recession

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Baby Boomers Will Start Next Biz Craze
 Baby Boomers Will 
 Start Next Biz Craze 
ANALYSIS
Jun 20, 2009 5:05 PM CDT

Baby Boomers Will Start Next Biz Craze

(Newser) - The baby boomers may be pushing 60, but they're primed to lead another "entrepreneurship boom" in America, Dane Stangler writes in the American. After all, according to one study, it's the close-to-retirement-age crowd—not 20-something whippersnappers—that has led US entrepreneurial activity since it last picked up in...

Recession Drives Boom in Auto Fraud

(Newser) - Car-insurance fraud spurred by the recession is continuing unabated, Newsweek reports. “Give-ups”—feigning theft or arson to collect insurance money on an unwanted vehicle—are up 24% this year over last, according to an industry group. And claims stemming from suspicious car fires are up 27%. “Normally...

New Kids Scrap Aussie Tour, Blaming Recession

(Newser) - The New Kids on the Block have canceled a planned tour of Australia because of weak ticket sales amid the recession, Reuters reports. “We are, in fact, in the middle of a worldwide recession and we just cannot make it work,” said Donnie Wahlberg. He said the group...

Bush Knocks Obama Policies
 Bush Knocks 
 Obama Policies 
Jun 18, 2009 12:38 PM CDT

Bush Knocks Obama Policies

Says private sector is solution to economic problems

(Newser) - George W. Bush is apparently done holding his tongue. He criticized several of President Obama's major policy issues in a speech yesterday, defending his administration on interrogation, assailing nationalized health care, and saying the private sector, not the government, was key to fixing the economy, the Washington Times reports. “...

Retail Exodus Speeds Detroit's Fall

Retailers jump ship as recession, auto industry's collapse hit city hard

(Newser) - The auto industry's woes have sped up the long decline of retail in Detroit, the Wall Street Journal reports. America's 11th-largest city now lacks a single outlet from any national grocery chain downtown. Starbucks has just four stores in the city of 900,000, and as of last week, Motor...

Veggie Gardens Thrive in Lean Times

Seed sales set records amid recession

(Newser) - Sales of vegetable seeds are skyrocketing this season and experts say it’s not just the local food movement or Michelle Obama’s First Garden that’s driving the craze. Americans hit hard by the recession are slashing grocery bills by growing their own, as evidenced by a 30% spike...

Posh Salvation Army Centers Sputter in Downturn

(Newser) - A multi-billion-dollar plan to install upscale Salvation Army community centers in US cities has hit the recession skids, the New York Times reports. Joan B. Kroc, widow of McDonald’s founder Ray Kroc, left $1.8 billion for the Army to build some 30 complexes featuring pools and ice rinks....

Anti-Biz Obama 'Loathes Profit Motive': Barnes

(Newser) - “Anti-business may be too crude a label” for President Obama, Fred Barnes writes in the Weekly Standard, but America's leader certainly "has a dark view of profits." Surveying Obama's appointments, policies, and remarks about business, Barnes concludes that "Obama loathes the profit motive or at least...

Avon, Mary Kay Defy Recession
 Avon, Mary Kay Defy Recession 
Jun 13, 2009 8:50 AM CDT

Avon, Mary Kay Defy Recession

(Newser) - More and more recession-plagued Americans are turning to direct-sales companies like Avon for extra income, the AP reports. Mary Kay saw its sales force grow by 22% this year, and Tupperware also reports higher profits and more salespeople. "'I need money.' That's what I've been hearing since about...

More Cuts Await Slumping Airlines

Delta, AA among carriers who can't cover costs

(Newser) - As rising oil prices and sluggish demand continued to hammer the airline industry, Delta, American, and several other carriers forecast further cuts to service yesterday, reports the Wall Street Journal. Despite massive reductions in service, CEOs said at an industry meeting that they still aren't covering costs. "Earnings are...

Obama's Approval at 62%; Government Less Popular

(Newser) - Though opinions of the government vary, most Americans continue to have a favorable view of President Obama, Fox News reports. In a new poll, 62% of respondents approve of the job Obama is doing; 31% disapprove. 64% like the president as a person. But on the administration’s takeover of...

Bond Sales Drive Dow Up 32
 Bond Sales Drive Dow Up 32 
MARKETS
Jun 11, 2009 3:16 PM CDT

Bond Sales Drive Dow Up 32

(Newser) - Markets were up today on a successful sale of 30-year Treasury notes and other indicators of economic recovery, the Wall Street Journal reports. Bank of America saw a 9% upswing after its CEO testified on Capitol Hill. The Dow gained 31.90 to 8,770.92. The S&P rose...

Economists See High Unemployment Through 2010

(Newser) - Economists think the US unemployment rate will stay above 9% through 2010, the Wall Street Journal survey finds. Accordingly, those in the know believe the Federal Reserve will hold interest rates down at least through spring. “For real people, there is no recovery until the unemployment rate stabilizes,”...

Firms Feed Workers to Boost Morale
Firms Feed
Workers to
Boost Morale
Jun 11, 2009 1:45 PM CDT

Firms Feed Workers to Boost Morale

It's not a raise, but perk goes long way in tough times, managers say

(Newser) - The way to employee satisfaction is apparently through their stomachs. Businesses slicing jobs and benefits in tough times are finding that free food is a cheap way to boost worker morale, the Boston Globe reports. The majority of financial officers recently surveyed—68%—is taking steps to boost employee spirits....

Net Worth of US Households Sinks Another $1.33T

(Newser) - The net worth of US households—assets minus debt—fell $1.33 trillion in the first quarter to $51.71 trillion, the Wall Street Journal reports. The 2.6% drop is smaller than the 8.6% of 2008’s fourth, a Fed report says. The first-quarter data don’t include...

Record 20M US Kids Get Free Lunch

Many are first-timers to state program

(Newser) - It’s good there is such a thing as a free lunch, since more US students than ever need one. Nearly 20 million kids got a free or reduced-price school lunch in February, overwhelming districts that also face rising food costs. Nationwide enrollment in the government-subsidized program was up 6....

Zuma's First Big Test: South Africa's 23% Jobless

At 23.5%, unemployment keeps nation locked in poverty

(Newser) - South Africa is facing its first post-apartheid recession, and unemployment has hit 23.5%—a punishing figure that has ended the honeymoon of its new president, Jacob Zuma. Many who voted for Zuma have never had a job at all and are desperate for work, Celia Dugger reports for the...

Shift to Right in Europe Bodes Ill for US Dems

(Newser) - The global recession has sparked a conservative, anti-immigrant impulse in Europe—see the right’s victory in European Parliament elections—and US liberals should take notice, Michael Lind writes for Salon. Though “it would be a mistake to read too much into the elections” as the “European Parliament...

Report Seeks More Bank Stress Tests

First round may have underestimated unemployment

(Newser) - The US should run a second round of bank stress tests if it turns out the government was overly optimistic about the economy in the first round, says a report to be presented to Congress today. The Congressional Oversight Panel, which monitors the bailout, applauded the tests thus far, but...

Airlines Need Steeper Prices, a Shakeout, to See Profits

Industry knows crisis management, but future hazy

(Newser) - The airline industry, an old hand at crisis aversion, is holding its own in the recession by cutting costs, along with fares, the Wall Street Journal reports. But higher prices to consumers—and a major shakeout—would be needed to get even close to profitability. The industry expects to lose...

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