recession

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We're Doomed Without Another Stimulus: Krugman

Jobs report offers scary echoes of 1930s stagnation

(Newser) - Yesterday's grim jobs report is the clearest sign yet that the US desperately needs another fiscal stimulus, writes Paul Krugman in the New York Times. This is 1930s redux: a Democratic president has pushed through an insufficient program, while strapped state governments cancel out federal spending with their own budget...

Bleak Jobs Report Raises Red Flags on Recovery
Bleak Jobs Report Raises Red Flags on Recovery
ANALYSIS
Jul 3, 2009 5:54 AM CDT

Bleak Jobs Report Raises Red Flags on Recovery

Weak labor market expected to cause longer recession

(Newser) - So much for those so-called green shoots of recovery. Yesterday's worse-than-expected unemployment report has far more red flags of warning on the jobs front, writes Moira Herbst in BusinessWeek. Among them: the average work week shrank to 33 hours, the lowest on record; hourly earnings remained flat; long-term unemployment rose...

June Jobless Rate Hits 9.5%, a 26-Year High

363K job cuts predicted

(Newser) - Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5% and suggesting that the economy's road to recovery will be bumpy. The Labor Department report released today, which shows 100,000 more jobs shed than expected, indicates that even...

Upscale Street Vendors Spark NYC Food Fight

(Newser) - Old guard NYC food vendors are serving up a side of invective with their hot dogs, aimed at upscale newcomers disturbing the traditional order, the Times reports. In the last year the recession has pushed white-collar workers of all stripes onto the street, but the newbies don’t understand—or...

Recession Forces Tough Choices for Smokers

(Newser) - The recession—coupled with a historic increase in the federal tobacco tax—is hitting smokers pretty hard, MSNBC reports. “We had a light bill that needed to be paid, so we paid a third of it so we could have cigarette money,” said one who’s tried to...

Ad Slump KOs Vibe
 Ad Slump KOs Vibe 
Jun 30, 2009 3:33 PM CDT

Ad Slump KOs Vibe

(Newser) - Hip-hop magazine Vibe is ceasing operations today, the New York Times reports. The publication has been in dire financial straits, and its chief said it had sought new investors or a plan “to restructure the huge debt on our small company” to no avail. Though Vibe reported healthy circulation...

Looking for Work? Better Have a Job Already

Another hurdle for job-seekers as unemployment nears 10%

(Newser) - Finding a job when unemployment is at 9.4% is hard enough. But the recently laid-off have another hurdle to contend with: Many employers are most interested in attracting candidates who are still working, the Wall Street Journal reports. “If they’re employed in today’s economy, they have...

Demand for 'Must Have' Camaro Dwarfs Supply

(Newser) - Recession be damned, desire for the 2010 Chevrolet Camaro far outstrips supply—and some dealers are even charging a premium for the sporty new ride, USA Today reports. “Our current production schedule can’t meet the demand,” a General Motors spokesman said. But “that supply-demand tension is...

'He-Cession' Is Death Knell for Male Dominance

Recession has sped end of 'era of male dominance'

(Newser) - Macho men caused this recession, and they’re going to pay the price: for the first time in history, they’ll cease to be the dominant force in society, writes Reihan Salam in Foreign Policy. Signs of the turning tide can already be seen in the US, as male-dominated industries...

Appalachian Hikers Trudge Through Recession

Trail provides temporary respite from worldly woes

(Newser) - They won’t find Mark Sanford, but those hiking the Appalachian Trail are finding an escape, however temporary, from the recession, writes Thomas Pierce for NPR. On the trail, hikers get new identities: nicknames like “Pusher,” an ibuprofen-hawking walker who was an office manager in a previous life....

Stocks Mixed; Dow Off 34
 Stocks Mixed; Dow Off 34 
MARKETS
Jun 26, 2009 3:22 PM CDT

Stocks Mixed; Dow Off 34

Tech a bright spot amid gloom over slow recovery

(Newser) - Stocks ended mixed today as worries over the continued effects of the recession trumped data showing improved consumer sentiment and personal income, the Wall Street Journal reports. Tech stocks did the best, making the Nasdaq the only index to finish in the green. The Dow fell 34.01 points to...

Retailers Slash Selection in Response to Recession

(Newser) - A fundamental shift is going on in the consumer product world as retailers decide that less is more, the Wall Street Journal reports. Big national retailers are expected to slash selection by at least 15%, analysts say. Gone will be 30% of Kroger’s cereals, 20 of the 24 tape...

Cafés Squeezed as France Turns to Le Sandwich

Thousands of small eateries shut, but McDonalds is booming

(Newser) - France used to be the home of the three-hour lunch, complete with wine, cheese, and maybe some spirits to push indolent workers through the rest of their day. But times have changed, and so have eating habits—these days, reports the Washington Post, the French are scarfing down sandwiches in...

Credit Crisis Snips Ranks of Super Rich

Millionnaires' club gets smaller as investments plummet in value

(Newser) - Won't somebody think of the poor millionaires? The global financial crisis has hit the world's "super rich" hard and left many of them merely extremely wealthy, the Financial Times reports. The number of "ultra high net worth individuals" with over $30 million to invest shrank by nearly...

Buffett: Economy Still in 'Shambles'

It'll take a while to 'wring out excesses'

(Newser) - The US economy is still in “shambles” even though the crisis in the financial system has abated, Warren Buffett told CNBC today. “It takes a while,” the investor said. “There were a lot of excesses to be wrung out and that process is still underway.”...

Fed Keeps Interest Rates at Record Low

Economy picking up, but not enough that inflation is a worry

(Newser) - The Federal Reserve says the recession is easing, but that the economy likely will remain weak and keep a lid on inflation. Against this backdrop, the Fed held a key bank lending rate at a record low of between 0% and 0.25%, and pledged again to keep it there...

Celtic Tiger Hangover Pounds Dublin Bars

Busted Celtic Tiger forces dozens of restaurants, nightclubs out of business

(Newser) - Once the poor man of Europe, Ireland rode a breathtaking economic boom that transformed Dublin into one of the region's swankiest capitals. But now that the Celtic Tiger has gone bust, the ambitious restaurants and exclusive lounges of the new Dublin are closing their doors. Cash and credit have dried...

Recession Will End This Year
 Recession Will 
 End This Year 
OECD report
Jun 24, 2009 6:53 AM CDT

Recession Will End This Year

But growth will be sluggish through 2010, says Paris development group

(Newser) - The US recession will end this year, but fragile financial markets and sapped consumer wealth will keep the pace of recovery sluggish, an influential Paris-based economic prognosticator said today. The OECD—Organization for Economic Cooperation and Development—predicted that the US economy will shrink by 2.8% this year and...

Recession Puts Damper on July 4th Fireworks

Towns plan cheaper festivities—or none at all

(Newser) - With times tight, many US towns are toning down their Independence Day festivities, the Washington Times reports. Rather than deal with the cost of pyrotechnics, police overtime, and even liability insurance, municipalities are scaling back on the big bangs and even switching to simpler ideas such as poetry contests, dog...

Goldman Readies Record Bonuses

Recession doesn't curb bank's bounty

(Newser) - A wildly successful first half is pointing to the best year ever for Goldman Sachs, and that means record staff bonuses in the midst of the recession, the Guardian reports. Revenues have soared at the bank, which now has little competition; it promised in April that half of its nearly...

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