession have failed to find work for a year...

Detroit's Fall Wallops Canada
 Detroit's Fall Wallops Canada 
Aug 1, 2009 5:39 PM CDT

Detroit's Fall Wallops Canada

(Newser) - The collapse of Detroit has turned its Canadian counterpart into a veritable ghost town, the Economist reports. Located just across the Detroit River in Ontario, Windsor depends heavily on the Big Three, and now claims Canada’s highest unemployment rate at 14.4%. But Ontario’s problems go beyond “...

Obama: the Economy Is on the Mend (if Slowly)

(Newser) - Citing fresh evidence that the economy is on the road to recovery, President Obama this morning credited his $787 billion economic stimulus program for helping "put the brakes on this recession," and cautioned that full recovery will take many more months. The country's future economic prosperity depends on...

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