US economy

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In '08, It's Really the Economy, Stupid

Worried over job, credit, health woes, voters put Iraq on back burner

(Newser) - With gas prices stratospheric, the housing market tanking, and recession looking likely, voters aren't too worried about Iraq, reports the Wall Street Journal. Job concerns have transformed illegal immigration and health care into major issues. “You have to have a health plan even in the Republican primary,” says...

Hey, GOP: US Is Outraged Over Illegals
Hey, GOP:
US Is Outraged Over Illegals
OPINION
Dec 3, 2007 4:40 PM CST

Hey, GOP: US Is Outraged Over Illegals

Moderates like McCain and Huckabee risk defeat, Time says

(Newser) - GOP hopefuls risk defeat if they underestimate US rage over illegals, Time's Joe Klein writes. Mitt Romney and Rudy Giuliani have successfully stoked public anger; Romney, who reportedly hired undocumented workers to tend his lawn, blasts illegals in his latest campaign ads. But Mike Huckabee takes a middle ground and...

Switching States Is On the Rise
Switching States Is
On the Rise
Nov 30, 2007 10:25 PM CST

Switching States Is On the Rise

Immigrants, people in their 20s take the lead in mobility

(Newser) - Americans are moving from state to state at the highest rate since the early '90s, reports  USA Today. The trend stems from immigrants spreading out from the traditional gateway states in search of jobs and lower living costs, as well as a larger number of mobile twenty-somethings. In a 2006...

The 'R-Word' Surfaces on Wall Street
The 'R-Word' Surfaces on Wall Street
Nov 27, 2007 12:38 PM CST

The 'R-Word' Surfaces on Wall Street

'Odds of a recession are pretty damn high,' says analyst

(Newser) - Wall Street has the recession jitters: Markets are down 10% since October, the S&P 500 is down as analysts predict depressed earnings, and T-bills are down on anticipated Fed rate cuts. But there’s a flip side: Holiday sales gained 8.3% over 2006, unemployment is at 4.7%,...

Even Fat Wallets Closing
Even Fat
Wallets Closing
Nov 25, 2007 12:34 PM CST

Even Fat Wallets Closing

Nation's wealthiest aren't spending, signaling steep economic trouble

(Newser) - Wealthy consumers, the 20% of the population responsible for nearly 40% of consumer spending, are closing their wallets, indicating an even rougher economic road ahead, reports Bloomberg. “When they begin to capitulate, that’s when we all head down,” said one economist. Blame deflating real estate prices and...

Subprime Nightmare to Get Worse
Subprime Nightmare to Get Worse
Nov 24, 2007 2:28 PM CST

Subprime Nightmare to Get Worse

With rates about to reset higher, expect more foreclosures

(Newser) - The subprime mortgage crisis is only just beginning, new data suggests. Hundreds of billions of dollars in subprime adjustable-rate mortgages are due to reset to higher rates in the year ahead, reports the Wall Street Journal. Analysts say this means the steep rise in defaults and foreclosures this year may...

Black Friday as Bargain Hunt
Black Friday as Bargain Hunt
Nov 24, 2007 7:17 AM CST

Black Friday as Bargain Hunt

Thrifty shoppers crowd malls nationwide

(Newser) - On the traditional first day of the Christmas season, shoppers swarmed stores, as always, but the mood was less festive than anxious, reports the New York Times, as consumers flocked to discount chains, and hunted down bargains. Beset by worries about gas prices, adjustable-rate mortgages, and a skittish stock market,...

Greenspan Has 'No Particular Regrets'

Former FED chair calls housing crisis 'a global phenomenon'

(Newser) - The US housing market crisis is not the result of Federal Reserve policies but part of a global phenomenon, former Fed chair Alan Greenspan says. "I have no particular regrets," he said yesterday in Oslo. "The housing bubble is not a reflection of what we did, as...

Black Friday Getting Longer
Black Friday Getting Longer
Nov 22, 2007 8:08 PM CST

Black Friday Getting Longer

Stores open earlier to boost profits, attract headlines

(Newser) - Stores will open earlier than ever on Black Friday, with midnight openings becoming more common, the AP reports. Wal-Mart, in fact, began its sales today. "You sell two sweaters and you've broken even,” said one analyst. But Gap chief Glenn Murphy will be out with the hordes, then...

Fed's 3-Year Outlook Is Gloomy
Fed's 3-Year Outlook Is Gloomy
Nov 21, 2007 12:23 PM CST

Fed's 3-Year Outlook Is Gloomy

US economy will grow more slowly than expected

(Newser) - In a word: Grim. That’s the crux of the Federal Reserve’s economic outlook for the next three years, with 1.8% to 2.5% growth forecast for 2008 and a slow gathering of momentum in 2009 and 2010, the Financial Times reports. And key factors from credit surprises...

Subprime Woes Hit New York Law Firms
Subprime Woes Hit New York Law Firms
Nov 21, 2007 10:52 AM CST

Subprime Woes Hit New York Law Firms

For the first time since 2001, lawyers are being let go

(Newser) - The continuing mortgage crisis and tightening credit markets are claiming a new batch of victims: Lawyers. Layoffs at Clifford Chance, the world's highest-grossing law firm, have started, Bloomberg reports, and up to 5% of salaried associated at New York law firms may get the ax as work on mergers, acquisitions...

Goldman Sees $2T Credit Shortfall, Major Slowdown

Nobel winner, investment firm warn of growing risk

(Newser) - The subprime mortgage crisis that has cost financial companies $400 billion and triggered what one banker is calling the worst housing market since the Great Depression will force a $2 trillion credit squeeze that could set off a “substantial recession” in the US, reports Bloomberg. Goldman Sachs said the...

Starbucks Reports First Dip in Customers

Customer traffic down at coffee-shop giant's US stores for the first time

(Newser) - Starbucks reported its first-ever decline in US customer visits today, reports Bloomberg. The coffee juggernaut lowered its profit and sales forecast, and shares of its stock fell 8.3%. The profit revision suggests that Starbucks is losing customers to McDonald's and Dunkin' Donuts, where a cup of coffee may cost...

Asian Stocks Plunge on US Slowdown Worries

(Newser) - Renewed anxiety over the US sub-prime crisis and Friday's Wall Street slump ignited a stock dump in Asian markets today, hammering the Japanese Topix index to a two-year low and sending the dollar’s value against the yen to its lowest point in 18 months. Hong Kong’s Hang Sang...

Chinese Pension Fund Considers US Private Equity Deals

Burned by Blackstone, Beijing takes it slow

(Newser) - China, suffering buyer’s remorse after investing in US private equity firm Blackstone, is taking its time before diving back into that end of the financial pool, reports the Financial Times. The Big Three of US equity firms, Carlyle, KKR, and TPG, are each seeking a minority investment from China’...

UBS Reports $712M Q3 Loss, $4.4B in Writedowns

Subprime crisis costs bank $4 billion in writedown

(Newser) - The subprime mortgage mess claimed another casualty today: Zurich-based UBS reported its first quarterly loss in nearly five years, a $712 million hit that drove down share prices as much as 1.9%, reports Bloomberg. UBS reported $4.4 billion in losses and writedowns on mortgage securities. And more writedowns...

US New-Home Sales Rebound in September

(Newser) - In the face of dismal August numbers, sales of new homes in September increased 4.8%, driven by demand in the western US, the Wall Street Journal reports. Despite the unexpected bump, the updated August figures, which reflect an 11-year low, are fueling worries the economy will remain pinned under...

CA Fires Won't Harm Economy in Long Term

Rebuilding will give a boost to sagging home building sector

(Newser) - California’s runaway wildfires are not likely to do longterm damage to the state’s economy, the Los Angeles Times reports—in fact the disaster could be a boon to some sectors. One of those is construction: In the first nine months of the year, construction jobs were down 3%...

Economic Woes Sink Retail Sales
Economic
Woes Sink
Retail Sales
Oct 23, 2007 6:08 PM CDT

Economic Woes Sink Retail Sales

Consumers could see lower prices this holiday season

(Newser) - With the holiday shopping season set to kick off, retailers are lowering prices on thousands of items to clear space for seasonal products, cutting into profits and producing the worst drop in week-to-week sales since May, Bloomberg reports. US retail sales for the week ending Oct. 20 fell 1.5%...

Paulson: Economy in Danger
Paulson: Economy in Danger
Oct 16, 2007 12:40 PM CDT

Paulson: Economy in Danger

(Newser) - The ongoing housing implosion poses “a significant risk” to the economy, Treasury Secretary Henry Paulson said in a speech at Georgetown University today, in a sobering about-face from earlier attempts to downplay the crisis. “The ongoing housing correction is not ending as quickly as it appeared,” he...

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