economy

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Moody's Keeps Triple-A Rating for US, but ...

It says the outlook is 'negative;' no word yet from S&P

(Newser) - Two of the big three rating agencies have spoken, and neither is yanking the nation's triple-A credit rating—for the time being. Moody's kept the Aaa in place in the wake of the debt ceiling deal but said the rating outlook is "negative," meaning it can...

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...

More Gloom: Layoffs Hit 9-Month High

And the future is looking bleak, say economists

(Newser) - Layoffs have climbed to their highest level in nearly a year—1.78 million workers were handed pink slips in May, the most since August 2010—increasing ever-present fears about the US economy. The Wall Street Journal highlights the latest casualties: Cisco Systems plans to slash 6,500 jobs; Lockheed...

Obama: I Won't Sign Any 'Stop-Gap' Debt Deal

President says budget talks will continue 'every day'

(Newser) - Compromise was the theme of President Obama's press conference today, during which he acknowledged that yesterday's budget talks did not result in a deal—but promised that "we're gonna meet every single day until we get this thing resolved." He insisted that he and "...

Next for South Sudan: Building an Economy

Officials want to wean the new nation off oil

(Newser) - In South Sudan, the world's newest nation , 98% of revenue comes from oil—and one of the first tasks its nascent government must tackle is how to change that, since oil revenue must still be split with the north. Work will begin today on building an economy that's...

Paul Krugman: President Obama Seems to Have Accepted Republicans' Economic Fixes

 Obama Now 
 Talking Like 
 a Republican 
Paul Krugman
Jul 8, 2011 1:26 PM CDT

Obama Now Talking Like a Republican

Paul Krugman: It's getting harder to trust him on the economy

(Newser) - The way President Obama is talking lately, it sounds an awful lot like he's accepted the "economic fallacies" of Republicans, writes Paul Krugman in the New York Times . He seems more concerned about cutting the deficit and slashing spending than creating jobs. It's possible this is part...

Obama on Jobs: 'We've Still Got a Long Way to Go'

President urges Congress to act on several initiatives to juice economy

(Newser) - President Obama didn't try to put a pretty face on today's bleak unemployment figures : The numbers confirm "what most Americans already know," he said: "We still have a long way to go and a lot of work to do." He urged Congress to pass...

In This Crappy Economy, Corporate Profits Soar

There's a disconnect between profitability and jobs

(Newser) - There's a whole lot of evidence that the US' economic recovery isn’t going well—unemployment remains too high, consumer lending too low, and consumer confidence in shambles—but one place you won’t find that evidence is on corporate balance sheets. US companies are poised to post big...

Consumer Spending Weakest in 20 Months

May showed first decline since January 2010

(Newser) - Americans spent in May at the weakest pace in 20 months, a sign that high gas prices and unemployment are holding back the economy. Consumer spending was unchanged, the worst result since September 2009, the Commerce Department said today. When adjusted for inflation, spending actually dropped 0.1%—the first...

Bill Clinton's 14 Ways to Create Jobs

Clinton prepares for Global Initiative meeting—on fixing America

(Newser) - If unemployment seems like an insurmountable problem, never fear: Bill Clinton is here, and he has solutions—14 of them, which he’ll bring next week to the first US-focused meeting of the Clinton Global Initiative. Among the highlights of his jobs blueprint, as shared with Newsweek :
  • Make it easier
...

Paul Krugman: Don't Listen to Joe Lieberman--Medicare Means Savings

 Actually, We 
 Need More 
 Medicare 
paul krugman
Jun 13, 2011 9:58 AM CDT

Actually, We Need More Medicare

Lieberman's plan to raise eligibility to 67 would mean huge costs

(Newser) - Joe Lieberman’s proposal to raise Medicare eligibility to age 67 is proof that we’ve really “gone off the rails,” writes Paul Krugman in the New York Times . Really, we should be doing the opposite: extending Medicare, because it “actually saves money—a lot of money—...

Bernanke, Obama Agree: No Double-Dip

Fed chief, president expect recovery will strengthen

(Newser) - Ben Bernanke isn’t worried about a double-dip recession, despite an economy he acknowledged as unexpectedly troubled this year, reports MarketWatch . “I expect hiring to pick up from last month’s pace as growth strengthens in the second half of the year,” the Fed chairman told a meeting...

US Keeps Repeating Same Mistake on Economy

Paul Krugman: We have to worry about jobs, not the deficit

(Newser) - The US made a terrible mistake last year by not spending enough money on the economic recovery, and it's on track to repeat the error on a larger scale this year, writes Paul Krugman in the New York Times . Deficit hawks were allowed to overrule those concerned about job...

Dow Plunges 280, Erases Quarter of Year's Gains

Two bleak reports raise fears about recovery

(Newser) - Fears that the US economy is stalling sent the Dow Jones industrial average down 280 points, erasing more than a quarter of the stock market's gains for the year. A pair of reports raised new doubts about the economy's strength: A key manufacturing index fell from its April...

Kids, Law School May Be a 'Ruinous' Investment

Don't go just to wait out the job market: Elie Mystal

(Newser) - The lousy economy has lots of new college grads moving back in with the folks and heading to law school to wait out the job market. Very bad idea, writes Elie Mystal at the AbovetheLaw blog . "You know what’s worse than walking around with a bunch of college...

59% Will at Least &#39;Consider&#39; Reelecting Obama
59% Will at Least  
'Consider' Reelecting Obama
poll says
May 16, 2011 9:25 AM CDT

59% Will at Least 'Consider' Reelecting Obama

...even though 57% of voters disapprove of his handling of the economy

(Newser) - More than half of voters approve of President Obama’s job performance and would at least consider reelecting him—even though 57% of them disapprove of they way he is handling the economy, a Politico-George Washington University poll finds. Some 52% approve of the president’s work so far, and...

Paul Krugman: Budget Deficit Is Fault of Elite, Not Voters

 Blame Elite, 
 Not Voters, for 
 Deficit Mess 
paul krugman
May 9, 2011 1:50 PM CDT

Blame Elite, Not Voters, for Deficit Mess

Those 'lecturing' on deficit helped get us here in the first place: Paul Krugman

(Newser) - More and more people have been telling Paul Krugman that the budget deficit is the people’s fault: “Weak-minded politicians catered to the electorate’s foolishness.” But that viewpoint is not only “self-serving, it’s dead wrong,” writes Krugman in the New York Times . Instead, we...

Unemployment Rises to 9%, but Hiring Is Up

As more rejoin the job search, unemployment rate goes up

(Newser) - Employers added more than 200,000 jobs in April for the third straight month, the biggest hiring spree in five years. But the unemployment rate rose to 9% in part because some people resumed looking for work. The Labor Department says the economy added 244,000 jobs last month. Private...

Chrysler Turns 1st Profit Since Bankruptcy

Revenue climbs 35% as Big Three return to profitablility

(Newser) - Good news for Detroit: The Big Three automakers are all profitable once again. Chrysler has reported its first net profit since leaving bankruptcy nearly two years ago, with a net income of $116 million in the first quarter. The firm saw revenue jump 35% to $13.1 billion compared to...

Sorry, Our Economic &lsquo;Recovery&rsquo; Is Tanking
 Sorry, Our Economic 
 ‘Recovery’ Is Tanking 
henry blodget
Apr 28, 2011 12:13 PM CDT

Sorry, Our Economic ‘Recovery’ Is Tanking

Weak GDP growth is only the latest sign: Henry Blodget

(Newser) - The general consensus these days is that the economy is enjoying a steady if unspectacular recovery, writes Henry Blodget at Business Insider . After all, stocks and corporate profits are up and the unemployment rate is down. In a column headlined "Don't Mean To Be Rude, But The Economy...

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