US economy

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Why Isn't Mitt Way Ahead in This Race?

Circumstances favor him, but Obama's winning 'day-to-day': Chris Cillizza

(Newser) - Looking at the stark figures, you'd think Mitt Romney would be cruising in this election: The unemployment rate has been higher than 8% for a record 42 months, six in 10 Americans think the US is moving in the wrong direction, and 41% strongly disapprove of President Obama's...

Unemployment Rises to 8.3%
 Unemployment Rises to 8.3% 
Aug 3, 2012 7:46 AM CDT

Unemployment Rises to 8.3%

Economy added 163K jobs in July

(Newser) - The good news: The economy added 163,000 jobs last month, which the AP calls a "hopeful sign" considering how slow the past three months of hiring have been. That makes July the best month of hiring since February. But in adding an average of 151,000 jobs a...

Calif. City's Budget Fix: Soda Tax

Would raise $7M per year, officials say

(Newser) - El Monte, Calif., is staring down a fiscal emergency, but it's about to pop the top on a solution that could raise $7 million per year: Tax sugary drinks. The California city will ask voters to decide on the plan, which calls for sugar-sweetened beverages sold within the city...

Cisco Slashing 1.3K Jobs

 Cisco Slashing 1.3K Jobs 
Jul 24, 2012 2:40 AM CDT

Cisco Slashing 1.3K Jobs

Tech company shares down 11% this year

(Newser) - As Cisco Systems continues to struggle, the computer-networking equipment maker plans to cut 2% of its workforce—around 1,300 jobs. Profits are down and shares fell 11% this year thanks in part to Europe's financial crisis and slower spending by corporate customers, Bloomberg notes. And an analyst says...

Meet &#39;Generation Screwed&#39;
 Meet 'Generation Screwed' 
OPINION
Jul 16, 2012 1:56 PM CDT

Meet 'Generation Screwed'

Past generations have made things hard for millennials: Joel Kotkin

(Newser) - Today's youth is known as the Millennial Generation, but they may as well be called Generation Screwed. In the Daily Beast , Joel Kotkin runs down depressing statistic after depressing statistic showing that "their parents' fiscal profligacy and economic mismanagement" has doomed young people:
  • The median net worth of
...

More US Firms Not Hiring— Thanks to Europe?

Just 23% of firms plan hiring in next 6 months, down from 39% in April

(Newser) - US firms are getting nervous about the transatlantic effects of Europe's debt crisis—and fewer of them foresee hiring anytime soon. In early April, 39% of US companies polled planned to hire sometime within the next six months; by June that figure was down to 23%, the National Association...

Why June's Falling Retail Sales Matter

Because drop marks the first 3-month decline since 2008

(Newser) - Americans cut their spending at retail businesses for a third straight month, as a weak job market has made consumers more cautious. The Commerce Department says retail sales fell 0.5% in June from May. That followed declines of 0.2% and 0.5% in the previous two months. It...

80% of New Jobs Since 2009 Have Gone to Men

More men moving into retail sector

(Newser) - Men were hit hardest by job losses during the recession, but they have been way ahead of women in landing newly created jobs since the downturn officially ended in June 2009, the Los Angeles Times finds. Some 80% of the 2.9 million jobs created over the last three years...

Obama: Romney's Attacks Make Total Sense to Me

President admits he would argue over the economy, too

(Newser) - President Obama doesn't begrudge Mitt Romney's attacks over economic policy—not one bit, CNN reports. In fact, Obama says he would do it himself if he were battling an incumbent president. "If I was in his shoes I would be making the same argument," said Obama...

Scranton, Pa., Slashes Its Workers' Pay to $7.25/Hour

Mayor Chris Doherty says minimum wage is all the city can afford

(Newser) - City workers in Scranton, Pa., had to be surprised on Friday—when their wages dropped to just $7.25 an hour, the state's minimum wage. But Mayor Chris Doherty says that's all Scranton can afford. "I'm trying to do the best I can with the limited...

Big Change: Cities Growing Faster Than Suburbs

First time since 1920s

(Newser) - For the first time in decades, cities' populations are growing at a faster rate than suburbs'. The 51 US metropolitan regions with at least a million people expanded 1.1% between 2010 and 2011; suburbs grew just 0.9%, Census data show. Compare that to the past decade, which saw...

Local Food Could Save the Economy
 Local Food Could 
 Save the Economy 
OPINION
Jun 13, 2012 11:42 AM CDT

Local Food Could Save the Economy

Tom Philpott offers a plan to create jobs

(Newser) - Americans spend nearly $1.2 trillion per year on food—that's almost one-tenth of the total US GDP—but very little of that helps our local communities, since most of our food money goes to large chains. If we could turn that around and shop for more local food,...

Poll: Obama Approval Sinks on Economy Fears

Most of his lead over Romney dissolves

(Newser) - Doubts about President Obama's handling of the economy have wiped out most of his lead over Mitt Romney and sent his approval ratings to their lowest since January, according to the latest Reuters /Ipsos poll. The percentage of voters who approve of Obama's job performance has dropped 3...

Fed Economic Report: Middle Class Getting Hosed

American families lose two decades of accumulated wealth

(Newser) - The Fed released its much-anticipated report on the economy today, and the news is not pretty. In short, the median American family's wealth has fallen to early-1990s levels, eliminating two decades of prosperity, while savings are down and debt hovers like a vulture over most Americans, the New York ...

Great, Now the Private Sector&#39;s Tanking, Too
Great, Now the
Private Sector's Tanking, Too 
OPINION
Jun 10, 2012 1:02 AM CDT

Great, Now the Private Sector's Tanking, Too

Signs of life in consumer spending might help recovery, say economists

(Newser) - The private sector has been the lone strength in the US economy since 2009, with business investment and corporate earnings leading the underwhelming recovery. Until now, that is. As the dollar strengthens and economies around the world are slowing, the private sector appears headed for a tough patch, writes Paul...

Fed Will Help If Economy Craters: Bernanke

But it's unclear what action it would take

(Newser) - The Federal Reserve is prepared to take further steps to lift the economy if it weakens, Ben Bernanke said today—but he didn't signal any imminent action in testimony before a congressional panel. Bernanke said the European debt crisis poses significant risks to US financial markets. He noted that...

Dow Plummets 200+ Points
 Dow Plummets 200+ Points 
Jun 1, 2012 10:07 AM CDT

Dow Plummets 200+ Points

Weak jobs report leads to market troubles

(Newser) - The Dow's gain for the year is gone, thanks to today's terrible jobs report . The Dow fell more than 200 points following the report, according to the AP . At 11am EDT, it was at 12,170, down 224 points. That's a loss of about 0.3% for...

Unemployment Back Up to 8.2%
 Unemployment Back Up to 8.2% 
Jun 1, 2012 7:39 AM CDT

Unemployment Back Up to 8.2%

And US employers added just 69K jobs

(Newser) - Today's jobs report brings very unwelcome news: US employers added just 69,000 jobs last month, the lowest number in a year, and the unemployment rate ticked up to 8.2% from April's 8.1%, the first increase in 11 months. The Labor Department also had grim news...

Unemployment Falls to 8.1%, but News Not All Good

Just 115K jobs added in April: jobs report

(Newser) - The unemployment rate fell to 8.1% in April, the lowest it’s been since January 2009, the Wall Street Journal reports. But that still gets an "ouch" from blogger Steven Russolillo since just 115,000 jobs were added, when as many as 168,000 had been expected. "...

4 Things Obama Must Do to Win

 4 Things 
 Obama 
 Must Do 
 to Win 
robert reich
Apr 24, 2012 7:55 PM CDT

4 Things Obama Must Do to Win

Robert Reich: It's time for a clear economic strategy

(Newser) - President Obama's economic message is that "we're on the right track" and we should give him more time. But if the economy "stalls"—about a 50-50 chance—the message won't hold up, writes Robert Reich in the Guardian . It's time for Obama to...

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