US economy

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Economy Shrinks for 1st Time Since 2009

Unexpected GDP drop comes as defense spending slumps

(Newser) - As "firsts" go, this is an unfortunate one: The US economy contracted in Q4, marking the first time it has done so since the recession ended. The AP reports that the biggest cut in defense spending in four decades, reduced exports, and sluggish growth in company stockpiles contributed to...

Why You Should Care About the Decline of Labor Unions

Unions help the economy as a whole: Eric Liu

(Newser) - Union membership is at a 97-year low in America, with just 11.3% of workers belonging to one. Because you're probably not one of them, you probably don't care about this low point—but you should, writes Eric Liu in Time . Not only do unions lift wages for...

48% Chance You&#39;re Overqualified for Your Job
48% Chance You're
Overqualified for Your Job
study says
Jan 28, 2013 8:31 AM CST

48% Chance You're Overqualified for Your Job

Assuming you have your bachelor's degree, says new study

(Newser) - Next month's college loan payment might be even more of a bitter pill to swallow: A new study out today finds that almost half of all working Americans with college degrees are overqualified for their jobs. In 2010, 5% of all janitors, 15% of cab drivers, and 25% of...

Recession's Consequence: Rise of the 'Working Poor'

One-third of working families near poverty

(Newser) - The good news: More people went back to work in the US in 2011. The bad news: Many of them took lower-paying jobs, leading to an increase in the number of working poor families that year, a new analysis shows. In 2011, there were 200,000 more working poor families—...

Quick Debt Ceiling Fix: $1T Coin
 Quick Debt 
 Ceiling Fix: 
 $1T Coin 
paul krugman
Jan 7, 2013 12:33 PM CST

Quick Debt Ceiling Fix: $1T Coin

Or, Obama could just raise limit himself

(Newser) - Think the whole debt-ceiling debate is silly? Paul Krugman does, too, and he's been pushing an admittedly "silly" way out of it. A legal loophole intended for making commemorative coins, he writes in the New York Times , could come in handy: Thanks to the rule, the US Treasury...

Unemployment Holds at 7.8%
 Unemployment Holds at 7.8% 
jobs report
Jan 4, 2013 7:46 AM CST

Unemployment Holds at 7.8%

Average hiring in 2012 unchanged from 2011 numbers

(Newser) - Today's jobs numbers fell just slightly below the expectations of economists: 155,000 jobs were added last month, when 160,000 had been expected, the Wall Street Journal reports. The unemployment rate held steady at 7.8%; last month's initial rate of 7.7% was revised upward. Some...

World Markets Drop as US Teeters on Fiscal Cliff

Investors alarmed by failure to reach deal

(Newser) - Can American lawmakers hammer out a deal in time to avoid the fiscal cliff and toast the New Year? Investors worldwide are betting no. Uncertainty about budget negotiations and the future of the US economy drove down Asian markets on the last day of the year and European markets also...

East Coast Dockworkers' Strike Could Slam Economy

Union threatens action starting Sunday

(Newser) - Some 14,500 dockworkers are ready to walk out on strike Sunday, and it could shutter ports from Boston to Houston and choke the US economy big-time. The longshoremen are "in a crucial place in the flow of goods," says one professor; New York and New Jersey officials...

Not Very Merry: Holiday Spending Was Scrooge-Like

Shoppers eying fiscal cliff, storms sat on their wallets

(Newser) - With Christmas officially in the rearview, the first snapshot of holiday spending is rolling in and the picture isn't too pretty: In the two months leading up to Christmas, sales of popular gift items like electronics and apparel grew only .7%—a measly increase well below analysts' expectation of...

AP&#39;s Top 10 Stories of 2012
 AP's Top 10 Stories of 2012 
Dec 20, 2012 5:54 PM CST

AP's Top 10 Stories of 2012

Mass shootings finish ahead of election

(Newser) - The AP ended its voting for the top stories of 2012 on Dec. 13, but the following day's rampage in Newtown prompted a rare re-vote among the nation's editors. As a result, "mass shootings" moved from No. 6 to No. 1 to edge out the election. The...

Sales of Pricey Homes Surge
 Sales of Pricey Homes Surge 
Dec 20, 2012 2:14 PM CST

Sales of Pricey Homes Surge

And median home price is going up

(Newser) - Another sign of economic recovery? Sales of higher-end homes—those priced above $750,000—were up 50% in November from a year prior, CNBC reports. Meanwhile, sales of the lowest-end homes fell 4%. The two factors pushed the median home price across the nation to $180,600, up about 10%...

Unemployment Falls to 7.7%
 Unemployment Falls to 7.7% 
Dec 7, 2012 7:49 AM CST

Unemployment Falls to 7.7%

But 'WSJ' calls report the least important in last 60 months

(Newser) - The unemployment rate fell from 7.9% to 7.7% in November, and the Wall Street Journal gives you permission to care a little less than usual. It calls today's report "the least important look at the labor market in about five years." That's because 1)...

This Is 1 of Only 3 Major US Cities in Recovery
 This Is 1 of Only 3 
 Major US Cities 
 in Recovery 
Economic Study
Nov 30, 2012 11:40 AM CST

This Is 1 of Only 3 Major US Cities in Recovery

Pittsburgh, Dallas, Knoxville the only ones currently in economic recovery

(Newser) - Everybody knows the US economy has been struggling since the recession ended in 2009. But just how bad are things? Of the United States' 76 major metropolitan areas, just three are in economic recovery now, according to a new study by the Brookings Institution, reports Reuters . That may seem terrible,...

Home Prices Climbed 3% in September

20-city index sees jump as housing recovery continues

(Newser) - Home prices increased in September in most major US cities, more evidence of a housing recovery that is providing a lift to the fragile economy. Standard & Poor's/Case Shiller reported today that its 20-city index of home prices rose 3% in September, compared with the same month last year....

Economy No. 1 Concern for 60% of Voters

Americans generally split on ObamaCare

(Newser) - Not a huge surprise here: Initial results from the AP's exit poll show that six out of 10 voters feel the economy is the No. 1 issue facing the US today. That's basically unchanged from 2008, when 62% of voters said the same thing . Other preliminary findings :
  • Which
...

Consumer Spending Jumps 0.8%
Consumer Spending
Jumps 0.8%
Oct 29, 2012 8:44 AM CDT

Consumer Spending Jumps 0.8%

It's the best report in 7 months, but outpaces income growth

(Newser) - Americans increased their spending in September at twice the rate their income rose, a sign of confidence in the economy. The Commerce Department says consumer spending increased 0.8% in September, the best showing since February. Personal income rose 0.4%, an improvement from a slight 0.1% gain in...

US Retail Sales Jumped 1.1% in September

iPhone 5 plays big role

(Newser) - Americans stepped up their retail spending in September, reflecting stronger sales of autos, electronics, and building supplies. Retail sales rose 1.1% last month, the Commerce Department said today. That followed a 1.2% increase in August, which was revised slightly higher. Both were the largest gains since October 2010....

Unemployment Drops to 7.8%, 114K Jobs Added
Unemployment at 7.8%, Lowest in Obama's Term
jobs report
Oct 5, 2012 7:56 AM CDT

Unemployment at 7.8%, Lowest in Obama's Term

Rate drops as nation adds a so-so 114,000 jobs

(Newser) - The unemployment rate dropped to 7.8% last month, its lowest level since January 2009—meaning it's now officially lower than it was when President Obama took office, the Wall Street Journal reports. Today's jobs report also shows that 114,000 jobs were added; consensus had been 118,...

Mitt Romney Thinks He&#39;s the Confidence Fairy
 Mitt Romney 
 Thinks He's the 
 Confidence Fairy 
paul krugman
Sep 24, 2012 11:32 AM CDT

Mitt Romney Thinks He's the Confidence Fairy

Believes his mere election will fix economy: Paul Krugman

(Newser) - Paul Krugman has long derided the " confidence fairy ": a notion that government cuts will somehow spark more consumers and investors to buy. We're seeing another version of that fairy now, after learning that Mitt Romney, at his infamous "47%" fundraiser, also claimed that his election would...

Poll: Americans More Optimistic

Numbers are good news for Obama, pollsters say

(Newser) - In news that may give Mitt Romney the blues, Americans are starting to cheer up a little, according to the latest Reuters /Ipsos poll. Some 55% still believe America is heading in the wrong direction, while 39% think it is going in the right direction, the poll found. But it'...

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