recession

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Flower Shows Wilt Under Recession

Hard times, changing tastes killing off lavish displays

(Newser) - The economic downturn and changing demographics are killing off flower shows across America, the New York Times reports. Sponsorship money is drooping and greenhouses are becoming costlier to heat. One of the most famous, the New England Flower Show, canceled this year’s event after 137 years of bringing an...

Recession to Unlock Wave of Ex-Cons
 Recession to Unlock 
 Wave of Ex-Cons 
glossies
Mar 7, 2009 4:54 AM CST

Recession to Unlock Wave of Ex-Cons

(Newser) - Thousands of prisoners around the country will have the recession to thank for setting them free, Ken Steir writes in Time. With California planning to release nearly 160,000 prisoners from under-funded, overcrowded prisons, and other states transferring drug convicts to rehab, the US is likely to see a wave...

Broader Jobless Rate Near 15%
 Broader Jobless 
 Rate Near 15% 
ANALYSIS
Mar 6, 2009 1:04 PM CST

Broader Jobless Rate Near 15%

Economy shedding jobs at fastest rate in 50 years

(Newser) - The February job numbers released today bring the country close to the employment nadir it reached in 1982, David Leonhardt writes for the New York Times. The 651,000 lost jobs, along with 161,000 added in revisions to previous months, still bring a depressing milestone: Since the start of...

Woes Won't Sour Obama Numbers ... Yet

(Newser) - If Barack Obama is lucky, and the predictions of most economists indicate he will be, the US economy will emerge from recession long before the populace expects it to, Nate Silver writes on FiveThirtyEight. And “it will be quite some time yet before the public pins most of the...

Odds of a Depression? 1 in 5
 Odds of a Depression? 1 in 5 
ANALYSIS
Mar 4, 2009 7:15 AM CST

Odds of a Depression? 1 in 5

Economist crunches historic stock-market data to gauge the chances of depression

(Newser) - The bad news is that this recession is likely to be America's worst since WWII—but the good news is there's only a 20% chance it will become a depression, Robert Barro writes in the Wall Street Journal. The Harvard economist crunched numbers from 251 stock-market crashes in 34 countries...

Recession: Tastes Like Chicken
 Recession: Tastes Like Chicken 
Mar 3, 2009 12:56 PM CST

Recession: Tastes Like Chicken

(Newser) - The recession has consumers foregoing pricey beef and pork for cheaper chicken, the chairman of grocery chain Safeway tells Bloomberg. “We’re seeing more shifts in the meat category to cheaper meats—ground beef and chicken—than we saw earlier in the year,” Steven Burd says, part of...

Budget Cuts Threaten Silverman Show

Exec producers, network in talks

(Newser) - Executive producers of Sarah Silverman’s Comedy Central series are threatening to can the third season due to budget cuts, according to the Hollywood Reporter. The network slashed the budget by more than 20%, and producers—including Silverman—aren’t sure the show’s integrity can be maintained at $850,...

Leaders Warn of Economic 'Iron Curtain'

Eastern Europe melts down, but Western leaders refuse bailout

(Newser) - EU leaders meeting in Brussels yesterday rejected a Hungarian-led effort to bail out the faltering economies of Eastern Europe, leading to apocalyptic warnings of an economic "Iron Curtain," with millions of unemployed workers heading west. Countries from the Baltic states to Poland and Romania have seen their once-booming...

Think You've Got it Bad? Try Being a Horse

Economy woes spur owners to abandon their steeds

(Newser) - Humans aren't the only ones hurt by recession, as hundreds of thousands of horses could attest. While more owners are abandoning their steeds as the costs become a burden, fewer people are able to help fund horse rescue centers, reports the New York Times. The result has been some 100,...

Economy Tanking, Americans Race to Movies

Hollywood provides much-needed escape in bleak times

(Newser) - Americans are dealing with the recession by hiding in dark rooms with a band of brothers, a gun-toting grandma, and a bumbling mall cop, the New York Times says. Hollywood’s ticket sales have jumped 17.5% this year. Ticket prices rose, but so did attendance, by nearly 16%. “...

Rhode Island's Little Economy In Giant Fix

And no one's totally sure why

(Newser) - It may be the littlest state, but Rhode Island’s economic meltdown is among the biggest in the nation, arguably second only to Michigan’s, the New York Times reports. Rhode Island’s 10% unemployment rate ranks second, and its average income, $39,827, pales before neighboring Massachusetts and Connecticut....

Buffett Has Worst Year Ever
 Buffett Has Worst Year Ever 
Feb 28, 2009 10:11 AM CST

Buffett Has Worst Year Ever

(Newser) - Not even legendary investors can escape this mess. Warren Buffett’s Berkshire Hathaway posted its worst year ever in 2008, the Wall Street Journal reports. A key indicator, book value per share, fell 9.6%, only the second loss since Buffett took control of the company in 1965. Berkshire reported...

Mr. T to Unemployed: 'Man Up!'
 Mr. T to Unemployed: 'Man Up!'
Feb 27, 2009 10:30 AM CST

Mr. T to Unemployed: 'Man Up!'

(Newser) - Feeling the recession depression? Not sure how you’re going to make ends meet? Mr T has some advice for you: “Man up,” the Mirror reports. The professional tough guy, who said he was in London to show Brits how to be a man, added, “If you...

GDP Drop Worst in 26 Years
 GDP Drop Worst in 26 Years 
Feb 27, 2009 8:09 AM CST

GDP Drop Worst in 26 Years

Worse than anticipated

(Newser) - The US economy contracted at a staggering 6.2% pace at the end of 2008, the worst showing in more than a quarter-century, as consumers and businesses ratcheted back spending, plunging the country deeper into recession. That's drastically worse than the 3.8% the government originally estimated, and the 5....

Recession Drives Workers to Trucking

Surging unemployment solves industry's chronic struggle to haul in drivers

(Newser) - Hard times have reversed the trucking industry's trouble finding recruits, the Wall Street Journal reports. Applications have surged as workers who once shunned the industry's demanding conditions can no longer afford to be choosy. At the same time the number of trucks on the road has dropped. Firms that once...

'Insourcing' Is Recession's DIY Buzzword

From hairdressing to gardening, 'insourcing' is hot

(Newser) - The recession is prompting Americans to forgo luxuries—and that means doing for themselves what they would once have paid someone else to do, the Washington Post reports. Starter sewing-kit sales have soared 30%; landscapers are losing business; customers are forsaking salons to dye their own hair. The trend is...

Economic Woes Threaten Iraq's Stability

Declining oil prices and aid cancel urgently needed rebuilding

(Newser) - Countries around the world are suffering budget shortfalls and declining exports, but few nations have seen as calamitous a fall in revenues as Iraq. As oil prices have plummeted and American financial support has dried up, Iraq is canceling projects and struggling to pay government employees. As the New York ...

Shoppers Embrace Coupon Clipping 2.0

Digital discounts improve buyer tracking, make coupon use easier

(Newser) - The recession has more Americans clipping coupons, sort of. While coupon use has jumped 10% since October, more of those discounts were downloaded to smart phones and supermarket rewards cards—not cut out from the newspaper. And digital advertising, still a 1% sliver of the discount pie, seems to benefit...

Golf Looks for a Tiger Bailout
 Golf Looks for a Tiger Bailout 
Feb 25, 2009 12:37 PM CST

Golf Looks for a Tiger Bailout

Sport struggles economically without its biggest star

(Newser) - Professional golf is looking to Tiger Woods’ return today as a stimulus package for the sport, which has seen recession undermine sponsorship deals and Woods’ 8-month absence siphon off fans, USA Today reports. Even fellow competitors are juiced ahead of the Match Play Championship outside Tucson, Ariz. “He’s...

Recession May Kill Pricey Death Penalty

Worried about legal costs, states consider abolition

(Newser) - Death and taxes may always be with us, but that doesn’t mean we can’t fiddle with them. Specifically, as the recession decreases tax revenue for states, some are considering abolishing the death penalty, which can cost millions. “And we can’t afford that, when there are better...

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