economy

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AmEx to Ax 4K Jobs in $800M Chop
AmEx to Ax 4K Jobs in $800M Chop 
May 18, 2009 5:48 PM CDT

AmEx to Ax 4K Jobs in $800M Chop

Cuts are in addition to 7K workers laid off last fall

(Newser) - American Express said today it plans to slash 4,000 jobs as part of an $800 million cost-cutting plan, CNNMoney reports. The cuts are in addition to 7,000 workers slated last fall to be laid off. Amex also plans to reduce operating costs and investment spending. The company "...

Maestro Wages May Sink US Orchestras
 Maestro Wages 
 May Sink US 
 Orchestras 
analysis
May 16, 2009 7:54 PM CDT

Maestro Wages May Sink US Orchestras

(Newser) - Overpaid maestros had better accept slimmer paychecks before America's great orchestras sink into silence, John von Rhein writes in the Chicago Tribune. With the Great Recession raging and musicians accepting pay cuts, big-name conductors like Lorin Maazel and James Levine still rake in millions. Welcome to "the dirty little...

US Immigration Slows, Delaying Minorities' Rise

Won't form majority until 2050s; security, economy take toll

(Newser) - Immigration laws and the recession have slowed the growth of America’s immigrant populations, delaying the date when minorities will become the majority by as much as 10 years, the AP reports. Estimates had pointed to 2042, but it now could be another decade as growth slowed from 4% in...

Iraq, Economy Stalling, May Be Broke by Next Year

Drop in oil price has gutted nation's income

(Newser) - Some people thought Iraq wouldn't be affected by the worldwide economic downturn, says an Iraqi economist. "Those people were stupid." At the very least, they were wrong: Sales of consumer goods are in the basement, along with real estate, and the unemployment rate hovers around 25%. Surpluses from...

No Recovery In Sight for Small Business

(Newser) - Wall Street and Washington financial gurus may be seeing “green shoots” of economic recovery, but small businesses are still stuck in the mud, Kevin Kelly writes in Newsweek. Kelly, the CEO of a bag manufacturing company, says too many colleagues' businesses are losing sales, laying off workers, or shutting...

Recession Could End in 3rd Quarter: Economists

(Newser) - Our long national nightmare could soon be over: Top economic forecasters expect the recession to end by the second half of this year, Reuters reports. In a new survey, experts predict the GDP will shrink by 2.8% this year but edge up 1.9% in 2010. Even so, economists...

In Recession, Sewage Tour, Offbeat Destinations Thrive

Offbeat local museums, tours see record demand

(Newser) - With fancy island getaways now out of most people's price range, alternative attractions are gaining ground, Newsweek reports. Local families have begun flocking to Louisiana's oil rig museum, San Francisco's sewage-plant tour, and Ireland's Famine Museum, perhaps in a spirit of "things are bad, but at least they're not...

Experts Fret as Americans Squirrel Away Income

Savings rate jumps over job, portfolio fears

(Newser) - Even after the economy rebounds, the US will likely remain a nation of penny pinchers—and that has economists worried, the New York Times reports. Consumer spending accounts for 70% of the country’s GDP, but Americans, fretting over job security and losses in the housing and stock sectors, are...

Layoffs Slow as Unemployment Hits 8.9%, Worst Since '83

539K positions cut; jobless rate hits 8.9%, highest since 1983

(Newser) - The pace of layoffs slowed in April when US employers cut 539,000 jobs, the fewest in 6 months; economists had expected 620,000 job cuts. But the unemployment rate climbed to 8.9%, the highest since late 1983, as many businesses remain wary of hiring in a climate of...

Bargain Brewskies Buoy Breweries

Cheap beer sales are rising faster than pricier options

(Newser) - Cheap brews are giving breweries just the boost they need during tough times, reports the Wall Street Journal. Economy suds such as Busch, Miller High Life, and Pabst Blue Ribbon are rising faster than the nation's overall beer sales and helping companies weather the economic storm. A short time ago,...

Bernanke Sees Economy Stabilizing

But not going to improve quickly

(Newser) - It looks like the economy is stabilizing, Ben Bernanke told the congressional Joint Economic Committee today, but recovery won’t be quick, and there are still “sizable job losses” on the horizon. “We continue to expect economic activity to bottom out, then to turn up later this year,...

In Hard Times, Big Donors Don't Flaunt It

Some seek subtlety as neighbors struggle

(Newser) - In hard times, big givers are staying out of the spotlight, the Chronicle of Philanthropy reports. Some 19% of donations of $1 million or more in the past 10 months have been anonymous, compared with 3%-5% over the past 10 years. Donors often stay nameless to keep other charities from...

3 Million US Job Openings Isn't a Good Thing
3 Million US Job Openings Isn't
a Good Thing
ANALYSIS
May 1, 2009 2:26 PM CDT

3 Million US Job Openings Isn't a Good Thing

Figure shows troubling disconnect between employers, workers

(Newser) - Even with the unemployment rate shattering records, 3 million jobs nationwide remain unfilled. But the growing mismatch between employers and workers tarnishes that silver lining, Peter Coy argues in BusinessWeek. Untrained job-seekers often don’t have necessary skills to work in growing sectors like health care and accounting, and employers...

Economy Shrinks Faster Than Expected in 1st Quarter

6.1% pace fueled by biz cutbacks, export drop

(Newser) - The US economy shrank at a worse-than-expected 6.1% pace at the start of this year as sharp cutbacks by businesses and the biggest drop in US exports in 40 years overwhelmed a rebound in consumer spending. Today's Commerce Department report dashed hopes that the recession's grip on the country...

Iran Prez: No Talks Without Preconditions
 Iran Prez: 
 No Talks 
 Without 
 Preconditions 
TALK SHOW ROUNDUP
Apr 26, 2009 10:07 AM CDT

Iran Prez: No Talks Without Preconditions

Gibbs: WH 'very serious' about swine flu outbreak; Summers: recession will worsen

(Newser) - Rebuffing President Obama’s call for beginning US-Iranian negotiations without preconditions, Mahmoud Ahmadinejad pushed instead for a “clear-cut framework for talks.” In an interview from Tehran, the Iranian president told ABC’s This Week, “The agenda should be clear,” and complained that Obama didn’t respond...

March New Home Sales Down 0.6%
March New Home Sales Down 0.6%
Apr 24, 2009 11:09 AM CDT

March New Home Sales Down 0.6%

But that's good news: Numbers are actually better than expected

(Newser) - New US home sales dipped slightly last month but still beat expectations as builders start to see long-awaited encouraging signs about the housing market—including a dip in the inventory of new homes for sale. Sales fell 0.6% in March to a seasonally adjusted annual rate of 356,000,...

Obama Could Try Some of His Vaunted Fiscal Responsibility

Administration involved in major economic gambles

(Newser) - In a recent speech at Georgetown, President Obama outlined his plans for the economy. The funny thing is, David Brooks writes in the New York Times, "he sounded like a cultural conservative." The president talked about the good old days and vowed to end fiscal irresponsibility. In short,...

Zimbabwe Central Bank Stole Cash to Stay Solvent

Governor admits pilfering private accounts to keep ministries running

(Newser) - Zimbabwe's central bank governor admits he took money from bank accounts of private businesses and foreign aid groups without permission to keep the country's cash-strapped ministries running. Gideon Gono said today he loaned money from the private hard-currency accounts to the government. He says the accounts will be reimbursed when...

Fed Swears Stimulus Won't Spike Inflation

Central bank will 'adapt flexibly' and one day reverse rescue plans

(Newser) - The Federal Reserve's plans to plunge more money into the economy are “necessary, safe, and effective" and “will not lead to adverse aftereffects,” Ben Bernanke's top deputy said today. Giving a speech at Vanderbilt University, Fed Vice Chairman Donald Kohn admitted that the Fed's balance sheet...

Don't Get Excited, Crisis Isn't Over: Krugman

Tough times ain't over—and we can't afford 'complacency'

(Newser) - We’re hearing about “glimmers of hope" from policymakers, but the president’s biggest lefty naysayer has a word of warning: “Don’t count your recoveries before they’re hatched,” Paul Krugman writes in the New York Times. “Premature optimism” has been disastrous during previous downturns,...

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