recession

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Recession Fears Overblown: Economists

Fed's actions key strong economic reports, signs of market recovery

(Newser) - A growing number of economists are saying, cautiously, that the US might have pulled back from the brink of recession, the Wall Street Journal reports. The experts credit swift action by the Federal Reserve to lower interest rates and save Bear Stearns in March, and even the ongoing distribution of...

Home, Retail Sales Keep Sliding
 Home, Retail Sales Keep Sliding 
May 13, 2008 11:36 AM CDT

Home, Retail Sales Keep Sliding

Retail decline due mainly to big autos drop; foreclosures depressing housing values

(Newser) - The housing market continued to plunge in the first quarter of 2008, as single-family sales dropped 22% from their year-ago pace, to 4.95 million annually. Bloomberg reports that the median home price is off 7.7% from a year ago, to $196,300, as foreclosed properties drag down values....

Economy Has Venture-Capital Scene Looking in Mirror

Return on investments sags with stock uncertainty, credit woes—but money still there

(Newser) - Economic troubles that have meant fewer IPOs and less-lucrative mergers have the venture-capital industry in upheaval, the San Jose Mercury News reports after last week's Silicon Valley gathering of VC players. Many believe the moneyed backers must treat entrepreneurs better for prospects to remain lively. Yet, though returns have turned...

Even Vegas Is Down on Its Luck
 Even Vegas Is Down on Its Luck 
May 6, 2008 8:46 AM CDT

Even Vegas Is Down on Its Luck

Downturn starts to hit formerly recession-proof city

(Newser) - Tougher times are starting hit the Sunset Strip, the New York Times reports. Las Vegas has been mostly immune to downturns in decades past, but this time the gambling mecca is feeling the pinch as consumers tighten their belts. Hundreds of casino workers have already been laid off, and a...

Buffett Poised to Clean Up in Bear Market

Oracle of Omaha prepares $40B spending spree

(Newser) - As the US teeters on the brink of recession and most investors remain sidelined by the credit crunch, Warren Buffett is poised to spend more than $40 billion to scoop up bargains. Berkshire Hathaway rose 22% over the last 12 months while other stocks sputtered, and now, Bloomberg reports, the...

Economy Grew at a Crawl in First Quarter
Economy Grew at a Crawl
in First Quarter
Indicators
Apr 30, 2008 8:44 AM CDT

Economy Grew at a Crawl in First Quarter

What happened to the recession?

(Newser) - The US Gross Domestic Product rose at a 0.6% annual pace in the first quarter, despite the widespread belief that the economy is in recession, Bloomberg reports. The number stayed positive thanks to a surge in inventories, which offset flagging consumer spending and business investment. “We think we're...

Service Sector Sees First-Hand the Economy's Tipping Point

Tough times making for less generous patrons

(Newser) - Restaurants across the country have been dealing with shrinking dinner rushes as the economy slows, a trend that's hit their waitstaffs flush in the wallet. Though exact figures are tough to come by, anecdotal evidence suggests tips are falling, the Los Angeles Times reports—a big problem for the third-largest...

Restaurants, Retailers Gulp as Consumers Tighten Belts

Penny pinchers shifting to generics, eating in

(Newser) - The rising price of staples like milk and gas, coupled with layoffs and flat-lining wages, is creating a nation of penny-pinching consumers, the New York Times reports. Industry is taking notice as buyers substitute generic brands for top-of-the-line products and skip eating out at restaurants.

Economic Blues Take Toll on State Budgets

Declining tax revenue may leave them $26B short next fiscal year

(Newser) - The slumping economy will pummel state budgets in the next fiscal year, leaving them at least $26 billion short, according to a survey from the National Conference of State Legislatures. Payrolls fell drastically in March and consumer confidence is low, a double whammy for state tax revenue. "With a...

Consumer Confidence Hits 26-year Low
Consumer Confidence Hits 26-year Low
Economy
Apr 25, 2008 10:59 AM CDT

Consumer Confidence Hits 26-year Low

Inflation, housing put people in a funk; most call it a recession

(Newser) - Consumer confidence fell to a 26-year low in April, as the public fretted over inflation and housing, Reuters reports. The index fell to 62.6, surpassing the 63.2 analysts had predicted. Nearly 90% said the economy is in recession. Respondents also said they were unlikely to spend their stimulus...

Staring at US Recession, Lasik Eye Surgery Blinks

As with last downturn, fewer people springing for corrective procedure

(Newser) - Corrective laser eye surgeries have declined sharply in the past year, a fall-off attributed to the economic slump—and expected to deepen as the recession continues, the New York Times reports. “We’re forecasting a 17% drop for 2008,” said one market researcher, who expects first-quarter data to...

Fed Ponders Pause in Rate Cuts—After 1 More

Experts expect a last cut to 2% before the central bank stops and waits

(Newser) - The Federal Reserve may be ready to cool its torrid rate-cutting after a likely .25% percentage point cut at its meeting next week, the Wall Street Journal reports. Futures markets are betting Chairman Ben Bernanke is unlikely to rest just yet, with little change in the month-to-month economic picture, but...

Starbucks Goes Decaf on Earnings Outlook

Stumbling US economy will water down quarterly profits, '08 forecast

(Newser) - The slumping US economy means Starbucks' quarterly profits won't meet estimates when figures are released April 30, the coffee giant said today. Analysts expected earnings of 21 cents per share for the quarter ended March 30; Starbucks expects 15 cents, the Wall Street Journal reports. It now predicts yearly sales...

Bush Boosts Battered NAFTA at Summit

Trading partners meet in New Orleans

(Newser) - President Bush yesterday opened a two-day economic summit in New Orleans with Mexico and Canada amid growing hostility to the North American Free Trade Agreement, which is widely blamed for US job losses. Bush is using the meeting with the trillion-dollar trading partners to highlight support for NAFTA as the...

Billionaire Pays $500K for 27 Bottles of Wine

Global economic downturn? What global economic downturn?

(Newser) - As the global economy falters, many people are fighting to make ends meet. And then there’s the Chinese billionaire who spent $500,000 for 27 bottles of wine today. The sale set a record for a single lot. “I don’t think he has bought this as an...

Retailers Checking Out as Economy Falters

Each default brings widespread fallout

(Newser) - Stores across the country are closing their doors, the New York Times reports, victims of a downturn in consumer spending. Retailers are often heavily leveraged, and as the economy falters banks are tightening credit. Several chains, including Sharper Image, have declared bankruptcy; others like Footlocker, Ann Taylor, and Zales are...

Recession Not Slowing Ultrarich
 Recession Not Slowing Ultrarich 
Apr 14, 2008 10:02 AM CDT

Recession Not Slowing Ultrarich

Real estate, art, yachts still finding no shortage of willing consumers

(Newser) - As many Americans batten down the hatches, the über-rich are still living it up, the New York Times reports. Already this year, 71 New York apartments have sold for more than $10 million—compared to just 17 in 2007. The good times were so good, many say, they haven’...

G-7 Leaders Offer No Fix for Credit Crisis

Ministers endorse more transparency, but not coordinated action

(Newser) - Group of Seven finance ministers ended 3 days of meetings in Washington yesterday by endorsing a plan to create greater transparency and oversight in financial markets to avert future crises, but no emergency measures to stem the current one. Despite a downbeat report on the likelihood of worldwide recession, and...

Recession Zings Top Law Firms
 Recession Zings Top Law Firms 
Apr 14, 2008 3:10 AM CDT

Recession Zings Top Law Firms

Associates laid off, programs cut

(Newser) - The recession has begun to nip at the heels of New York's big law firms, reports the Wall Street Journal. Some firms are beginning to lay off associates, rescind offers to those coming out of law school, and scale back summer associate programs. It's all due to a slowdown in...

Consumer Confidence Hits 26-Year Low
Consumer Confidence Hits 26-Year Low
Apr 11, 2008 11:10 AM CDT

Consumer Confidence Hits 26-Year Low

Index drops far below expectations on job, economy fears

(Newser) - Consumer confidence hasn’t been this low since 1982, according to the Reuters/University of Michigan index, which reported a slide to 63.2 from March’s 69.5. That was lower than even the lowest estimates in a Bloomberg analyst poll. “The consumer’s feeling increasingly hemmed in,”...

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