economy

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Bruni to G8: Don't Let Recession Kill AIDS Funding

We've made progress—now don't let economy destroy it

(Newser) - Carla Bruni-Sarkozy gets in the op-ed game today, urging G8 leaders who are converging on L’Aquila, Italy, to continue the commitment their predecessors made 8 years ago to fighting HIV/AIDS in Africa. The earlier initiative helped the Global Fund to Fight Aids, Tuberculosis and Malaria save some 4 million...

Traffic Congestion Dips as Economy Falters

US sees two-year congestion decline for first time ever

(Newser) - Drivers are spending less time stuck in rush-hour traffic for a second straight year, the first-ever 2-year decline in congestion. Blame high gas prices and the economic downturn, which have forced many Americans to change how they commute. In individual cities, Los Angeles traffic is getting better but is still...

Biden: Obama Team 'Misread' the Economy

 Biden: Obama 
 Team 'Misread' 
  the Economy 
TALK SHOW ROUNDUP
Jul 5, 2009 11:00 AM CDT

Biden: Obama Team 'Misread' the Economy

Colin Powell 'concerned' by Obama's spending

(Newser) - Joe Biden conceded today that the Obama administration “misread” how bad the economy actually was and that now the unemployment rate is “much too high,” The Hill reports. In an interview taped in Iraq with This Week, the vice president also said the US doesn’t intend...

June Jobless Rate Hits 9.5%, a 26-Year High

363K job cuts predicted

(Newser) - Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5% and suggesting that the economy's road to recovery will be bumpy. The Labor Department report released today, which shows 100,000 more jobs shed than expected, indicates that even...

How Fluffy Towels May Point to Economic Recovery

(Newser) - Everyone's reading tea leaves to figure out where the economy's headed, and Time finds reason for hope in something it calls the "Bed, Bath & Beyond barometer." The retailer's profits were up in the first quarter, and same-store sales weren't as bad as expected. This is especially...

Facing $24B Shortfall, Calif. Gets No Love From Feds

Washington refuses state's requests for aid

(Newser) - California may be the world’s 8th-largest economy and key to President Obama’s re-election, but requests for financial aid are falling on deaf ears in Washington, Politico reports. The Golden State remains deadlocked over a $24 billion budget deficit, and many of its own officials are unsympathetic. “Why...

Why Car Rentals Are Pricey in Great Recession

Airfares, hotel rates fell, but rental rates have started back uphill

(Newser) - Hoping for a cheap car rental in the Great Recession? Sorry, car rental fees are going up, thanks to agencies selling off chunks of their fleets and creating a false shortage, Michelle Higgins writes in the New York Times. Last month, the average weekly airport rental price jumped 73% over...

Fed Keeps Interest Rates at Record Low

Economy picking up, but not enough that inflation is a worry

(Newser) - The Federal Reserve says the recession is easing, but that the economy likely will remain weak and keep a lid on inflation. Against this backdrop, the Fed held a key bank lending rate at a record low of between 0% and 0.25%, and pledged again to keep it there...

Recession Will End This Year
 Recession Will 
 End This Year 
OECD report
Jun 24, 2009 6:53 AM CDT

Recession Will End This Year

But growth will be sluggish through 2010, says Paris development group

(Newser) - The US recession will end this year, but fragile financial markets and sapped consumer wealth will keep the pace of recovery sluggish, an influential Paris-based economic prognosticator said today. The OECD—Organization for Economic Cooperation and Development—predicted that the US economy will shrink by 2.8% this year and...

Obama's Approval Rating Softens

Economy pulls down numbers

(Newser) - Concerns over the economy are weighing down President Obama’s poll numbers, which have fallen to their lowest point since his inauguration, Politico reports. Obama’s 57% approval rating in a Gallup tracking poll this weekend remains high, but a series of recent polls find his support falling among Republicans...

Bush Knocks Obama Policies
 Bush Knocks 
 Obama Policies 
Jun 18, 2009 12:38 PM CDT

Bush Knocks Obama Policies

Says private sector is solution to economic problems

(Newser) - George W. Bush is apparently done holding his tongue. He criticized several of President Obama's major policy issues in a speech yesterday, defending his administration on interrogation, assailing nationalized health care, and saying the private sector, not the government, was key to fixing the economy, the Washington Times reports. “...

Anti-Biz Obama 'Loathes Profit Motive': Barnes

(Newser) - “Anti-business may be too crude a label” for President Obama, Fred Barnes writes in the Weekly Standard, but America's leader certainly "has a dark view of profits." Surveying Obama's appointments, policies, and remarks about business, Barnes concludes that "Obama loathes the profit motive or at least...

Report Seeks More Bank Stress Tests

First round may have underestimated unemployment

(Newser) - The US should run a second round of bank stress tests if it turns out the government was overly optimistic about the economy in the first round, says a report to be presented to Congress today. The Congressional Oversight Panel, which monitors the bailout, applauded the tests thus far, but...

Jobless Rate Hits 9.4%, But Layoffs Ease

(Newser) - The unemployment rate jumped to 9.4% in May, the highest in more than 25 years. But the furious pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September. If laid off workers who have given up looking for new jobs or have settled for part-time...

Bernanke Sees Slow Recovery, Despite Positive Signs

Still hopes economy will grow by year's end

(Newser) - The US has a long way to go before the economy returns to full health, despite hopeful signs, Ben Bernanke told the House budget committee today. “Recovery will only gradually gain momentum and that economic slack will diminish slowly,” the Fed chairman said. With businesses cautious, “the...

New Budget Airline Launches With 1 Plane, $9 Seats

First few seats are $9; all extras will cost you

(Newser) - The founder of the short-lived discount airline Skybus thinks conditions are right for a second attempt at adding service to less-used regional airports, the Chicago Tribune reports. JetAmerica will follow the model of European budget carriers like Ryanair, offering a handful of seats for $9 and charging for services like...

Recession Pushes African Immigrants to Head Home

Many opt for slower, cheaper lifestyle

(Newser) - The US recession is driving many middle-class African immigrants home, where life is slower and growth has lately pointed to a bright economic future, the Washington Post reports. Diaspora societies of immigrants say many members are planning to return to Nigeria, Kenya, and Ghana.“The people I know here...

In Recession, Sales of Sex Toys Boom

People have 'more time on their hands'

(Newser) - The recession is good news for at least one retail segment: Sales of so-called sexual enhancement devices are through the roof, Advertising Age reports. Lubricant sales jumped 32% in the first quarter, and sales of “marital aids” sold in food, drug, and mass-market stores have soared 74%. “When...

As Economy Tanks, Women Flock to Clinics

(Newser) - In this tough economy, requests for long-term contraceptives and abortions have spiked at family planning clinics, reports the Los Angeles Times. Planned Parenthood of LA County has seen its caseload jump 15% in just a year, and requests for IUDs nearly doubled in the first quarter compared to a year...

Backward 'Brain Drain' Calls Indians Home From US

Economy exerts pull on well-educated thirtysomethings

(Newser) - While much of the world suffers economic meltdown, India’s economy is comparatively healthy—and that may be reversing a longstanding “brain drain” of Indians to American shores, Sandip Roy reports for NPR. “It’s the hottest topic at potluck dinners all over Silicon Valley—which friend or...

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