US economy

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For Sale: These United States
For Sale: These United States
OPINION
Jan 20, 2008 10:41 AM CST

For Sale: These United States

Bush, US companies reduced to holding out a tin cup

(Newser) - Some Americans are outraged about illegal immigrants crossing the Mexican border, but the New York Times' Maureen Dowd thinks that the breech of some financial boundaries are of greater concern. "Who’s going to own the American economy?" she asks, pointing to oil-rich countries taking advantage of the weak...

As Consumers Cut Back, Retailers Brace for Trouble

Economists warn 2008 will be a discouraging year

(Newser) - With consumer confidence skidding as the economy continues to spiral downward, retailers are reconsidering expansion, reducing staff, and trimming inventory, the Wall Street Journal reports. Analysts say 2008 could be the worst year for retail sales since 1991, and one economist warns that the early going “will feel like...

GM Sees Light at End of Tunnel
GM Sees Light at End of Tunnel
Jan 18, 2008 10:05 AM CST

GM Sees Light at End of Tunnel

Automakers predicts overseas sales and labor savings will pring profits

(Newser) - Overseas sales expansion and reduced labor costs over the next three years will bring “significant” profit increases to General Motors, CEO Rick Wagoner told analysts yesterday. Wagoner also asked investors for patience as share prices continue slipping in a worsening US economy, reports the Wall Street Journal. He said...

Strong Overseas Growth Buoys IBM Sales

Despite a lagging US economy, there's hope for multinational tech firms overseas

(Newser) - IBM, already weathering the economic storm that’s bedeviled many other major US companies, said sales overseas, especially in Europe and developing nations, would help it overcome trying economic conditions at home in 2008, reports the Wall Street Journal. The computer services giant said it expects annual per share earnings...

Bernanke Can't Rally Markets
Bernanke Can't Rally Markets
Jan 18, 2008 4:00 AM CST

Bernanke Can't Rally Markets

Dow Jones drops another 3% as economic data puts black cloud over Wall Street

(Newser) - Signs the housing market black hole was worsening and pulling down the rest of the economy spurred the DJIA to slide another 3% yesterday as investors decided a federal rescue plan was too late to help, reports the New York Times. Even reassuring words from Fed Chair Ben Bernanke that...

Bernanke Backs Stimulus Plans for Economy

Fed chief wants aid package that's quick and temporary

(Newser) - Ben Bernanke insists he won’t take sides in a congressional fray over how to revive the nation’s flat-lining economy. But the Fed chief says he will support an economic stimulus package—be it GOP tax cuts or Democrats' increased spending—as long as it is quick and temporary,...

Americans' Mood Sours Over Economy
Americans' Mood Sours Over Economy
Jan 16, 2008 4:23 PM CST

Americans' Mood Sours Over Economy

Bush, Congress maintain dismal approval ratings

(Newser) - America’s spirits are sinking along with the economy, a new poll says. The Reuters/Zogby mood index fell from 97.3 to 94.2 this month, the lowest mark since polling began in July. The poll found that 48% of Americans expect a recession, up from 43% last month, and...

Fed Survey Shows Slowing Economy
Fed Survey Shows Slowing Economy
Jan 16, 2008 2:34 PM CST

Fed Survey Shows Slowing Economy

Disappointing holiday sales fuel slowdown verging on recession

(Newser) - The Federal Reserve's regional business survey—released today, ahead of chief Ben Bernanke's appearance tomorrow before Congress—shows economic activity increasing more slowly, thanks to "disappointing" holiday sales. Some analysts think the survey—nicknamed the Beige Book—is evidence for a general economic slowdown, reports Bloomberg. "We are...

Romney Wins on Economic Woes
Romney Wins on Economic Woes
Jan 16, 2008 6:40 AM CST

Romney Wins on Economic Woes

Romney takes Michigan with promise to fight for jobs

(Newser) - Mitt Romney campaigned in Michigan as a favorite son, but he beat John McCain by persuading voters he could bring jobs back to the beleaguered state, the Wall Street Journal reports. Romney sold himself as a business executive who could end Michigan's  "one-state recession." He was quick to...

Romney Gets Personal in Michigan
Romney Gets Personal in Michigan
Jan 13, 2008 10:04 PM CST

Romney Gets Personal in Michigan

Will candidate's more emotional touch save his campaign?

(Newser) - You can go home again, Mitt Romney is finding in Michigan, where the GOP presidential candidate has adopted a softer approach as he vies for a badly needed primary victory in the state where he was born and raised and his father was governor. Voters are responding to the more...

Economists Fear It's Too Late to Save Economy

Measures now won't have impact for months

(Newser) - It may already be too late to quickly stop the economic tailspin triggered by the implosion of the housing market and booming energy prices, several experts believe, reports the New York Times. Perhaps the best that can be done is to make the crunch hurt a little less. “The...

Needing Win, Romney Attacks McCain in Mich.

Home state victory crucial for hopeful after Iowa, NH finishes

(Newser) - After huge cash infusions won him second place in Iowa and New Hampshire, Mitt Romney is seizing on hopes for economic—and campaign—rejuvenation in his home state of Michigan, the Chicago Tribune reports. In a GM plant where 200 workers were just laid off, Romney attacked policies today that...

Congress, Bush Push Stimulus Plan
Congress, Bush Push Stimulus Plan
Jan 12, 2008 8:55 AM CST

Congress, Bush Push Stimulus Plan

Smelling recession, two parties step up effort for economic relief package

(Newser) - With Democrats and Republicans increasingly spooked about a looming recession, the two sides appear ready to work together on an economic stimulus package of about  $100 billion in tax cuts and spending, the New York Times reports. Reps. Nancy Pelosi and Harry Reid yesterday wrote to President Bush, "We...

Clinton Unveils $70B Fix for Economy

GOP hopefuls attack plan and each other; Bush mulls tax rebate

(Newser) - Hillary Clinton upstaged her rivals today by proposing $70 billion in emergency spending to help avoid a US recession, Reuters reports. Her plan would include $30 billion for homeowners, $25 billion for families with high energy bills, and another $15 billion aimed at unemployment insurance and alternative energy plans—all...

Economists Say Recession Risk Rising

Cumulative troubles mounting; most see a Dem in the White House

(Newser) - The odds of a recession hitting the US are rising as the cumulative effects of soaring energy costs, a flailing job market, and a dogged housing slump put the brakes on the economy, predicts a panel of economists in the Wall Street Journal today. Those economic woes, they say, are...

Bernanke Hints at Hefty Interest Rate Cuts

Fed hopes to thwart troubled markets, unemployment

(Newser) - The Federal Reserve may make "substantive" cuts to interest rates later this month in the face of rising economic difficulties, Ben Bernanke said today. Citing troubled financial markets and rising unemployment, the Fed chairman implied that it might drop its target short-term interest rate by .5% from 4.25%....

Goldman Predicts Recession
Goldman Predicts Recession
Jan 10, 2008 12:31 PM CST

Goldman Predicts Recession

Wall Street's top firm sees two unhappy quarters ahead

(Newser) - Goldman Sachs is predicting that the economy will slide into a recession this year—which has Wall Street worried, because Goldman’s been right about everything else. The investment firm forecasts a mild pullback extending over two quarters, driving up already-growing unemployment. “If we don't get job growth we...

Bush May Again Push Tax Breaks
Bush May Again Push Tax Breaks
Jan 9, 2008 12:13 PM CST

Bush May Again Push Tax Breaks

Economic stimulus plan likely to be part of State of the Union address

(Newser) - Tax relief for individuals and businesses are on the table as President Bush seeks to address recession fears, the Wall Street Journal reports. A rebate of $500 for individuals is under consideration, sources said, as is a plan to allow businesses to deduct investment in equipment. Bush is expected to...

Harder Times Make for Hungry Horses
Harder Times Make for
Hungry Horses
Jan 8, 2008 12:42 PM CST

Harder Times Make for Hungry Horses

Collapse in equine market leads to rise in neglect of animals

(Newser) - When the sun was shining on the economy, millions of Americans tried to make hay by buying horses and moving into backyard breeding. As things slow down, the animals are getting harder to sell and pricier to feed, making horse neglect and abandonment a big problem, the Wall Street Journal...

Bush Cops to Economic Uncertainty
Bush Cops
to Economic Uncertainty
Jan 8, 2008 6:00 AM CST

Bush Cops to Economic Uncertainty

Without uttering the 'R word,' prez allows, 'Americans are anxious'

(Newser) - Rising oil prices, a crashing job market, and a tenacious mortgage crisis have created “economic challenges” for the US, President Bush said in Chicago yesterday, a shift from his insistence that the economy is fundamentally strong. While acknowledging “Americans are anxious about the economy,” Bush stopped short...

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