recession

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Recession Finds Place in Rap's Latest Hits

Jay-Z, Young Jeezy, Lil Wayne among those referencing sour economy

(Newser) - The ugly economy is making more than a cameo in today’s hottest rap music, with Young Jeezy taking the cake by naming his latest album The Recession. Rap’s often been a barometer of such huge swings, Sara Libby writes, noting the impact last year of Barack Obama’s...

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...

Recession Trims Carbon Emissions 3%

There's less industrial activity, and more countries look to alternative fuels

(Newser) - The recession will help the world achieve something this year few laws have been able to: cut the output of greenhouse gases. Emissions will be down 3% mainly due to lower industrial activity, the International Energy Agency said today, with countries also helping by switching to alternative energy sources.

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...

Many Jobs Are Gone Forever
 Many Jobs Are Gone Forever 
ANALYSIS
Oct 5, 2009 2:28 PM CDT

Many Jobs Are Gone Forever

Employment picture likely to remain grim for years, and predicting winning industries is a challenge

(Newser) - The job market is likely to be grim for years to come—economists expect that even if job creation returned to the brisk pace of the ‘90s, unemployment wouldn’t return to 5% until 2017. And for many of the unemployed, the numbers belie the real problem: The positions...

Condé Nast Axing Gourmet, 3 Other Titles

Magazine publisher could lose $200 million this year, industry sources say

(Newser) - Condé Nast will shut down iconic foodie magazine Gourmet as well as newer title Cookie and Brides offshoots Modern Bride and Elegant Bride, CEO Charles Townsend announced today. Hundreds of jobs will be lost in the company’s biggest single day of closings, the New York Post reports. The publishing...

Unemployment Now Lasts Longer Than Benefits

(Newser) - A rough milestone on the jobless front: The average length of time it takes to find a job—26.2 weeks—now exceeds the standard length of unemployment benefits—26 weeks. That's first time it's happened since the Labor Department began keeping stats 60 years ago, reports Bloomberg. The bit...

Unemployment Hits 9.8%
 Unemployment Hits 9.8% 
Oct 2, 2009 7:51 AM CDT

Unemployment Hits 9.8%

Employers cut 263,000 jobs, more than expected

(Newser) - More evidence that jobs are bringing up the rear in the economic turnaround: Employers shed 263,000 jobs in September, more than August and far more than expected, raising the unemployment rate to 9.8%. Most of the job losses came in fields such as retail, construction, and manufacturing, notes...

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...

IMF: Global Recession Is Over
 IMF: Global Recession Is Over 
Oct 1, 2009 5:37 AM CDT

IMF: Global Recession Is Over

World economy is growing, but recovery will be slow

(Newser) - The global recession is over, the International Monetary Fund said today, revising its economic forecasts in response to Asian growth and more than $2 trillion in stimulus packages worldwide. The IMF now says the world economy is growing and will expand by 3.1% in 2010, with China growing at...

'Billionaire Bloodbath' Costs America's Super-Rich $300B

Mere multi-millionaires make it into Forbes 400 as slowdown shrinks fortunes

(Newser) - America's 400 richest people became a whole lot poorer over the last 12 months, according to the latest Forbes list. Their total wealth fell by a whopping $300 billion to a total $1.27 trillion, with 314 of the 400 experiencing a fall in fortunes. A Forbes editor described the...

Don't Hate Me: I'm Just Here to Clean Up
 Don't Hate Me: 
 I'm Just Here 
 to Clean Up 
FORECLOSURE FRONTLINES
Sep 30, 2009 12:07 PM CDT

Don't Hate Me: I'm Just Here to Clean Up

Clearing the detritus of owners' dreams from bank-owned homes

(Newser) - Cindy Reid doesn’t want you to think she and her boss—and boyfriend—are the “bad guys.” But it is difficult when her man is the one “you never want to see pull up to your house. He has eyes that go flat when you offer ...

US Poverty Rate Hits 11-Year High

First figures since recession reveal decline in incomes

(Newser) - The share of Americans living in poverty soared to 13.2% last year, its highest level since 1997, according to new census data. Median household income also fell, to $50,303 from $52,163 the previous year. Latinos have suffered the most from the recession. Their median income dropped by...

'Cupcakists' Find Happiness in a Simple Pastry

Cultural movement extols the virtues of butter and frosting

(Newser) - Johnny Cupcakes operates stores that sell cupcake-themed merchandise—shirts and stickers bearing a skull-and-crossbones logo with a cupcake instead of a skull—but not cupcakes. Johnny Cupcakes sells the idea of cupcakes, a symbol of an uncomplicated, untouchable childhood pleasure, safe from the stresses of adult life, writes Jennie Yabroff....

Most Americans Favor 'Soak the Rich' Tax
Most Americans Favor 'Soak
the Rich' Tax
NEW POLL
Sep 28, 2009 5:47 AM CDT

Most Americans Favor 'Soak the Rich' Tax

Populism is in, and half think Wal-Mart best symbolizes America

(Newser) - As if tea parties weren't screamingly pointing to its existence, there lurks a deep vein of populism in recessionary America, and a wide-ranging Vanity Fair/60 Minutes poll ran into it. Some 48% of respondents chose Wal-Mart, though the mag notes an element of cynicism, as the firm that 'best symbolizes...

In Tough Times, Families Reselling Burial Plots

Cemeteries report brisk sales of late

(Newser) - People struggling with bills and other earthly concerns are unloading burial plots at a fast clip. One Florida cemetery made as many “buybacks” in the first half of this year as in all of 2008, another in Ohio reports a similar spike, and ads are plentiful on funeral property...

CityCenter: Las Vegas' $8.5B Stimulus Bet

Hotel-casino-condo-shopping behemoth brings 12K jobs, optimism to battered state

(Newser) - A gigantic addition to the Las Vegas Strip is a one-stop stimulus package for a city and state walloped by the recession and an $8.5 billion bet that happy days are near again. With 12,000 jobs, the CityCenter project—a kaleidoscope of condominiums, boutique hotels, shopping, and, of...

Fed Holds Rates Steady, Says Economy 'Picked Up'

(Newser) - The Federal Reserve today decided as expected to hold a key bank lending rate at a record low near zero and pledged to keep rates there "for an extended period." The Fed also declared that "economic activity has picked up following its severe downturn" and said it...

Business Is Booming on Appalachian Trail

In echoes of Depression-era hobos, hikers subsist on bartered farm labor

(Newser) - The Appalachian Trail has been packed this year, as the unemployed wait out the bad economy by hiking almost 2,200 miles between Maine and Georgia—and often pay for the journey by working as they go, the Wall Street Journal reports. The trail offers a subsistence lifestyle—hikers budget...

Cost-Cutting Companies Target No. 2 Execs

Corporations eliminate second-in-command roles to save on costs

(Newser) - Cost-cutting at American's largest corporations is hitting the executive suite, with CEOs rolling up their sleeves to take on more day-to-day responsibilities and laying off their No. 2s. In the 18 months leading up to June 2009, 40 major companies eliminated COOs or presidents, the Wall Street Journal notes, while...

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