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Tag Archives: recession
Bailout watchdog to audit housing program
The special inspector general for the financial bailout will examine how 10 states were selected for a $2.1 billion Obama administration plan to aid areas hit by the housing bust.
Bailout watchdog Neil Barofsky is performing the audit . . . read more Read More
A tale of 2 employment surveys, at a glance
The economy lost a net 125,000 jobs in June — the first monthly loss this year. Yet the unemployment rate fell to 9.5 percent from 9.7 percent.
How did that happen? It’s because of how the government calculates who’s employed and who isn’t. . . . read more Read More
So what exactly is a ‘double-dip’ recession?
Concerns are rising that the economy is at risk of slipping into a “double-dip” recession.
High unemployment, Europe’s debt crisis, a slowdown in China, a teetering housing market and sinking stock prices are all weighing on a fragile U.S. recovery.
So what exactly is a double-dip recession?
Robert Hall has an idea of what one looks like but no precise definition. He’s chairman of the National Bureau of Economic Research, a group of academic economists that officially declares the starts and ends of recessions . . . read more Read More
Less spending by Americans could slow recovery
Americans are pulling back on their spending, a trend that could slow the economic recovery if it continues.
A sharp drop in retail sales points to still-wary shoppers and could lead economists to curtail their expectations for growth.
Analysts cautioned against overreacting to Friday’s, June 11, Commerce Department report. It could signal a return to . . . read more Read More
Americans rebuilding wealth, slowly and unevenly
The rebuilding of Americans’ wealth is proceeding in steps rather than strides.
Households’ net worth rose last quarter — the fourth straight quarterly gain. Yet tumbling stock prices have reduced their wealth since then. Some economists say Americans’ net worth may now be down slightly for the year. That helps explain why many say it will 2012 or 2013, at best, before Americans’ wealth will return to its pre-recession levels . . . read more Read More
Industries where jobs may not return, at a glance
Three industries where many jobs may be gone for good:
— RETAIL. Retailers have lost 1.2 million, or 7.5 percent, of jobs that existed before the recession, according to Labor Department data. Robert Yerex, an economist at Kronos, a work force management company, estimates 20 percent of those jobs are never coming back.
Circuit City and Linens & Things have collapsed. Starbucks closed nearly 800 U.S. stores. Retailers closed a net total of 52,000 stores in 2008 and 2009, estimates CoStar Group, a research firm.
Remaining retailers are shifting more business online to save on costs, said Michael O’Hara of Consensus Advisors, an investment bank. Rather than stock goods at hundreds of stores . . . read more Read More
Economic rebound slowed last quarter
The economic rebound last quarter turned out to be slower than first thought, one of the reasons unemployment is likely to stay high this year.
The economy grew at a 3 percent annual rate from January to March, the Commerce Department said Thursday, May 27. That was slightly weaker than an initial estimate of 3.2 percent a month ago. The new reading, based on more complete information, also fell short of economists’ forecast for stronger growth of 3.4 percent.
The reasons for the small downgrade: consumers spent less than first estimated . . . read more Read More
Millions of jobs that were cut won’t likely return
Fewer construction workers will be needed. Don’t expect as many interior designers or advertising copywriters, either. Retailers will get by with leaner staffs.
The economy is strengthening. But millions of jobs lost in the recession could be gone for good.
And unlike in past recessions, jobs in the beleaguered manufacturing sector aren’t the only ones likely lost forever. What sets the Great Recession apart is the variety of jobs that may not return.
That helps explain why economists think it will take at least five years for the economy to regain the 8.2 million jobs . . . read more Read More
Frugality among consumers is outliving recession
Even as the economic recovery plods ahead, many American consumers are refusing to come along.
They’re not spending freely — and they have no plans to.
Many of them have steady income. They aren’t saddled by high debts. They don’t fear losing their jobs. . . . read more Read More
Small business owners consider vacations again
Karena Nigale used to take time away from her hair salon in New York’s financial district several times a year. Then the recession came, and some of her clients who worked in nearby banks were laid off.
Nigale had to let about half her staff go, and she had to take on more work. There was no way she could take a vacation.
Now, clients are getting jobs again. . . . read more Read More
Report finds it wasn’t just a ‘Mancession’
They’ve called it the “Mancession” — a recession that’s affected men disproportionately, because of its brutal impact on male-dominated sectors like construction and manufacturing.
But that term rings hollow to women like Sara Wade, an Illinois schoolteacher who became the sole supporter of two school-aged children — possibly for good, she fears — when her ex-husband, a carpenter and contractor, stopped paying child support 15 months ago. . . . read more Read More
Bernanke confident on recovery; warns on deficit
Federal Reserve Chairman Ben Bernanke told Congress Wednesday that he has confidence the unfolding economic recovery will have staying power, although it won’t be strong enough to bring quick relief to high unemployment.
Bernanke, testifying before Congress’ Joint Economic Committee, also once again called on lawmakers and the White House to come up with a plan to whittle down record-high budget deficits.
Even though sizable deficits right now are “unavoidable” given the damage wrought by the recession . . . read more Read More
Big cities see gains as boomers delay retirement
Many older Americans are staying put in traditional big cities to hold onto jobs, creating slowdowns in population growth at once-popular retirement destinations in the South and West.
Census estimates for 2009, released Tuesday, capture the impact of the housing downturn and economic recession on the nation’s counties . . . read more Read More
The Rebound: Numbers tell story of market recovery
On March 9, 2009, it felt like the world was ending.
The Dow Jones industrial average had tumbled to a 12-year low of 6,547, and looked to keep plunging. A day later, Citigroup Inc. stopped the market’s drop with news that it was turning a profit. That began the stock market’s answer to the Great Recession: the Great Rebound . . . read more Read More
Is working from home the new calling in sick?
Jeremy Lesniak owns a small Web design firm in Randolph, Vt. He has 10 employees and hundreds of clients. Sick isn’t an option.
“I have two cell phones and a pager” he said. “I have taken partial sick days or just worked from home, but I haven’t had a real one in over six years.”
The swine flu epidemic had employers desperately trying to keep sick workers at bay, calling into question companies that didn’t. But the economic meltdown has stepped up pressure on worker bees and bosses alike to produce from home rather than heal in bed, said Dave Couper, a career coach and corporate human resources consultant in Los Angeles . . . read more Read More
