US economy

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Job Losses Don't Add Up to Recession... Yet

Analysts say 4-year-low might be caused by teachers on vacation

(Newser) - Eye-popping job numbers rippled through Wall Street yesterday, but analysts pooh-pooh recession fears as premature. “I think it is important we take a deep breath before screaming ‘A recession is now around the corner!’” one expert says. Four thousand lost jobs may be the worst depletion...

Dollar Plummets to 15-year Low
Dollar Plummets to 15-year Low
Sep 8, 2007 1:18 PM CDT

Dollar Plummets to 15-year Low

Job loss data fuels panic about US economy

(Newser) - Panic over the state of the US economy pushed the dollar to a 15-year low against major currencies yesterday. The drop came on larger-than-expected July payroll declines, data one analyst called “simply horrific.” Many fear that the credit crunch will drive down consumer spending, igniting a recession. Investors...

Pending Home Resales Drop to Record Lows

Vicious cycle of credit crunch and housing slump continues

(Newser) - In yet another sign of the troubled housing market infecting the ailing credit market, the number of home resales plunged to a record low in July. The measure, which tracks the number of Americans signing contracts to buy previously owned homes, dropped 12.2% to 89.9, its lowest level...

Nussle's New Budget Boss Despite Dem Protests

Opposition a blow against Bush policies

(Newser) - Despite opposition from several Democrats, the Senate yesterday approved former Iowa Rep. Jim Nussle as the new White House budget director. The dissenters were largely protesting Bush’s economic policy, rather than Nussle himself, recalling the criticism they faced after approving Gen.Petraeus while opposing Iraq policy, The Hill reports.

Asian Markets Stumble on Political News

Subprime turmoil now a given; traders await central banks' moves

(Newser) - In the wake of the Japanese agriculture minister's resignation, Asian markets stumbled today ahead of uncertain US economic data. For a change, analysts didn't point to the subprime crisis to account for the Nikkei's 0.5% slide: "After all, investors have got used to news on subprime issues,"...

Recession Risk Seen in Mortgage Misery

Top economist urges immediate rate cuts to avoid catstrophe

(Newser) - Mortgage woes could spark a serious recession, a prominent economist said yesterday. National Bureau of Economic Research President Martin Feldstein said that interest rates must be slashed heavily and quickly, or declining prices and weakening home equity withdrawal could hobble the economy, Reuters reports.

Bush Promises Mortgage Relief
Bush Promises Mortgage Relief
Aug 31, 2007 2:52 PM CDT

Bush Promises Mortgage Relief

Fed agencies to offer aid to help Americans during credit squeeze

(Newser) - The government will roll up its sleeves and aid homeowners battered by the subprime mortgage crunch, but it will forsake “speculators” trying to exploit the crisis, President Bush said today. The FHA will step in and help delinquent borrowers avoid foreclosure by refinancing at lower rates, but experts predict...

Bernanke Vows to Combat Mortgage Mess

Fed ready to step in; Wall Street holds out hope for rate cuts

(Newser) - In his first comments on the subprime mortgage meltdown, Ben Bernanke today vowed the Federal Reserve “will act as needed” to contain the turmoil, preventing it from weakening the broader economy. The Fed chief pledged the central bank would “take additional actions” if necessary. “It is clear...

Mortgage Mess Was 100% Avoidable
Mortgage Mess Was 100% Avoidable
Aug 29, 2007 7:39 PM CDT

Mortgage Mess Was 100% Avoidable

Lax oversight has huge cost, American Prospect editor writes

(Newser) - Blame for the current economic disaster should be placed squarely on the shoulders of the US government, for deregulation that allowed speculators to cash in, writes the American Prospect’s Robert Kuttner. Helping boost "ordinary people" into the "propertied class" has fallen out of favor in Washington, with...

Euro Stocks, US Futures Rise, Asia Dips

Big exporters still trembling over possible US slowdown

(Newser) - European stocks and US futures advanced overnight, as traders waxed optimistic that the credit crisis won't spread to affect the broader economy. But Asian markets are more concerned about the general prospect of a US slowdown—which could hit Asia's export-heavy economy hard.

Consumer Confidence Plunges
Consumer Confidence Plunges
Aug 28, 2007 2:35 PM CDT

Consumer Confidence Plunges

Vital index hits level not seen since post-Katrina unrest

(Newser) - Consumer confidence dived in August to its lowest level since right after Hurricane Katrina in 2005. Though not as steep as expected, the drop reflects the squeeze stock market uncertainty and lower home values are putting on Americans' wallets and peace of mind, Bloomberg reports. "The things that are...

Home Prices Show Record Drop
Home Prices Show Record Drop
Aug 28, 2007 11:21 AM CDT

Home Prices Show Record Drop

Consumer confidence off too; the credit market is to blame, again

(Newser) - The credit market is continuing to weigh on economic indicators, Bloomberg reports, as home prices and consumer confidence both notched records in their downward swoon. A report released today showed home values down an unprecedented 3.2% in the second quarter. Consumer confidence this month fell to its lowest levels...

5 Signs That Augur the Fall of the Bull

A look at reliable indicators that the bear market is ascendant

(Newser) - After reaching a high in mid-July, the Dow has taken a sharp downturn. But how do you know when the bloom is off the rose? Here are Money magazine's five signs that usually precede a fall:
  1. Sudden surge in oil prices
  2. Treasury yields run up

HSBC Shops for Controlling Stake in KEB

Bank looks to strengthen presence in Korean economy

(Newser) - HSBC is in talks to buy a controlling stake in Korea Exchange Bank from the U.S. private equity group Lone Star. A local newspaper has reported that the deal would be worth $4.5 billion. HSBC wants to strengthen its presence in the Korean economy, and Lone Star has...

Dems' New Deal Can't Be Same as Old Deal

Financial crisis calls for tough choices, says Prospect editor

(Newser) - If current market turbulence becomes a full-blown recession, a Democratic president would need revolutionary changes to solve America’s financial troubles, writes American Prospect editor Robert Kuttner. "In the short run, a faltering economy is a political windfall for Democrats," he contends, but pointing fingers at the GOP...

Credit Crunch Hits Bond Market
Credit Crunch Hits Bond Market
Aug 20, 2007 3:36 AM CDT

Credit Crunch Hits Bond Market

Tight corporate borrowing could slow economy

(Newser) - Ripples from the credit crisis have reached the corporate bond market—threatening to slow down the economy by seriously limiting the ability of major corporations to borrow money for new projects,  the Washington Post reports. Credit problems have already begun to bite into the future plans of Hertz, ...

Paulson: Downturn Won't Provoke Recession

Economy tough enough to take market turmoil

(Newser) - The current turmoil in the financial markets will take its toll on the economy, but  won't cause a recession, Treasury Secretary Henry Paulson tells the Wall Street Journal in his first interview since the downturn began. Paulson says the crisis comes in the context of a very strong global economy—...

Market Opens Sharply Down
Market Opens Sharply Down
Aug 16, 2007 10:18 AM CDT

Market Opens Sharply Down

(Newser) - US stocks dipped this morning, following steep declines in Europe and Asia as distress over the expanding credit crisis heightened. The Dow Jones sank over 100 points this morning, and the S&P was off nearly 0.8% after erasing its entire year's gains yesterday. "Everyone is waiting for...

Loan Giant Downgraded to 'Sell,' Faces Bankruptcy

Top US mortgage lender caught in the squeeze

(Newser) - Loan giant Countrywide saw its shares plummet 13% yesterday after the company experienced trouble borrowing money in the market for short-term debt. A Merrill Lynch analyst downgraded the stock from "buy" to "sell," sparking talk of possible bankruptcy, reports the LA Times. Before today's open, the company...

Inflation Softened in July
Inflation Softened in July
Aug 15, 2007 9:52 AM CDT

Inflation Softened in July

Housing slump, fuel prices weaken spending

(Newser) - Consumer prices in the US in July rose at the slowest rate in eight months. The housing slump—and fuel costs—have weakened consumer spending considerably, forcing retailers to slash prices, Bloomberg reports.  Prices rose only rose 0.1% in July, as predicted by analysts. Yields of U.S....

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