GDP Drop Worst in 26 Years

But most remain upbeat about their future: Pew survey

(NEWSER) - The economy is doing a number on those aged 18 to 34, according to a new survey from the Pew Research Center :

• Half say they have taken a job they didn't want.
• More than a third have gone back to school because of the job market.
• Nearly a quarter have taken unpaid work to gain experience.
• About a quarter have moved back in with the folks.
• More than 1 in 5 have postponed having a baby, and about the same number have put off getting married.

It neared its post-recession peak this month

(NEWSER) - Are American shoppers at last stepping back from the ledge? The Conference Board's Consumer Confidence Index shot up 10 points in December to 64.5, the AP reports. That's its highest reading since April and closing in on its post-recession peak of 72, which was achieved in February. Consumers were somewhat more upbeat in their view of the economy, with that metric bumping from 38.3 to 46.7, and significantly more upbeat about their own prospects for the next six months, which rose from 66.4 to 76.4. More»

Forecast sees it at 8.6% at end of 2012

(NEWSER) - If President Obama were hoping for a quick election-year turnaround in the jobless rate, the Federal Reserve burst his bubble today. The Fed projected unemployment will be at 8.6% at the end of 2012, not much better than the 9.1% registered in September of this year, reports the Wall Street Journal . The projections don't get remarkably better after that: The Fed sees the rate at 8% by the end of 2013 and 7.7% the following year. More»

Meanwhile, new unemployment claims fell

(NEWSER) - The US’ total economic output shot up 2.5% from July through September, after two dismal quarters of rising just 0.4% and 1.3%, according to a new GDP report released today. Consumers amped up their spending on both durable goods and services, and business investments soared 16.3%—indicating that we may not be in for a second recession after all. More»

At least new industries arose in the 1930s: Leonhardt

(NEWSER) - There's never a Great Depression around when you need one, apparently. Despite its misery, "the United States economy was quietly making enormous strides during the 1930s," argues David Leonhardt in the New York Times . Americans were getting a better education—high school, back then—while industrious entrepreneurs were inventing television, mass marketing refrigerators, and improving railroads. "It would clearly be nice if we could take some comfort from this bit of history," writes Leonhardt. "If anything, though, the lesson of the 1930s may be the opposite one." More»