US economy

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Fed Quietly Loans Billions to US Banks

New program opens floodgates for short-term funds

(Newser) - US banks, struggling with liquidity and hesitant to lend to each other in the wake of the subprime crisis, have hit up the Fed for nearly $50 billion, the Financial Times reports. The loans, issued under a 2-month-old program that, one analyst says, lets them "borrow money against all...

Stocks Sink on Fed Comments
Stocks Sink on Fed Comments
MARKETS
Feb 14, 2008 3:46 PM CST

Stocks Sink on Fed Comments

Bernanke sees weak growth because of credit trouble

(Newser) - The markets fell today after three days of growth as the Fed warned that continuing credit trouble will restrain the economy and several top brokerage firms saw their earnings estimates reduced, MarketWatch reports. The Dow slid 175.26 points to 12,376.98, the Nasdaq dropped 41.39 to 2,...

Bernanke Suggests Rate Cuts Ahead
Bernanke Suggests Rate Cuts Ahead
Feb 14, 2008 9:20 AM CST

Bernanke Suggests Rate Cuts Ahead

Fed chief sees threats from employment, housing, credit

(Newser) - Federal Reserve Chairman Ben Bernanke signaled today that further interest rate cuts might be necessary, citing continuing fallout from the credit and housing market collapses, reports the Wall Street Journal. Bernanke told the Senate Banking Committee he expected "a period of sluggish growth, followed by a somewhat stronger pace...

The Playbook for a Comeback
The Playbook for a Comeback
OPINION
Feb 13, 2008 12:43 PM CST

The Playbook for a Comeback

Strategists outline how they'd take back momentum for Clinton's campaign

(Newser) - Can she get back on her feet before she’s counted out? The Washington Post’s Chris Cillizza asked Democratic strategists how Hillary Clinton could regain momentum in her faltering campaign. The four-point play:
  • Follow Bill’s “It’s the economy, stupid” lead: Put out a "white paper"
...

Soaring Costs Force Workers Out of Key West

Few remain to service the island's tourists and millionaires

(Newser) - High Key West housing costs are sparking an exodus of residents and leaving the island's tourists with too few people to serve them, the Los Angeles Times reports. Some 2,000 workers have fled in the past 7 years, a crushing blow to a county that houses 75,000 residents...

Consumers Cut Credit Card Spending
Consumers
Cut Credit
Card Spending
Feb 8, 2008 10:49 AM CST

Consumers Cut Credit Card Spending

Delinquencies rise; economists see slowdown

(Newser) - Americans may be falling out of love with their credit cards, the Wall Street Journal reports, and banks seem to be returning the sentiment. As more and more consumers are delinquent on their payments, banks in turn are tightening borrowing standards, making it harder for them to extend their credit....

GOP Senators Block Dems' Stimulus Plan

Bill to give Americans tax rebates is now in legislative limbo

(Newser) - Democrats' efforts to expand a financial relief plan for Americans hit a roadblock in the Senate today, the AP reports. Republicans were able to stymie the bill, which they say is too expensive. Democrats hoped to add $40 billion to the plan that passed the House last week; it's now...

Will That Be Cash or Cash?
Will That Be Cash or Cash?
Feb 5, 2008 9:20 AM CST

Will That Be Cash or Cash?

Americans save more, pay upfront as times get tougher

(Newser) - The collapsing housing market, shaky employment security, and uncertain economic outlook are changing Americans' buying habits: They’re paying with cash. Plastic has become synonymous with debt, helping revive the pay-as-you-go mentality, reports the New York Times. The change could have a major impact on an economy, and a culture,...

Worry Over Economy Highest in 14-Plus Years

Finances are top concern among voters: poll

(Newser) - Americans' concern over the domestic economy is at a level not seen in nearly 15 years, and voters doubt the Bush stimulus package will avert a recession, a new Washington Post-ABC News poll shows. Eight in 10 Americans rate the economy as "not so good" or "poor,"...

As US Job Growth Stalls, an Era Ends

Employment stats point to sea change in once-certain growth patterns

(Newser) - Workers who’ve lost a job are having a tougher time finding a new one as the economy contracts, marking an end to more than a decade and a half of rapid, sometimes phenomenal, US job growth, writes Business Week’s Peter Coy. The loss of 17,000 jobs in...

Pork Shortage Plagues China
Pork Shortage Plagues China
Feb 3, 2008 6:09 PM CST

Pork Shortage Plagues China

Beijing dips into pork preserve to avoid crisis

(Newser) - Pigjacking is China's latest crime. Sounds like a joke? Crooks are scoffing the swine thanks to a boom economy and a pig shortage that has hogs highly valued. With a record winter storm stranding thousands and sparking unrest, Beijing is dipping into its official pork preserve—hoping to calm a...

Bush: Trade Key to US Recovery
Bush: Trade Key to US Recovery
Jan 31, 2008 11:21 AM CST

Bush: Trade Key to US Recovery

Prez urges quick action on international deals, offers help to affected workers

(Newser) - Saying "free trade means good-paying jobs for Americans," President Bush yesterday urged Congress to approve proposed deals with Colombia, Panama, and South Korea, the core of a trade agenda he feels can revitalize a shaky US economy. Bush also offered to help lawmakers reshape benefits for workers who...

Fed Cuts Key Rate by Half Point
Fed Cuts Key Rate by
Half Point
Jan 30, 2008 1:24 PM CST

Fed Cuts Key Rate by Half Point

Officials signal further cuts possible as overnight lending rate hits 3%

(Newser) - The Federal Reserve cut a key interest rate by a half percentage point today, reports the Wall Street Journal, bringing the benchmark overnight lending rate down to 3% even as officials signaled that further cuts were possible. The widely anticipated move follows last week's emergency .75% cut to a rate...

World Economy May Dodge US Downturn
World Economy May Dodge US Downturn
Jan 30, 2008 3:01 AM CST

World Economy May Dodge US Downturn

IMF predicts slide, but not the crisis it would have been 5 years ago

(Newser) - The world economy will still catch a cold when America sneezes, but it won't be as bad as it would have been 5-10 years ago, the Washington Post reports. The International Monetary Fund predicts a 2008 global growth forecast of 4.1%—down from 4.9% last year—largely because...

US Recession May Imperil Global Tourism

UN body predicts slower international travel growth in 2008

(Newser) - The number of international tourists could decrease this year if the US falls into a deep recession, but the UN is "cautiously optimistic" that 2008 will be the fifth straight year of growth, Reuters reports. After 2007's record 898 million tourist trips, a 6.2% jump over 2006, the...

Senate Pitches Rival Stimulus Package

Larger rebates, more benefits still to come

(Newser) - The Senate has unveiled its own economic stimulus package, challenging the plan agreed to between House leaders and the White House. The Senate plan would give $500 to almost all Americans, rich and poor, and would extend unemployment benefits to the jobless, reports the Washington Post. Senators are also likely...

Bush Urges Economic Boost
Bush Urges Economic Boost
UPDATED
Jan 28, 2008 8:52 PM CST

Bush Urges Economic Boost

In Union speech, prez also backs climate change accord and troop funding

(Newser) - In his final State of the Union speech, an upbeat President Bush plugged his $150 billion stimulus plan today and urged lawmakers not to "load up the bill," CNN reports. He also advised cutting $18 billion in "bloated" programs, promised to veto pork-barrel funding, and asked policymakers...

States, Sellers Drooling Over Gift Card Sales

Retailers add revenue when they're used, but states want their share

(Newser) - After enduring tepid holiday sales, retailers are happily awaiting $8 billion from shoppers with unused gift cards—because only then can sellers claim the added revenue, BusinessWeek reports. But some US states say that their unclaimed-property laws enable them to extract a piece of the left-over card pie. What's really...

Poll: Most Expect Recession but Aren't Hurting—Yet

Poll shows majority fear for future

(Newser) - The vast majority of Americans are convinced the nation is sinking into a recession—but most are not feeling the pinch themselves and have no plans to tighten their belts just yet, according to a Los Angeles Times/Bloomberg poll. A year ago a similar poll showed widespread confidence that the...

Ford Trims Q4 Loss to $2.75B; Plans Job Cuts

Eying weak economy ahead, will offer new round of buyouts

(Newser) - Ford Motor Co. said job cuts and plant closings helped slash its fourth quarter losses to $2.75 billion, Bloomberg reports, less than half of what they were a year ago. But, adds  the Wall Street Journal, the company plans to reduce its workforce by at least another 13,000...

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