recession

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Retailers Post Worst Month This Decade

But Wal-Mart, other discounters profit from downturn

(Newser) - November was the worst month for retail in a decade, reports the Financial Times, as stores from Macy's to Abercrombie & Fitch posted double-digit falls in sales. Mid-market stores like Target posted worse-than-expected numbers, while department stores crashed. But giant Wal-Mart, leading a small number of discounters, managed to...

Oil Prices Plunge to 5-Year Low
Oil Prices Plunge
to 5-Year Low 
Dec 5, 2008 2:43 AM CST

Oil Prices Plunge to 5-Year Low

OPEC expected to slash production to push up prices

(Newser) - Oil prices continue to plunge as demand slackens amid the global economic downturn. Oil has dropped 19% drop this week, the biggest weekly decline in five years, reports Bloomberg. Prices have tumbled 70% since reaching a record $147.27 in July, and  some predict prices may dip as low as...

Dow Loses 215 on Job Cuts
 Dow Loses 215 on Job Cuts 
MARKETS
Dec 4, 2008 3:16 PM CST

Dow Loses 215 on Job Cuts

Retailers miss estimates as consumer rein in spending

(Newser) - The markets lost value today amid data that unemployment is growing, and poor sales reports from retailers, MarketWatch reports. Traders are bracing for the worst ahead of the November jobs report, due tomorrow. The Dow fell 215.45, closing at 8,376.24. The Nasdaq dropped 46.82 to settle...

College May Be Out of Reach for Most US Kids

Middle-class families loans grow to cover rising tuition costs

(Newser) - Rising tuition costs are putting college out of reach for most Americans, a new report shows. Since 1982, college costs have gone up 439%, but median family income only 147%. That has forced the middle class to increasingly fund higher education through loans. For lower-income families—for whom public universities...

Richardson-to-Commerce Pick to be Official Tomorrow

Richardson would lead economic revival policy

(Newser) - President-elect Obama is expected to announce Bill Richardson's appointment as secretary of commerce tomorrow, Reuters reports, the latest in a string of cabinet announcements. In his new role, the New Mexico governor will lead the charge to revive the nation's economy. Richardson will be the first Latino in Obama’s...

Dow Off 679 on Dour Data
 Dow Off 679 on Dour Data 
MARKETS
Dec 1, 2008 3:20 PM CST

Dow Off 679 on Dour Data

Global manufacturing indexes report contraction

(Newser) - The stock market tumbled today amid dismal global economic data, MarketWatch reports, including a report by a group of economists that, by their measure, the US economy has been in recession since December 2007. The Dow fell 679.95 to close at 8,149.09. The Nasdaq dropped 137.50,...

US Already a Year Into Recession: Economists

Non-traditional measurement based on employment, other statistics

(Newser) - The US economy has been in a recession since employment peaked in December 2007, a committee of economists declared today. However, MarketWatch notes, the private National Bureau of Economic Research rejects the traditional metric that recession is defined as consecutive quarters of GDP decline, opting instead to look at four...

Next Stimulus Plan Will Hinge on Spending
Next Stimulus Plan Will Hinge on Spending
ANALYSIS
Dec 1, 2008 10:09 AM CST

Next Stimulus Plan Will Hinge on Spending

Sum may push $1T; economists say tax breaks not as effective

(Newser) - With President-elect Obama promising 2.5 million new jobs, analysts see a stimulus package that will rival, if not eclipse, the nearly $1.4 trillion spent to calm Wall Street, Louis Uchitelle writes in the New York Times. And with the economy contracting, federal spending should have a greater effect...

Forget the Deficit: Spend, Spend, Spend!

We need massive fiscal expansion, not budget restraint: Krugman

(Newser) - As the incoming administration prepares a massive fiscal stimulus to jolt America's floundering economy back to life, some are worrying about what billions in spending will do to the budget deficit. On the contrary, writes Paul Krugman in the New York Times: Deficit spending now will help, not harm, the...

Queen Takes Lead in Royal Belt-Tightening

Royal Family curbs lavish lifestyle to commiserate with strapped Brits

(Newser) - The British, from PM Gordon Brown on down, are turning to the queen for leadership during tough economic times, the Telegraph reports. The monarch has been curbing indulgences and meeting with Britons feeling the impact of the slowdown. Princes Harry and William are falling in line, beefing up their public...

No Snow Job: Owner Wants $500K for Vail Parking Spot

Space at prime ski destination may appeal to recession-proof snow bunnies

(Newser) - America’s economy may be going downhill, but evidently not in the ski destination of Vail, Colo., where one resident is offering a parking space close to prime slopes for $500,000, the Vail Daily reports. “There’s always somebody out there who has money to spend on a...

Berkeley Prof to Head Council of Economic Advisers

Christina Romer is expert on recessions

(Newser) - Barack Obama has chosen Christina Romer, a Berkeley economics professor, to lead the Council of Economic Advisers, ABC News reports. The council analyzes economic developments and recommends policy for the president. Obama will announce Romer’s appointment, along with the rest of his economic team, today.

What Recession? Dubai Throws $20M Party

Star-studded night boasts fireworks display visible from space

(Newser) - Rich and famous people from around the world avoided the recession blues last night by flocking to a ridiculously extravagant party on a man-made island in Dubai, Bloomberg reports. Boasting a performance from Kylie Minogue and a fireworks display that could be seen from space, the party was the emirate’...

In Need of a Buck, Many Donate Plasma

Donors seek 'a little extra gas money'

(Newser) - With unemployment and costs of living up, blood plasma donations are an increasingly popular option for those in need of a little extra cash, the Chicago Tribune reports. Donors compensated with $20 to $45 are an invaluable part of a $10 billion dollar industry that supplies drugs to fight hemophilia...

Brooks: Bottom Is Falling Out From Under Middle Class

Recession is worst for those who had barely made it

(Newser) - All boom times are alike; each recession is unhappy, however, in its own way, writes David Brooks in the New York Times. This recession will hit hardest “people who achieved middle-class status at the tail end of the long boom, and then lost it.” Even if there’s...

Dow Off 223 on Japan, Retail Woes
 Dow Off 223 on Japan, 
 Retail Woes 
MARKETS
Nov 17, 2008 3:15 PM CST

Dow Off 223 on Japan, Retail Woes

Manufacturing rises, but it's likely a mirage

(Newser) - Stocks seesawed to losses today as investors absorbed bad retailer reports and news that Japan’s economy had entered a recession, MarketWatch reports. The Dow fell 223.73 to close at 8,273.58. The Nasdaq lost 34.80, closing at 1,482.05, while the S&P 500 shed...

Japan Sinks Into Recession
 Japan Sinks Into Recession 
Nov 17, 2008 2:39 AM CST

Japan Sinks Into Recession

Economic downturn could last a year

(Newser) - The financial crisis rippling through the global economy has claimed another casualty as Japan has slipped into its first recession in seven years, Reuters reports. Third quarter statistics reveal a 0.1% contraction in Japan's Gross Domestic Product. Japanese economists warn the nation could languish in recession for an entire...

Global Economic Crisis Threatens US Security

(Newser) - The global economic crisis is raising the threat to national security, the Washington Post reports. Experts and intelligence officials worry that mounting inflation and unemployment in Third World countries could spark radical movements and destabilize friendly governments. What’s more, strained budgets in the West mean less money to spend...

Tech Sector Short-Circuits
 Tech Sector Short-Circuits
Nov 15, 2008 7:09 AM CST

Tech Sector Short-Circuits

Once-insulated Silicon Valley fails to outpace slowdown

(Newser) - A sudden slowdown has sent the tech industry into a slump so severe some are comparing it to the dot-com bust, the New York Times reports. The sector was confidently chugging along as recently as September but last month saw orders for both business and consumer tech rapidly plunge—"...

15-Nation Eurozone Falls Into Recession

New figures confirm bloc's first ever contraction

(Newser) - The 15-nation eurozone has entered recession for the first time since the introduction of the common currency in 1999. The bloc's GDP contracted 0.2% in the second quarter, worse than expected, according to new figures released today. Several individual European nations, including giant Germany, are already contracting, and forecasters...

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