recession – News Stories About recession - Page 48

MARKET opener

Oct 22, 2008 8:51 AM CDT

Sour Earnings Sink Stocks

Recession fears keep bears growling

(Newser) - Recession fears kept bears roaring today, as the Dow shed 230 points at the open on a spate of lousy third-quarter results. Wachovia posted a staggering $23.9 billion loss to lead a group of five gloomy blue chip reports, the Wall Street Journal reports. “We’ve seen a...

OPEC Panics as Oil Plunges

Oct 22, 2008 8:33 AM CDT

OPEC Panics as Oil Plunges

Cartel plans emergency meeting this week to cut production

(Newser) - Earlier this year the nations of OPEC were riding high as booming economic growth and tight supplies buoyed crude above $100. But now a barrel of oil is $70 and dropping fast, and frightened petroleum producers are holding an emergency meeting this week to discuss a production cut. As the...

Crisis May Cost World 20M Jobs

ANALYSIS

Oct 21, 2008 3:22 PM CDT

Crisis May Cost World 20M Jobs

Analysts see 'equal-opportunity recession'

(Newser) - The financial sector is slashing workers, and Silicon Valley employees are dropping like prices on last year's iPod. What industry is next? All of them, Moira Herbst writes in BusinessWeek. Every company relies on credit and consumer purchasing power, making this an “equal-opportunity recession,” a staffing agent says....

Oil Sinks Below $70
as Economy Tanks

Oct 17, 2008 2:20 AM CDT

Oil Sinks Below $70 as Economy Tanks

Price oil halves in 3 months as demand takes a dive

(Newser) - Dropping demand sent a barrel of oil dipping below $70 for the first time in 14 months yesterday, the Wall Street Journal reports. Prices have dropped more than 50% in three months—a sign of a deeply troubled economy, but one that could help the world recover as companies that...

Pork or Stimulus? Wrangling Sharpens Over 2nd Bailout

Oct 16, 2008 12:25 PM CDT

Pork or Stimulus? Wrangling Sharpens Over 2nd Bailout

Partisan battle lines already being drawn as economic slump appears to worsen

(Newser) - Congress’ partisan battle over the Wall Street bailout could look amateur compared to what lies ahead, the Los Angeles Times reports, as lawmakers consider a second stimulus package to keep the nation out of a steep recession. Republicans want tax cuts, while Democrats are pushing infrastructure projects and other federal...

Asian Markets Plunge Again

Oct 16, 2008 1:52 AM CDT

Asian Markets Plunge Again

Key indexes down across board amid continuing recession fears

(Newser) - Share prices tumbled in Asia again today amid fears of a US recession and a braking global economy, reports MarketWatch. The key Nikkei 225 Stock Average plummeted 10%, the Hang Seng Index dropped 7.6%, and the China Enterprises Index lost 9.9%. The MSCI Asian Pacific Index—set for...

Avon Looks to
Ailing Economy
for Growth

Oct 15, 2008 2:30 PM CDT

Avon Looks to Ailing Economy for Growth

(Newser) - Avon's cosmetic-toting army is growing as troubled economic times make door-knocking more attractive to women struggling to make ends meet, reports the Wall Street Journal. Incentives including price cuts, gas vouchers, and advice from celebrity financier Suze Orman, helped attract 5% more sales reps in the second quarter of...

Panic Has Passed,
but We Haven't Hit Bottom

Analysis

Oct 15, 2008 11:00 AM CDT

Panic Has Passed, but We Haven't Hit Bottom

Get ready for a long recession

(Newser) - The most panicky phase of the global financial crisis is likely over, thanks to the combined efforts of the world’s governments, writes Steven Pearlstein in the Washington Post. But don’t “confuse this moment of calm with a stock market bottom or a sign that a serious recession...

Global Stocks Skid
Amid Recession Fears

Oct 15, 2008 5:40 AM CDT

Global Stocks Skid Amid Recession Fears

New rash of selling in Europe and Asia despite mammoth bailout packages

(Newser) - The global market rally lost steam today as fears of a deepening recession prompted investors to resume looking for cover after profit taking—despite more than $2 trillion being pledged by governments to help thaw frozen credit markets, reports Bloomberg. Markets closed lower in Hong Kong, Seoul and Sydney. London,...

Dems Pitch $300B Plan to Jump-Start Economy

Oct 14, 2008 3:31 AM CDT

Dems Pitch $300B Plan to Jump-Start Economy

But it may have to wait until January

(Newser) - House Democrats are mulling a huge infusion of public cash to kick start economic growth, the New York Times reports. The proposal, announced after a meeting with top economists, would use up to $300 billion to create jobs in new public works projects, and boost food stamp and unemployment insurance...

What to Play When You're Poor

Oct 13, 2008 5:22 PM CDT

What to Play When You're Poor

LA Times delivers the perfect soundtrack for financial woe

(Newser) - No matter how bad the current financial situation gets, popular music offers something to ease your woes. Hope you haven't pawned that iPod just yet: the LA Times brings you the best in recession-tastic classics:

"Can't Buy Me Love" (Beatles): Single, former Lehman Bros workers will be spinning this

...

In Tough Times,
TV Goes Blue-Collar

Oct 12, 2008 1:43 PM CDT

In Tough Times, TV Goes Blue-Collar

(Newser) - As the financial crisis deepens, expect TV to trade upper-crust environs for jokes about crustiness, reports the New York Post. Entertainment execs are pushing the development of blue-collar comedies that allow for a little old-fashioned escapism. "I don't think audiences want to see a show about the fall of...

Paulson Can't Sack AIG Execs

analysis

Oct 10, 2008 6:58 PM CDT

Paulson Can't Sack AIG Execs

(Newser) - Barack Obama is probably far from alone in wanting the heads of AIG execs who staged a $440,000 employee spa retreat just after the government's bailout of the company. The question is, does Treasury Secretary Henry Paulson have the authority to can the wayward execs? Nope, explains Juliet Lapidos...

Oil Sinks to $83 on Global Panic

Oct 10, 2008 7:44 AM CDT

Oil Sinks to $83 on Global Panic

(Newser) - Oil prices plummeted to a one-year low below $83 a barrel today in European trading as investor fears of a severe global economic downturn sparked a panicked sell-off. "The whole market has lost confidence in everything," said one commodities strategist. "Everyone is worried about global growth, and...

Wary Consumers Spell
Trouble for Retailers

Oct 9, 2008 4:42 PM CDT

Wary Consumers Spell Trouble for Retailers

71% miss projections, worst showing since September of 2000

(Newser) - With the holiday season looming, retailers' only hope may be a genuine Christmas miracle. In reports on last month's business, 71% of retailers missed sales and profits estimates, making it the worst September since data collection began in 2000, MarketWatch reports. Experts widely attributed the dismal numbers to the struggling...

Calif. Portends
Recession to Come

Oct 9, 2008 9:02 AM CDT

Calif. Portends Recession to Come

The housing bubble burst there first ... is California a sign of things to come in US?

(Newser) - Trend-setting California may be the “canary in the mine shaft,” its own recession showing the rest of the country what a national downturn could look like, reports the Wall Street Journal. The state’s $1.8 trillion economy has been bludgeoned by an unemployment rate among the worst...

Wall Street's Woes Will
Breed Cheaper Gadgets

ANALYSIS

Oct 7, 2008 7:16 PM CDT

Wall Street's Woes Will Breed Cheaper Gadgets

Luxury brands will drop prices; digital media apt to boom in downturn

(Newser) - Wall Street's current tremors will be felt in Silicon Valley for years, "worst case, the next decade," John Biggs writes in TechCrunch, and that could be good news for gadget freaks. Though pinched consumers probably won't "be able to stomach even mild extravagances," luxury brands—Apple...

French Economy
Enters Recession

Oct 3, 2008 9:08 AM CDT

French Economy Enters Recession

After Ireland, it's the second EU nation in economic trouble

(Newser) - France has entered a recession. The national statistics agency projects that the economy will contract by 0.1% in the third and fourth quarters of 2008, meeting the generally accepted definition. Finance Minister Christine Lagarde blamed the troubles on high oil prices, the strength of the euro earlier this year,...

Employers Cut Payrolls at Fastest Rate
in 5 Years

Oct 3, 2008 8:22 AM CDT

Employers Cut Payrolls at Fastest Rate in 5 Years

Some 159,000 positions disappear

(Newser) - Employers slashed payrolls by 159,000 in September, the most in more than 5 years and a worrisome sign that the economy is hurtling toward a deep recession. Today's snapshot also showed the nation's unemployment rate held steady at 6.1% as hundreds of thousands of people streamed out of...

Fed Weighs
Emergency
Rate Cut

Oct 2, 2008 9:28 AM CDT

Fed Weighs Emergency Rate Cut

As economy deteriorates, inflation becomes less of a concern

(Newser) - Mounting fears that the credit crisis and continually worsening economic data will push a stagnant US economy into a severe recession has spurred the Federal Reserve to consider cutting interest rates from their current 2%, the Wall Street Journal reports. Even if the House follows the Senate in passing the...