recession

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Odds of a Double-Dip? Probably 50-50 Now

This kind of stalled job growth often leads to recession: David Leonhardt

(Newser) - Bleak reading for the White House ahead of the president's jobs speech : David Leonhardt of the New York Times thinks the odds of a double-dip recession have spiked of late and might be around 50-50 now. The US had been putt-putting along in what looked to be a modest...

Meet &#39;Generation Limbo&#39;
 Meet 'Generation Limbo' 
Sep 1, 2011 11:25 AM CDT

Meet 'Generation Limbo'

Increasingly, 20somethings wait for their 'real' career

(Newser) - Stephanie Kelly graduated in 2009 with a degree in advertising; instead she works as a part-time secretary and writes freelance for an online “Secret Santa Organizer.” Amy Klein has a degree in English lit from Harvard, but the 2007 grad has been touring the country in a minivan...

CBO: 'Profound' Challenges Ahead

Deficit should fall, but employment, growth remain low

(Newser) - The picture for 2011 is a glum one—a $1.3 trillion deficit, 9.1% unemployment rate—and it's not going to get much brighter in the next few years, according to a report by the Congressional Budget Office. In it, notes Politico , the CBO warns of "profound...

AP Poll of Economists: Double-Dip Recession Unlikely, But Growth Will Be Slow
Next 12 Months: No Recession, but Slow Growth
economists say
Aug 23, 2011 2:55 PM CDT

Next 12 Months: No Recession, but Slow Growth

Risk of recession at 26%; unemployment likely 9% at year's end

(Newser) - Despite a bombardment of bad news in recent weeks, economists don’t expect another recession over the next 12 months—but economic growth will barely be perceptible in that period, an AP poll of top economists finds. They expect high unemployment and weak consumer spending to dog the US into...

MGM Wants to Blow Up Never-Opened Vegas Hotel
 MGM Wants to Blow Up  
 Never-Opened Vegas Hotel 
IN CASE YOU MISSED IT
Aug 21, 2011 11:54 AM CDT

MGM Wants to Blow Up Never-Opened Vegas Hotel

Casino company abandoning costly project

(Newser) - Hotel implosions aren’t exactly unheard of in Las Vegas, but it’s not every day the condemned is a brand-new, never-opened luxury tower. MGM on Monday submitted a request to the county office to implode Harmon Tower, a luxury hotel that was supposed to be the crown jewel in...

Perry Owes Texas' Jobs Boom to ... the Feds

Rick Perry boasts of limited gov't, but numbers tell different story

(Newser) - Rick Perry likes to boast that Texas' leading jobs creation rate comes from limiting taxes and government interference, but in fact many of those jobs are thanks to Washington. And thanks in particular to the military and surging federal spending—along with $25-billion in federal stimulus —government jobs in...

Obama to GOP: 'Stop Drawing Lines in the Sand'

President winds up bus tour, says Republicans blocking economic growth

(Newser) - President Obama accused Republicans of keeping a politically motivated stranglehold on the US economy as his three-day bus tour of the Midwest wrapped up today, the Los Angeles Times reports. "I need you to send a message to folks in Washington," he told voters at a seed-production facility...

Dow Bounces Back, Soars 430

Nasdaq, S&P also post huge gains

(Newser) - Another crazy day for the markets, but this time they ended way up in positive territory. The Dow rose 430 points to close at 11,239, up nearly 4%. The Nasdaq rose 125 to 2,483 (5.29%) and the S&P 500 jumped 53 to 1,173 (4.74%)....

Second Phase of Double-Dip Recession Could Be Even Worse
Brace Yourself for Even
Worse 2nd Recession
analysis
Aug 8, 2011 8:33 AM CDT

Brace Yourself for Even Worse 2nd Recession

Could devastate a still-ailing economy, writes Catherine Rampell

(Newser) - Economists say we could be headed for a second recession—and if they’re right, it’s poised to be even more devastating than the first, writes Catherine Rampell in the New York Times . That’s because the starting point for the second dip would be our current weak economy,...

S&P: Oh, We Might Downgrade US Again

Worried partisanship will block meaningful debt reform

(Newser) - Standard & Poor's yesterday not only defended its decision to downgrade America's once-vaunted AAA credit rating for the first time, it warned that a second downgrade could be on the way if the US doesn't get its act together. “Compared to some other highly rated governments,...

Sinking Confidence Behind Market Collapse

Investors starting to panic that nobody has answers

(Newser) - What's behind the market meltdown? Some on-the-fly observations:
  • Ezra Klein, Washington Post : The market is "diving because of forces Washington can’t control, and in many cases, doesn’t understand very well. How many members of Congress do you think could give a coherent account of what has
...

Recession Worse Than Thought; GDP Growth Weak

Economy grew just 1.3% over past three months

(Newser) - We already knew the Great Recession was the worst in decades, but in fact we were even worse off than we thought, new figures show. The economy shrank 5.1% over the course of the recession, from 2007 to 2009—1 percentage point worse than the earlier estimate of 4....

Recession Turns Tooth Fairy Cheap

Kids are getting 40 cents less than they were last year

(Newser) - The Tooth Fairy has been hit by the recession. Kids are getting an average of 40 cents less under their pillows this year compared to last year, according to a recent survey by Visa. The new going rate: $2.60, though the amount varies according to region. Children in the...

Wealth Gap Between Whites, Minorities Widest in 25 Years

Census data show ratio is 20 to 1 between whites, blacks

(Newser) - Thanks to the recession, the wealth gap between whites and minorities is at its widest level in 25 years. Census data show that the median wealth of white US households was $113,149 in 2009: That's 20 times that of black households ($5,677) and 18 times that of...

59% Pessimistic About US Economy
 59% Pessimistic 
 About US Economy 
survey says
Jul 25, 2011 3:27 PM CDT

59% Pessimistic About US Economy

That's the highest level in nearly 15 years

(Newser) - With unemployment levels high and the US on the brink of default , is it any surprise that American pessimism has reached a 15-year high? A new CNN poll cited by Politico finds that 59% expect the economy to be in bad shape a year from now, the highest percentage since...

We Might Be Doomed, Debt Deal or Not
We Might Be Doomed,
Debt Deal or Not
paul krugman
Jul 22, 2011 12:45 PM CDT

We Might Be Doomed, Debt Deal or Not

Paul Krugman: Focus on 'deficit panic' could be disastrous

(Newser) - So Greece has a bailout deal , and the US is maybe closing in on its own agreement to avoid a default. Cause for celebration? More like depression, writes Paul Krugman. Or, as he puts it in the New York Times , a "Lesser Depression." Policy-makers might "manage to...

It&#39;s the Busted Consumer Bubble, Stupid
 It's the Busted 
 Consumer Bubble, Stupid 
DAVID LEONHARDT
Jul 17, 2011 8:56 AM CDT

It's the Busted Consumer Bubble, Stupid

With no consumer spending, economy keeps dragging

(Newser) - There are plenty of theories and explanations for the economic crisis that has afflicted the United States for years now, but they all miss the element of the continuing malaise—it's really about the bursting of the decades-long consumer spending bubble, writes David Leonhardt in the New York Times...

For $10K, You Can Hunt This Unemployed Man
For $10K, You Can Hunt
This Unemployed Man
IN CASE YOU MISSED IT
Jul 16, 2011 12:43 PM CDT

For $10K, You Can Hunt This Unemployed Man

Mork Encino resorts to strange publicity stunt

(Newser) - Could the recession turn The Most Dangerous Game into reality? Mork Encino hopes so. The 28-year-old unemployed Utah man is offering “hearty gentlemen who fancy themselves sportsmen” the chance to hunt him down and even kill him for $10,000. “I am a new breed of prey with...

Bernanke: We're Prepared to Dole Out More Stimulus

Says he expects more job creation once 'temporary shocks' pass

(Newser) - The Federal Reserve is ready and willing to pour more money into the economy if it has to, Ben Bernanke told Congress today. “The possibility remains that the recent economic weakness may prove more persistent than expected … implying a need for additional policy support,” Bernanke said. “...

Feds Have Given Up on Economy
 Feds Have 
 Given Up 
 on Economy 
Paul Krugman
Jul 11, 2011 4:10 AM CDT

Feds Have Given Up on Economy

'Short term is when government can be most effective': Paul Krugman

(Newser) - Not only has the US economy been "stuck in a rut," but now a "destructive passivity has overtaken our discourse," writes Paul Krugman in the New York Times . The common wisdom today is that there is nothing the government can do in the short run to...

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