recession

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Economy Tanking, Americans Race to Movies

Hollywood provides much-needed escape in bleak times

(Newser) - Americans are dealing with the recession by hiding in dark rooms with a band of brothers, a gun-toting grandma, and a bumbling mall cop, the New York Times says. Hollywood’s ticket sales have jumped 17.5% this year. Ticket prices rose, but so did attendance, by nearly 16%. “...

Rhode Island's Little Economy In Giant Fix

And no one's totally sure why

(Newser) - It may be the littlest state, but Rhode Island’s economic meltdown is among the biggest in the nation, arguably second only to Michigan’s, the New York Times reports. Rhode Island’s 10% unemployment rate ranks second, and its average income, $39,827, pales before neighboring Massachusetts and Connecticut....

Buffett Has Worst Year Ever
 Buffett Has Worst Year Ever 
Feb 28, 2009 10:11 AM CST

Buffett Has Worst Year Ever

(Newser) - Not even legendary investors can escape this mess. Warren Buffett’s Berkshire Hathaway posted its worst year ever in 2008, the Wall Street Journal reports. A key indicator, book value per share, fell 9.6%, only the second loss since Buffett took control of the company in 1965. Berkshire reported...

Mr. T to Unemployed: 'Man Up!'
 Mr. T to Unemployed: 'Man Up!'
Feb 27, 2009 10:30 AM CST

Mr. T to Unemployed: 'Man Up!'

(Newser) - Feeling the recession depression? Not sure how you’re going to make ends meet? Mr T has some advice for you: “Man up,” the Mirror reports. The professional tough guy, who said he was in London to show Brits how to be a man, added, “If you...

GDP Drop Worst in 26 Years
 GDP Drop Worst in 26 Years 
Feb 27, 2009 8:09 AM CST

GDP Drop Worst in 26 Years

Worse than anticipated

(Newser) - The US economy contracted at a staggering 6.2% pace at the end of 2008, the worst showing in more than a quarter-century, as consumers and businesses ratcheted back spending, plunging the country deeper into recession. That's drastically worse than the 3.8% the government originally estimated, and the 5....

Recession Drives Workers to Trucking

Surging unemployment solves industry's chronic struggle to haul in drivers

(Newser) - Hard times have reversed the trucking industry's trouble finding recruits, the Wall Street Journal reports. Applications have surged as workers who once shunned the industry's demanding conditions can no longer afford to be choosy. At the same time the number of trucks on the road has dropped. Firms that once...

'Insourcing' Is Recession's DIY Buzzword

From hairdressing to gardening, 'insourcing' is hot

(Newser) - The recession is prompting Americans to forgo luxuries—and that means doing for themselves what they would once have paid someone else to do, the Washington Post reports. Starter sewing-kit sales have soared 30%; landscapers are losing business; customers are forsaking salons to dye their own hair. The trend is...

Economic Woes Threaten Iraq's Stability

Declining oil prices and aid cancel urgently needed rebuilding

(Newser) - Countries around the world are suffering budget shortfalls and declining exports, but few nations have seen as calamitous a fall in revenues as Iraq. As oil prices have plummeted and American financial support has dried up, Iraq is canceling projects and struggling to pay government employees. As the New York ...

Shoppers Embrace Coupon Clipping 2.0

Digital discounts improve buyer tracking, make coupon use easier

(Newser) - The recession has more Americans clipping coupons, sort of. While coupon use has jumped 10% since October, more of those discounts were downloaded to smart phones and supermarket rewards cards—not cut out from the newspaper. And digital advertising, still a 1% sliver of the discount pie, seems to benefit...

Golf Looks for a Tiger Bailout
 Golf Looks for a Tiger Bailout 
Feb 25, 2009 12:37 PM CST

Golf Looks for a Tiger Bailout

Sport struggles economically without its biggest star

(Newser) - Professional golf is looking to Tiger Woods’ return today as a stimulus package for the sport, which has seen recession undermine sponsorship deals and Woods’ 8-month absence siphon off fans, USA Today reports. Even fellow competitors are juiced ahead of the Match Play Championship outside Tucson, Ariz. “He’s...

Recession May Kill Pricey Death Penalty

Worried about legal costs, states consider abolition

(Newser) - Death and taxes may always be with us, but that doesn’t mean we can’t fiddle with them. Specifically, as the recession decreases tax revenue for states, some are considering abolishing the death penalty, which can cost millions. “And we can’t afford that, when there are better...

Obama Finds His Inner Roosevelt
 Obama Finds 
 His Inner 
 Roosevelt 
ANALYSIS
Feb 25, 2009 7:23 AM CST

Obama Finds His Inner Roosevelt

President stakes his legacy on ending economic crisis

(Newser) - Barack Obama's address to Congress last night “staked his presidency on bringing the nation out of its economic crisis,” writes Steven Pearlstein in the Washington Post. Not since FDR have citizens been so desperate for economic leadership, and yesterday's speech made clear that Obama plans to reshape American...

Bernanke: Recession Should End This Year

2010 will be 'year of recovery'

(Newser) - If the government’s plans work, the recession will be over by the end of this year, Ben Bernanke told senators today, making 2010 a “year of recovery.” But, the Wall Street Journal reports, the Federal Reserve chief pointed to continuing storm clouds, saying the US is undergoing...

Boxcars Idled by Recession Become Residential Blight

Residents who have gained a new town wall aren't pleased

(Newser) - Miles of boxcars that used to rumble through rural US communities now sit idle—and though quieter, towns are finding them much more obtrusive, reports the Wall Street Journal. With shipping down across the world, 30% of America’s boxcars have nothing to transport, and rail yards just can’t...

Seniors Scrambling for Work
 Seniors Scrambling for Work   
Feb 23, 2009 1:37 PM CST

Seniors Scrambling for Work

(Newser) - The recession is hitting elderly workers much harder than in the past, thanks to an increase in the number of older workers—especially those over 75—and a severe shortage of jobs, the Wall Street Journal reports. In past recessions, these workers just retired; now, they're scrambling to find a...

Obama's Approval Dips to 63%
 Obama's Approval Dips to 63% 
Feb 23, 2009 12:55 PM CST

Obama's Approval Dips to 63%

(Newser) - President Obama’s approval rating has slipped from 68% just after inauguration to 63% one month in, the Chicago Tribune reports today—just above average for the past few presidents at this stage. Though the modest slip is likely due to a hardening of Republican opposition, any "increased public...

Brown to Meet With Obama on Economic Crisis

Soros: world's financial system has 'effectively disintegrated'

(Newser) - President Obama will host British PM Gordon Brown at the White House next week for their first meeting since the election, the Independent reports. The leaders enjoy “a special partnership,” the White House says, and they’ll discuss the global recession ahead of April’s G20 meeting in...

Prepaid Cell Phones Are New Frugal Chic

Pay-as-you-go replaces contracts as consumers cut spending

(Newser) - More customers are turning to Tony Soprano-style, pay-as-you-go cell phones, and not just to avoid wiretaps. As the recession forces consumers to cut costs, all-inclusive prepaid plans are the new frugal option, reports the New York Times. "In today’s economy, it’s not cool to pay $120 a...

120K Protest 'Economic Treason' in Dublin

(Newser) - As many as 120,000 marched through Dublin today, enraged over a government plan to repair the economy by freezing worker pay and taxing pensions, the Irish Times reports. Calling the strategy "economic treason" in a speech to the crowd, union leader David Begg blamed "a business...

Cash-Poor? Hit the Blood Bank—and Get Career Advice

(Newser) - Blood and other bodily fluids are hot sellers these days as donors line up to pocket quick cash in a plunging economy, ABC News reports. Seeing an increase in traffic, blood banks are campaigning to boost it higher, one at Stanford University even offering resumé and job interview advice to...

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