economy

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Becoming a Nation of Renters Might Save Us
Becoming a Nation
of Renters Might Save Us
OPINION
May 5, 2012 1:40 PM CDT

Becoming a Nation of Renters Might Save Us

It might just fuel the 'next boom': Daniel Gross

(Newser) - Homeownership is down and renting is up, and that surely means bad news for the economy and people's finances, right? Wrong, argues Daniel Gross in the Wall Street Journal . In fact, it's a beautiful thing. "The new realities of our increasingly mobile economy make it more likely...

3 out of 10 Young Adults Moving Home

'Boomerang kids' have trouble finding well-paying work

(Newser) - As many as three out of 10 young adults are moving back in with their parents—resulting in the highest share of 18- to 34-year-olds living with multiple generations since the 1950s—after finding themselves unable to find lucrative employment in this dismal economy. They're dubbed "boomerang kids"...

Wages of Young Workers Declining

They're down over the last decade, in contrast to overall numbers

(Newser) - The group getting hit the hardest by plummeting wages caused by high unemployment is the young. The hourly pay for male college graduates ages 23 to 29 fell 11% over the past decade to $21.68 while their female counterparts saw a dip of 7.6% to $18.80, reports...

Premier to Chinese: Get Ready to Buy, Buy, Buy

Consumer spending is what China needs now: Wen Jiabao

(Newser) - China's premier today called on his countrymen to spend big to boost the national economy because international markets aren't up to the job. "Expanding domestic demand, particularly consumer demand, is essential to ensuring China's long-term, robust economic development, and is the focus of our economic work...

Young Adults Put Life on Hold Over Economy

But most remain upbeat about their future: Pew survey

(Newser) - The economy is doing a number on those aged 18 to 34, according to a new survey from the Pew Research Center :
  • Half say they have taken a job they didn't want.
  • More than a third have gone back to school because of the job market.
  • Nearly a quarter
...

Consumer Confidence Soars
 Consumer Confidence Soars 
Dec 27, 2011 10:27 AM CST

Consumer Confidence Soars

It neared its post-recession peak this month

(Newser) - Are American shoppers at last stepping back from the ledge? The Conference Board's Consumer Confidence Index shot up 10 points in December to 64.5, the AP reports. That's its highest reading since April and closing in on its post-recession peak of 72, which was achieved in February....

Jobless Claims Sink to 3-Year Low

It was a surprise drop, notes Bloomberg

(Newser) - Unexpected visit from the in-laws: bad news. Unexpected drop in jobless claims: very good news. Though Bloomberg reports that economists anticipated that the number of Americans filing first-time jobless claims would hold steady around 390,000, it instead dropped by 19,000 last week, to 366,000. The last time...

Bad Economy Boosts Cremations Over Burials

They're getting even more popular, with families citing savings

(Newser) - The dismal state of the economy has prompted more Americans to choose cremation over traditional burial services to save money, reports the New York Times . Cremations have been steadily rising in popularity since 1985 (41% now vs. 15% then) but the spike has been more pronounced in the last decade....

Desperate Obama Resorts to Class Warfare
Desperate Obama Resorts
to Class Warfare
Charles Krauthammer
Dec 9, 2011 12:48 PM CST

Desperate Obama Resorts to Class Warfare

His policies have failed, so he's blaming the rich: Charles Krauthammer

(Newser) - President Obama's big speech in Kansas this week makes clear that he's going to resort to class warfare to try to win re-election, writes Charles Krauthammer in the Washington Post . With the economy in shambles, Obama is sticking to his simplistic stick-it-to-the-rich theme ("the breathtaking greed of...

Fed Sees High Unemployment All Next Year

Forecast sees it at 8.6% at end of 2012

(Newser) - If President Obama were hoping for a quick election-year turnaround in the jobless rate, the Federal Reserve burst his bubble today. The Fed projected unemployment will be at 8.6% at the end of 2012, not much better than the 9.1% registered in September of this year, reports the...

Economy Spells Defeat for Obama Re-Election Campaign
Recession Spells Doom
for Obama Re-Election
economists say
Oct 25, 2011 2:44 PM CDT

Recession Spells Doom for Obama Re-Election

...Assuming Republicans nominate someone competent

(Newser) - Barack Obama could be in trouble. An election model from economic advisory firm IHS Global Insight is predicting a “heavy defeat” for the president, with Obama collecting a measly 43.5% of the vote, MarketWatch reports. Obama still has a shot, the firm noted, if Republicans nominate an “...

The Recession Is Worse Than the Great Depression: David Leonhardt

 As Bad as the 
 Depression? If Only 
David Leonhardt
Oct 9, 2011 1:44 PM CDT

As Bad as the Depression? If Only

At least new industries arose in the 1930s: Leonhardt

(Newser) - There's never a Great Depression around when you need one, apparently. Despite its misery, "the United States economy was quietly making enormous strides during the 1930s," argues David Leonhardt in the New York Times . Americans were getting a better education—high school, back then—while industrious entrepreneurs...

Bernanke: Recovery 'Is Close to 'Faltering'

He advises Congress not to cut spending

(Newser) - Federal Reserve Chairman Ben Bernanke said today that the US economic recovery "is close to faltering" and that the central bank is prepared to take further steps to support it. (That potential action apparently pleased investors: The Dow came off the day's lows, fell a bit, then rebounded...

Next Recession Has Arrived: Economic Institute
'Vicious Cycle' of New Recession Has Started
institute says
Sep 30, 2011 6:29 PM CDT

'Vicious Cycle' of New Recession Has Started

Dozens of indexes indicate downturn: ECRI

(Newser) - The crippled US economy is already tumbling into another recession, according to one economic institute. The Economic Cycle Research Institute reports on its website that dozens of leading indexes indicate another "full-blown recession" is occurring, not a "soft landing." Why heed ECRI’s warning? "Perhaps because,...

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...

Obama Asks to Unveil Jobs Plan to Congress

He wants to address joint session on Sept. 7

(Newser) - Congress will hear about President Obama's plan to create jobs directly from the source: He has asked to address a joint session at 8pm EST on Sept. 7, reports the Hill . His plan would be delivered on the same night and the same time as a GOP presidential debate...

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...

New York Times Editors: Why the Gas Tax Is Essential

 Why the 
 Gas Tax Is 
 Essential 
OPINION
Aug 16, 2011 12:32 PM CDT

Why the Gas Tax Is Essential

It protects our highways, creates jobs, and aids the planet

(Newser) - The federal gas tax—18.4 cents per gallon—is due to expire Sept. 30. For the sake of our infrastructure, our economy, and our environment, we can’t let that happen, write the editors of the New York Times . Its expiration “would bankrupt the already stressed Highway Trust...

Paul Krugman: Rick Perry's 'Texas Miracle' Economy Pure Myth
 Rick Perry's 
 'Texas Miracle' 
 Is Pure Myth 
paul krugman
Aug 15, 2011 11:13 AM CDT

Rick Perry's 'Texas Miracle' Is Pure Myth

Texas hasn't escaped unemployment—and 'Perrynomics' wouldn't work nationally

(Newser) - Rick Perry’s campaign will probably focus on an “alleged economic miracle” in Texas, predicts Paul Krugman: People think the state “sailed through the Great Recession almost unscathed thanks to conservative economic policies," which Perry will no doubt argue that he can replicate nationwide. Thing is, there...

Crash May Have Been Worse Than Thought
Crash May Have Been Worse Than Thought
nate silver
Aug 4, 2011 12:57 PM CDT

Crash May Have Been Worse Than Thought

Nate Silver sees bad things in long-term GDP graph

(Newser) - Need a pick-me-up given today's depressing stock news ? Then be advised that Nate Silver's column in the New York Times is not for you. The stats guru plots GDP going back to 1877 and sees signs that our recent "economic crash was even worse than economists...

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