US Household Wealth Falls Record $5.1T

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.

Nate Silver sees bad things in long-term GDP graph

(NEWSER) - Need a pick-me-up given today's depressing stock news ? Then be advised that Nate Silver's column in the New York Times is not for you. The stats guru plots GDP going back to 1877 and sees signs that our recent "economic crash was even worse than economists had previously believed ... and that the recovery has been even more timid." GDP is currently about $13.3 trillion "when it 'should' be $15.7 trillion based on the long-term trend," writes Silver. More»

And the future is looking bleak, say economists

(NEWSER) - Layoffs have climbed to their highest level in nearly a year—1.78 million workers were handed pink slips in May, the most since August 2010—increasing ever-present fears about the US economy. The Wall Street Journal highlights the latest casualties: Cisco Systems plans to slash 6,500 jobs; Lockheed Martin this week made a voluntary lay-off offer to 6,500; Goldman Sachs is getting rid of 1,000 jobs; even Cracker Barrel cut 60 employees. More»

Washington DC, San Fran, Atlanta see biggest gains

(AP) - Home prices in major US cities have risen for the first time in eight months, boosted by an annual flurry of spring buyers. Prices rose in 13 of the 20 cities tracked by the Standard & Poor's/Case-Shiller home-price index, according to the April report released today. Washington, DC, saw the biggest price increases, followed by San Francisco, Atlanta, and Seattle. The index, which covers metro areas that include about 50% of US households, rose 0.7%. It marked the first increase since July. The index measures sales of select homes in those cities compared with prices in January 2000 and provides a three-month average price. The April data is the latest available. More»

Two bleak reports raise fears about recovery

(AP) - Fears that the US economy is stalling sent the Dow Jones industrial average down 280 points, erasing more than a quarter of the stock market's gains for the year. A pair of reports raised new doubts about the economy's strength: A key manufacturing index fell from its April level, and private employers added just 38,000 jobs in May, according to payroll processor ADP. Analysts had expected a growth of 180,000. More»