US economy

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US Downturn Cuts Migrants' Payments Home

Mexican families struggle without funds relatives send home

(Newser) - The downturn in the US economy is also hitting Mexico hard, the Washington Post reports. Money sent home from the US, known as remittances, dropped nearly 7% in January compared with the year before, the biggest plunge in 13 years, says the Mexican government. Without that money, the country's No....

Pelosi, Dems Hijack Colombia Free-Trade Deal

They change House rules to avoid a vote, angering Bush

(Newser) - Congressional Democrats thumbed their noses today at Bush's renewed efforts to pass a free-trade pact with Colombia. Bush sent the bill over Monday, mandating Congress to vote yea or nay within 90 days. Or so he thought. Nancy Pelosi is changing the House rules and won't allow a vote until...

Dems Push New Aid Package as Job Market Swoons

Economists say any doubt we're in recession is gone

(Newser) - Democrats are calling for another stimulus package to help American workers as unemployment soars, the New York Times reports. Almost 250,000 American jobs have been lost since the beginning of the year—including 80,000 in March—leading one policy expert to say it's time the government switched focus...

US Drops 80,000 Jobs, Biggest Loss in 5 Years

Non-farm payrolls fall 80,000 in March, biggest drop in five years

(Newser) - Unemployment surged in March to 5.1%, the worst it’s been since September 2005, reports the Wall Street Journal. The country lost 80,000 non-farm jobs last month after dropping 76,000 jobs in both January and February. The third sharp drop fuels fears that the US has slipped...

Troubled US off the Rails: Poll

81% say nation is chugging to grim future

(Newser) - The vast majority of Americans are pessimistic about the nation's future and believe the problem-plagued US is heading in the wrong direction. More than 80% believe that “things have seriously gotten off on the wrong track.” That's the highest dissatisfaction rate since the New York Times/CBS News poll...

Bernanke: Adjustment Is Mostly Over
Bernanke: Adjustment Is Mostly Over
Apr 2, 2008 10:24 AM CDT

Bernanke: Adjustment Is Mostly Over

But admits economy could contract, possibility of recession

(Newser) - Ben Bernanke for the first time acknowledged the possibility of a US recession, but he also voiced optimism that “much” of the adjustment period was over, the Wall Street Journal reports. His testimony before Congress seemed to suggest an end to aggressive stimulus measures—noting that rates had already...

Congress to Grill Bernanke on Bear Stearns

Questions will likely focus on timing and intensity of Fed's actions in brokering deal

(Newser) - Federal Reserve Chairman Ben Bernanke steps onto a tightrope today for two days of Congressional testimony focusing on the central bank’s starring role in the Bear Stearns bailout. Bernanke likely will be taken to task for not stepping in earlier, and more forcefully, to avert economic chaos, reports the...

Lehman Is Selling $3B in Shares
 Lehman Is Selling $3B in Shares 
Mar 31, 2008 7:25 PM CDT

Lehman Is Selling $3B in Shares

Firm seeks to calm fears of another Bear Stearns disaster

(Newser) - Lehman Brothers is selling $3 billion in new shares to allay fears after its stock dropped 42% this year, Bloomberg reports. "We still maintain that we don't need capital, but we've realized that perception is the dominant issue in today's markets,'' said CFO Erin Callan. Lehman fell up...

GDP Growth Weakest Since '02
 GDP Growth Weakest Since '02 
Mar 27, 2008 12:46 PM CDT

GDP Growth Weakest Since '02

0.6% increase matches estimates; markets still focused on credit issues

(Newser) - The US economy sputtered—as expected—in the fourth quarter of 2007, growing at the slowest rate since 2002, MarketWatch reports. Estimated growth of the US gross domestic product was 0.6% for the last three months of 2007, matching economists' forecasts. Consumer spending grew 2.3%, and exports increased...

Feds Must Ward Off Stagnation, Clinton Says

Says buying mortgages might be necessary to avoid prolonged skid

(Newser) - The government should step into the mortgage mess on a broader scale, Hillary Clinton told the Wall Street Journal yesterday, suggesting monetary policy alone can’t ignite a recovery and warning that procrastination could lead to stagnation similar to Japan’s weary economy. Clinton said the Federal Housing Administration should...

Boomers Move Back Home
 Boomers Move Back Home 
Mar 24, 2008 3:06 PM CDT

Boomers Move Back Home

Shaky economy has more children living with their parents—even at age 50

(Newser) - Young people have long fled recessionary job markets by moving back home, but the current crisis has a new demographic scurrying there: the middle-aged. "This is not like, 'OK, my son just graduated from college and needs to move back in' type of thing," says one financial planner,...

Fed Cuts Bank Discount Rate to Boost Liquidity

Latest step to stem worsening credit crisis and bolster panicky markets

(Newser) - The Federal Reserve raced to buck up an anxious financial sector today by cutting its discount rate to banks by a quarter point, to 3.25%, the AP reports. It also created a new lending facility to aid investment banks with short-term loans. The moves are "designed to bolster...

Consumer Prices Flat in Feb.
 Consumer Prices Flat in Feb. 
Mar 14, 2008 8:41 AM CDT

Consumer Prices Flat in Feb.

Lack of increase means Fed has an open door to a big rate cute next week

(Newser) - Consumer prices were flat for February, pleasantly surprising economists who expected a 0.2% increase, reports the Wall Street Journal. This morning’s consumer price index eases concerns that inflation is accelerating as the economy slows, and it gives the Federal Reserve more reason to float a large interest rate...

Fed Pours $200B Into Global Credit Relief Push

Central banks around the world try to ease liquidity problem

(Newser) - The Fed will inject huge quantities of cash into financial markets as part of a coordinated global attack on the credit crisis, Ben Bernanke announced today. The central bank will loan out another $200 billion, this time on a 28-day basis rather than overnight, the AP reports. The effort will...

Shops Shut as Wind Goes Out of Sales

Store closings rise along with gas prices, foreclosures

(Newser) - Soaring gas prices and a still-boiling housing crisis are taking their toll on America's smaller retailers, with store bankruptcies and vacancy rates rising steadily as customers avoid impulse-buys that once fueled the industry's rapid expansion, reports AP. Vacancies hover between 7% and 8%, up from 5% just six months ago—...

Commercial Real Estate Will Slow, Not Tank

Malls, offices won't be hit nearly as hard as housing, experts say

(Newser) - The commercial real estate market has slowed dramatically, but won’t rival the housing implosion, reports the Wall Street Journal. Prices will likely fall just 20%, compared with 40%-plus for homes in some markets, and commercial property owners—unlike record numbers of homeowners facing foreclosure—have largely been able to...

Part-Time Work Jumps 16% as Many Jobs Contract

Some 4.79 million worked part time in February; 1.8 million held two or more jobs

(Newser) - Tough economic times—and a drop in full-time jobs in some sectors—are pushing more people into part-time work, the Wall Street Journal reports. The Labor Department says 16% more workers—some 4.79 million people—are working part-time jobs this year than last, the highest total since 1993.

Oil Hits $104; OPEC Won't Budge
Oil Hits $104; OPEC Won't Budge
UPDATED
Mar 5, 2008 3:57 PM CST

Oil Hits $104; OPEC Won't Budge

Cartel president blames 'mismanagement' of US economy for rising prices

(Newser) - Crude oil rose to a record $104.52 a barrel today after OPEC decided to hold production steady. “The oil market is currently stable,” said Saudi Arabia’s oil minister. “There is no need to increase even one barrel of oil.” The cartel blamed sky-high prices...

Gift Cards Not Looking So Sharp
Gift Cards Not Looking So Sharp
Mar 4, 2008 11:00 AM CST

Gift Cards Not Looking So Sharp

Bankrupt retailer isn't honoring $25M in gift cards

(Newser) - Consumers holding Sharper Image gift cards are out a collective $25 million after the gadget retailer stopped honoring the cards when it filed for bankruptcy in February, MarketWatch reports. With the shaky economy likely to produce more bankruptcies over the next year or two, consumers would be wise to redeem...

One Million Going Bankrupt
One Million Going Bankrupt
Mar 4, 2008 4:28 AM CST

One Million Going Bankrupt

Record spike in bankruptcy filings, more ahead

(Newser) - More than a million Americans are headed for bankruptcy in 2008, mostly due to crippling household debt, according to the American Bankruptcy Institute. There were 76,120 bankruptcy filings last month—a 37% increase over February last year, and the biggest monthly spike since the change in personal bankruptcy laws...

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