Service Sector Records Shocking Contraction

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• Service Sector Sees First-Hand the Economy's Tipping Point

  Apr 29, 08 3:50 PM CDT
  Restaurants across the country have been dealing with shrinking dinner rushes as the economy slows, a trend that's hit their waitstaffs flush in the wallet. Though exact figures are tough to come by, anecdotal evidence suggests tips are falling, the Los Angeles Times reports—a big problem for the third-largest US employer, and for other service-sector employees reliant on gratuities. More »

• Consumer Confidence Hits 26-year Low

  Apr 25, 08 10:59 AM CDT
  Consumer confidence fell to a 26-year low in April, as the public fretted over inflation and housing, Reuters reports. The index fell to 62.6, surpassing the 63.2 analysts had predicted. Nearly 90% said the economy is in recession. Respondents also said they were unlikely to spend their stimulus or tax-rebate checks, planning instead to save them or pay down debt. More »

• Consumer Confidence Hits 26-Year Low

  Apr 11, 08 11:10 AM CDT
  Consumer confidence hasn’t been this low since 1982, according to the Reuters/University of Michigan index, which reported a slide to 63.2 from March’s 69.5. That was lower than even the lowest estimates in a Bloomberg analyst poll. “The consumer’s feeling increasingly hemmed in,” said one economist. “The economy is in a recession.” More »

• Fed to Inject $64B Into Global Money Markets

  Dec 12, 07 10:02 AM CST
  The Federal Reserve will inject some $64 billion into the global economy, fearing that the ongoing credit crunch could spark recession. In the most significant international economic cooperation since 9/11, the Fed will supply up to $24 billion to the ECB and other central banks to ease the money supply in Europe; meanwhile four auctions stateside will make available at least $40 billion to US markets, Bloomberg reports. More »