recession

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Struggling Airlines Pitch Clean(er) Planes

As customers become more valued, so does customer service

(Newser) - United Airlines used to give its planes’ interiors a thorough cleaning only every 6 months to save cash. But with carriers now fighting for every passenger, cleanliness has become a crucial weapon, the Chicago Tribune reports. Some United planes now get “heavy” cleans every two weeks. “People don’...

To Consume or Not to Consume, That Is the Question

(Newser) - As Americans cut back on spending, a certain dread creeps in—not of having less, but of what curtailed consumption could mean for the future, Douglas Coupland notes in the New York Times. Sure, “a big drop in consumption sounds like the advent of a new utopia where people...

Both Sides Wary of Blowback Over Stimulus
Both Sides Wary of Blowback Over Stimulus
analysis
Jan 27, 2009 2:00 PM CST

Both Sides Wary of Blowback Over Stimulus

Obama, Dems want GOP buy-in, Repubs seek constraints

(Newser) - As President Obama and congressional Republicans fight over the outline of an economic stimulus package, each side is wary of catching blame for a botched effort, reports the San Francisco Chronicle. Obama can’t guarantee the $825 billion plan will actually work and seeks public GOP buy-in; Republicans want to...

Consumer Confidence Finds a New Low in January

Conference Board's index at half its year-ago value

(Newser) - Americans' mood about the economy darkened even more in January, sending a widely watched barometer of consumer sentiment to yet another new low as people worry about their jobs and watch their retirement funds dwindle. The Conference Board said its Consumer Confidence Index edged down to 37.7 from a...

Tough Times Put Cheap Ads in Prime Time

Low airtime costs offer big audience to low-budget spots

(Newser) - The recession has pushed TV advertising rates to a relative pittance, and that’s great news for tools like the PedEgg—a callous remover—and the Snuggie—a blanket with sleeves. Though it may hurt shows’ profiles, “Act Now!” infomercial-style ads have recently broken into primetime, the Washington ...

Recession Hits Law Firms
 Recession Hits Law Firms 
Jan 26, 2009 2:18 PM CST

Recession Hits Law Firms

(Newser) - Law firms, once thought to be better able than most to weather sour economies, are finding themselves in a tough spot these days, the Wall Street Journal reports. While bankruptcy practices are holding steady, business in litigation has fallen off steeply as corporate clients settle instead of writing checks to...

US Biz Climate Worst in Nearly 3 Decades

Survey finds strapped firms are pessimistic about 2009

(Newser) - A deepening recession in the fourth quarter of 2008 has business conditions for US firms at their worst levels in 27 years, reports Reuters. A National Association of Business Economics survey also showed decreasing expectations for a turnaround in 2009, with most poll respondents expecting the recession to worsen and...

Desperate Times: UK Mulls 3-Day Week
Desperate Times: UK Mulls 3-Day Week
Jan 25, 2009 10:39 AM CST

Desperate Times: UK Mulls 3-Day Week

Gov't may compensate workers to avoid higher cost of mass layoffs

(Newser) - Now officially in recession amid the global downturn, the specter of a three-day work week has emerged in Britain, the Independent reports. Though officials say it’s "not imminent," the government has discussed paying firms to cut hours with public cash going toward compensating employees for the lost...

Recession Dims Super Bowl Glitz

(Newser) - Thanks to the economy, Super Bowl week will be less extravagant and profitable than in years past, the Washington Post reports. While host city Tampa Bay is expected to attract more than $150 million from Super Bowl visitors, that’s 20% less than usual; despite hotels filled to the rafters,...

Worldwide Downturn Speeds Up Alarmingly

Analysts don't expect recovery in 2009

(Newser) - The global economy is in a faster decline than economists predicted only weeks ago, as the bursting of the biggest-ever real-estate bubble hits real economies in Europe and Asia, killing millions of jobs and shutting businesses, the Washington Post reports. Britain just posted its biggest quarterly slump since 1980, while...

Thain Debacle Stings BofA Chief
Thain Debacle Stings
BofA Chief
ANALYSIS
Jan 23, 2009 5:25 PM CST

Thain Debacle Stings BofA Chief

(Newser) - John Thain may have lost his job running Merrill Lynch, but woe to the CEO who dared merge with him, the Economist reports. Thain no doubt trashed his reputation by failing to tell BofA chief Ken Lewis about looming losses—and handing out multimillion-dollar bonuses in the meantime—but Lewis,...

US Economy Isn't as Bad as 1982 ... Just Yet
US Economy Isn't as Bad
as 1982 ... Just Yet
Analysis
Jan 21, 2009 10:29 AM CST

US Economy Isn't as Bad as 1982 ... Just Yet

But downturn will definitely get worse, and only big stimulus will limit its depth

(Newser) - We’ve heard a lot lately about how this recession is the worst since the 1980s, or even since the Great Depression, so David Leonhardt, in the New York Times, tries to get some perspective. Using jobs data as his main metric, Leonhardt finds things aren’t nearly as bad...

Economy Brews Change for Coffee Drinkers

Americans splurge on Starbucks less often, make joe at home

(Newser) - Still hitting Starbucks every day on your way to work? You’re in the minority. A recent survey found 60% of Americans buying less gourmet coffee as the economy has soured, reports Advertising Age. Starbucks’ loss has been Dunkin’ Donuts’ gain, allowing the company to expand into new markets as...

Army Recruiting Soars as Job Dry Up

Recruitment soars with unemployment

(Newser) - The recession has swelled military recruitment, bumping the forces past their goals for the first time since 2004, reports the New York Times. Many Americans are being enticed from a flagging job market by the promised stability and benefits. The Army—whose recruiting has struggled most under the shadow of...

Let Them Eat Fast Food
Let Them Eat Fast Food
Jan 18, 2009 7:23 PM CST

Let Them Eat Fast Food

French restaurateurs open moins cher eateries amid financial crisis

(Newser) - French cuisine just got a little less haute, the Daily Telegraph reports. As the recession hammers consumers and restaurants alike, some of France’s top chefs are opening fast-food offshoots. Expense-account meals running $450 per head are out and $6 ham sandwiches are in as famed restaurants like l'Auberge du...

Why This Recession Won't Be Another Dot-Com Bust

Despite layoffs, companies are better prepared

(Newser) - The tech industry is going through tough times, including widespread layoffs, but it's not going to be another dot-com bust, predicts the Economist, laying out the differences between 2001 and 2009. In 2000, technology companies grew nearly 16%, only to contract by 6% a year later. “The IT industry...

Yankees Take Scorn for (Gasp!) Spending Money
Yankees Take Scorn for
(Gasp!) Spending Money
OPINION
Jan 15, 2009 7:56 PM CST

Yankees Take Scorn for (Gasp!) Spending Money

Yankees Are Doing There Job, Filling Stadiums, In It To WIn

(Newser) - Given the reaction to the Yankees' deep-pocketed acquisition of three big-name players, it's easy to assume the team is nothing less than evil personified, writes Sean Collins in Spiked. But set aside for the moment that the moves are actually a wise investment for a team that's building a new...

Libraries a Cheap Refuge, But Top Target for Budget Cuts

Popular books see huge waiting lists, while unemployed line up to use computers

(Newser) - Whether you’re looking for a job, or just a cheap respite from the horrors of the economy, the public library has become the place to be, the Wall Street Journal reports. But even as attendance swells, the same financial crisis that brings patrons has left many branches cash-poor. One...

House Dems Debut $825B Stimulus Bill

Public works, education get plenty of attention in measure

(Newser) - House Democrats today introduced a long-awaited stimulus package, developed with President-elect Obama, and totaling $825 billion, the New York Times reports. The economic recovery plan includes billions in tax cuts, Medicare subsidies, and public-education and infrastructure spending. The Senate is developing its own version, and vigorous debate is anticipated as...

Spielberg Pays Bills for Ailing DreamWorks

Credit crunch forces director into personal bailout for studio

(Newser) - Perhaps for the first time, Steven Spielberg is using personal funds to pay half of a $26.5 million bill his company, DreamWorks, owes ex-partner Paramount so it can keep 17 film projects under its wing. Due to cash shortages, the studio has already lost the rights to as many...

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