US economy

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'Formidable Headwinds' Hinder Recovery: Bernanke

Weak credit and labor markets mean recovery will be slow: Fed chair

(Newser) - Ben Bernanke painted a stark picture of the economy today, warning that "formidable headwinds" are working against the incipient recovery. Despite an unexpectedly positive jobs report, the pace of expansion is likely to remain "moderate," the Fed chair said. “Despite the general improvement in financial conditions,...

Employers Offer More OT, Fewer New Jobs
 Employers Offer 
 More OT, Fewer New Jobs 
green shoots
Nov 27, 2009 1:33 PM CST

Employers Offer More OT, Fewer New Jobs

Brightening economy results in more overtime, fewer new jobs

(Newser) - Manufacturers skeptical about economic improvement are hedging their bets and forgoing hiring in favor of scheduling overtime work to fill welcome new orders. The tactic may be working for now—employees surely aren’t complaining—but the phenomenon is likely to be short-lived. “Overtime is more costly,” an...

Obama Approval Rating Dips Below 50%

Americans sour on handling of economy, Afghanistan

(Newser) - Less than half of Americans polled approve of President Obama’s performance for the first time. A new Quinnipiac survey has his job approval rating at 48%, with 42% disapproving. Other polls have his rating at 53% and 56%, and a Quinnipiac pollster admits the new number “is not...

US Needs to Regain Faith in the Future
 US Needs to Regain 
 Faith in the Future 
DAVID BROOKS
Nov 17, 2009 4:00 AM CST

US Needs to Regain Faith in the Future

China shouldn't have monopoly on dynamism

(Newser) - America needs to overcome its "crisis of faith" caused by China's phenomenal growth, writes David Brooks. Today's China is optimistic, forward-looking, and dynamic in the way America once was and should hope to be again, he points out in the New York Times . Surveys show that 86% of Chinese...

US Innovation Stagnates: Survey

Americans think China is winning—and China thinks we're on top

(Newser) - Most Americans are anxious about a future they believe will be fueled by innovation—innovation they are doubtful will come easily in this country without major changes to the education system. Nearly two-thirds of Americans say the recession has hobbled the country’s ability to innovate, and just 41% see...

Poll: Grouchy Public Sticks With Obama

Glum nation pessimistic about economy, wars

(Newser) - America's mood has crashed hard after the euphoria that greeted Barack Obama's inauguration: A recent poll shows the country in a pessimistic funk as the president struggles to revive the economy and fight two wars abroad. But Americans haven't lost all faith in Obama: His approval stands at 54%, no...

Dems Will Regret Not Being Bolder on Economy
Dems Will Regret Not Being Bolder on Economy
PAUL KRUGMAN
Nov 6, 2009 6:48 AM CST

Dems Will Regret Not Being Bolder on Economy

Voter backlash is about failure to lower unemployment

(Newser) - Paul Krugman doesn't buy the GOP conclusion that voters Tuesday rejected the Obama agenda. The election just showed that American voters are worried about their jobs, he writes, and this time next year, with unemployment still high, Democrats will likely regret not having been bolder on the economy when...

Bernanke: US Must Save More, Asia Spend More

Fed chief warns global imbalances could trigger new meltdown

(Newser) - The world economy is headed back down the drain if Asians don't start spending more and Americans don't start saving more, Ben Bernanke said at a conference yesterday. The Fed chief warned that unequal trade patterns were partly to blame for the financial crisis and that they are re-emerging as...

China's Rise Threatens to Turn US Into Britain

America will end up as an also-ran if it can't reinvigorate its economy

(Newser) - America used its financial clout to knock the British Empire into second place last century and it's in danger of receiving the same treatment from China in the not-too-distant future, writes Zachary Karabell. China is the American government's biggest creditor, much as the US was to Britain in 1946, Karabell...

Put New Stimulus to Work for Unemployed

Painful 'new normal' isn't good enough

(Newser) - Economists are buzzing about a "new normal" of higher unemployment and wage stagnation post-recession, but Americans shouldn't resign themselves to a mediocre economy, writes Harold Meyerson. Downturns triggered by banking crises usually cause higher rates of unemployment for longer periods than normal downturns, but the cycle can be broken...

Obama Mulls Tax Cuts, Spending to Goose Economy

Grim jobs outlook spurs talks on new stimulus measures

(Newser) - The Obama administration is examining new ways to boost the economy amid troubling unemployment statistics. The White House and Democratic leaders in Congress are considering strategies that include new transportation spending and an extension of tax credits for first-time homebuyers and small businesses struggling with operating losses. A proposal to...

Recession's Over, Need for More Stimulus Isn't

Job market needs big improvements now to avoid a troubled future

(Newser) - The recession may technically be over but that's no reason for policymakers to start hanging up "Mission Accomplished" banners, writes Paul Krugman. Getting complacent about the state of the economy will result in a vast amount of human misery, he says, because the job market is still terrible and...

Rise in Mergers Signals Fresh Confidence
Rise in Mergers 
Signals Fresh Confidence 
ANALYSIS
Sep 29, 2009 3:00 AM CDT

Rise in Mergers Signals Fresh Confidence

Chief execs becoming more bullish about recovery prospects

(Newser) - Mergers and acquisitions activity is still way down from pre-financial crisis levels, but a recent flurry of big deals suggests America's chief executives are regaining confidence in their own businesses. Recent mergers have involved strategic buys by big companies instead of the debt-fueled private equity buys seen a couple of...

Jobless Outnumber Jobs, 6-1
 Jobless Outnumber Jobs, 6-1 
Sep 27, 2009 10:38 AM CDT

Jobless Outnumber Jobs, 6-1

Ratio hits worst level since recording began in 2000

(Newser) - Even as the US pulls out of the recession, the ranks of the out-of-work have swelled to 14.5 million people, leaving six jobless people vying for every available job—the worst ratio since the Labor Department began keeping track in 2000. "There's too much uncertainty out there,"...

G20 Near Deal to Open Economies to Scrutiny

'Peer review' system will let nations assess each other's policies

(Newser) - The G20 is on the brink of a deal this morning that will require members to "peer review" one another's economic policies—a substantial shift that will expose the US and China to wider scrutiny from less wealthy countries. The new top table for international negotiation wants less American...

Geithner Warns of Long, Hard Road Ahead

Administration a long way from saying 'mission accomplished' on financial crisis

(Newser) - The economy is no longer on the brink of the abyss but there's a long way to go before recovery takes hold, Tim Geithner warned yesterday. The Treasury secretary told a congressional committee that while the financial system is showing signs of better health, regulation of the financial system needs...

Forget Health Reform&mdash;We Can't Afford It
Forget Health Reform—We Can't Afford It
OPINION
Sep 10, 2009 8:50 AM CDT

Forget Health Reform—We Can't Afford It

The economy should be Obama's top priority: Henninger

(Newser) - Barack Obama makes health care sound like the most pressing issue in American life, but with unemployment at 10% and the country still officially in recession, Daniel Henninger wonders why he's "draining a dwindling reservoir of presidential capital." The cost of health care may be a problem for...

Dropout Rates Turning US Colleges Into 'Failure Factories'

Students' failure to make it to the finish line is dragging down the economy

(Newser) - The failure of America's colleges to turn more freshmen into graduates is doing huge amounts of damage to the economy, David Leonhardt writes in the New York Times. Only half of those enrolled in college emerge with a degree, the worst rate of any developed country except Italy. This dismal...

In Recovery, Business Will Profit at Workers' Expense

Short-term outlook 'great for business, terrible for households'

(Newser) - The economy is slowly improving, but companies will see the benefits long before the unemployed and underemployed will, Bloomberg reports. A Department of Labor report released yesterday found that the average workweek is at a near-record low of 33.1 hours. The lack of uptick in part-time hours is an...

Obama: Ignore Reform 'Rumors'

(Newser) - President Barack Obama asked Americans to put no stock in "outlandish rumors" that health care reform will "promote euthanasia, or cut Medicaid, or bring about a government takeover of health care," in his weekly radio and Internet address today. "That's simply not true." Politico noted...

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