recession

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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...

Brown's Woes Offers Obama Reality Check
Brown's Woes Offers Obama Reality Check
OPINION
Jun 8, 2009 8:50 AM CDT

Brown's Woes Offers Obama Reality Check

Voters don't reward economic competence after crisis: Krugman

(Newser) - The Bush administration has taken much of the blame for the American recession, but a "huge housing bubble and a financial crisis" were always on the cards, as Paul Krugman writes for the New York Times. Writing from London, where voters gave Gordon Brown a pummeling in Thursday's elections,...

DJ Schools Rockin' in Recession
 DJ Schools 
 Rockin' in 
 Recession 
glossies
Jun 7, 2009 6:30 PM CDT

DJ Schools Rockin' in Recession

(Newser) - The jobless and work-weary alike are flooding deejay schools across the US, embarking on dreams as the economy comes apart, Time reports. Some enroll at schools like New York's Dubspot—not exactly cheap at $1,695—to deejay professionally. Others are yearning for more creativity, less rat race. "They're...

Recession Cools Worldwide Migration
 Recession Cools 
 Worldwide Migration 
ANALYSIS
Jun 6, 2009 2:51 PM CDT

Recession Cools Worldwide Migration

(Newser) - Facing a tough job market, immigrants are returning home around the world, reversing historic migration patterns and giving up on income that once fed their families, the Wall Street Journal reports. With construction workers going back to Mexico and domestic servants to the Philippines, wealthy nations are also bound to...

Jobless Rate Hits 9.4%, But Layoffs Ease

(Newser) - The unemployment rate jumped to 9.4% in May, the highest in more than 25 years. But the furious pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September. If laid off workers who have given up looking for new jobs or have settled for part-time...

Wal-Mart to Create 22K More US Jobs

But retailer has slowed expansion

(Newser) - Wal-Mart plans to add 22,000 jobs to its US stores this year, down from last year's 33,800 new jobs in the face of slowed expansion. The retailer has gained market share from recession-minded consumers, but hasn't been immune to the downturn, and recently slashed 700 jobs in its...

Huge United Order Sparks Jet Builder Face-Off

Bargain-hunting airline invites Boeing, Airbus to duke it out

(Newser) - Hoping to score a good deal by exploiting the recession, United Airlines has called on Boeing and Airbus to bid on an order for up to 150 new jets, the Wall Street Journal reports. The plan could bring in $10 billion for one of the manufacturers, both of whom face...

Bernanke Sees Slow Recovery, Despite Positive Signs

Still hopes economy will grow by year's end

(Newser) - The US has a long way to go before the economy returns to full health, despite hopeful signs, Ben Bernanke told the House budget committee today. “Recovery will only gradually gain momentum and that economic slack will diminish slowly,” the Fed chairman said. With businesses cautious, “the...

Bank Pays Workers to Take 5-Year Vacation

Employees should go pursue 'personal projects,' bosses say

(Newser) - Spain's second-largest bank is taking the creative route to cost-cutting—offering its workers 5 years' paid vacation. Staff at BBVA who want to take time off to focus on "personal or professional projects" can receive 30% salary plus benefits, in addition to a guaranteed job when they return. The...

National Parks Plan 3 Free Summer Weekends

(Newser) - The National Park Service is looking to stimulate summer vacations, with Interior Secretary Ken Salazar announcing today that entrance fees at 147 national parks and monuments—including the Grand Canyon and Yosemite—will be waived on three weekends this summer: June 20-21, July 18-19, and Aug. 15-16. “During these...

No Hard Knocks for Peace Corps in Downturn

Obama, recession boost interest in volunteer group

(Newser) - During a commencement address last month, Barack Obama singled out the Peace Corps as an American institution dedicated to "opportunity, equality, and freedom." As the Los Angeles Times reports, the president's glowing praise—combined with Obama-era idealism and a weak job market—has contributed to a 16% jump...

Feds Mull Taxing College Sports, but Pickings Are Slim

(Newser) - The Congressional Budget Office, eager for new sources of income, is considering taxation options for the nation’s collegiate athletic franchises, the Economist reports. Among the proposals are curtailing deductions for charitable donations to college sports programs; limiting tax-exempt bonds; and, most drastically, stripping the programs of their traditional tax-exempt...

Red Wings Give Hard-Luck Detroit Reason to Cheer

(Newser) - As Detroit reels from the automotive crisis, a much-needed emotional uplift is coming from a dependable source: the Red Wings, currently in the Stanley Cup finals against the Pittsburgh Penguins. We “are one of the good stories that are coming out of Detroit right now,” a Red Wings...

GM Will Declare Bankruptcy June 1: Insiders

(Newser) - General Motors will file for bankruptcy protection Monday, insiders tell Bloomberg. The company has apparently decided that it cannot make the government-mandated June 1 deadline to shed $44 billion in debt. The timeline is unclear, but bondholders' agreement today to forgive debts in exchange for a stake in the “...

'Haute Pink' Is the New Black
 'Haute Pink' Is the New Black 
May 28, 2009 11:15 AM CDT

'Haute Pink' Is the New Black

Bright colors spell optimism in troubled times

(Newser) - As economic woes plague the country, fashionistas are turning to bright, cheery colors—most notably hot pink, the Wall Street Journal reports. Even in New York, those who once wore only black are buying fuchsia ties and designing magenta kitchens. With men who might balk at the traditionally feminine hue,...

Pricey Yoga Mats Defy Recession

(Newser) - Consumers are cutting back in all sorts of ways amid the recession—just not when it comes to yoga. Sales of designer mats, which fetch in the ballpark of $100, are surging, reports Time. One leading company, Manduka, has seen sales shoot up 87% on Amazon in the last 4...

Flush Mafia Invests Big in Recession Italy

It's buying up struggling companies

(Newser) - As banks spurn borrowers, Italian mafiosi are lending out their cash stockpiles to profit from the global recession, Bloomberg reports. Long invested in cash-intensive businesses like food distribution, the mafia is using its liquidity to take control of other legitimate businesses—and as a bonus, the three main mob outfits...

Policymakers Float Federal Sales Tax Idea

American VAT long rejected as politically impossible policy

(Newser) - A federal sales tax has long been seen as politically off-limits, but the massive deficit has some in Washington pushing for it. “It's common to the rest of the world, and we don't have it,” a tax analyst tells the Washington Post. In dire times, “fundamental tax...

Recession Will End Next Quarter: Economists

(Newser) - If economists are right, the worst is over for the US economy. In a survey released today by the National Association for Business Economics, 74% of economists said the recession would end in the third quarter. But the coming recovery won’t be a strong one, they warned. Job losses...

Homes Shrink With the Economy

Builders' 'Depression' helps drive reduction

(Newser) - Home sizes are aligned with the shrunken economy, the Los Angeles Times reports: last year, the typical home size dropped 11%—likely the fastest plunge since the 1970s. Some 90% of builders are working on a smaller scale now, an industry poll found. “People are realizing, 'Hey, I don't...

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