Recession's Silver Lining: We're Content With Less

Enough already with those Hawaiian jerks and their 'sunshine'

(NEWSER) - New Yorkers are the least happy Americans, according to a new study. Researchers compared residents’ self-reported happiness with “objective” measures of wellbeing, like sunshine, congestion, and air quality—and found, to their apparent surprise, that the two matched up. The states with the highest reported happiness, including sunny places like Hawaii and Florida, also ranked highest on the objective test. More»

Number of people moving at lowest since WWII

(NEWSER) - The recession, with its attendant falloff in home prices and job opportunities, has pared back the traditional American activity of relocation to its lowest level since World War II. A new study shows that 12% of Americans moved in the last two years, compared to 14% earlier this decade, 17% in the '90s, and 20% in the '50s and '60s. Usually footloose young people have shown the steepest dropoff. More»

How one country ducked the economic downturn

(NEWSER) - Australia has weathered the financial crisis better than any other developed country. Last week its central bank raised interest rates, indicating its primary concern is now inflation, not growth. What were the keys? Phil Dobbie of BNET explains:

• Befriending China: Australia used to export much of what it made to the US and UK, but over the last decade much of that trade has shifted to China. In fact, some economists argue that Australia didn’t need a stimulus package—Beijing’s stimulus was enough.

Sovereign-wealth fund to ramp up spending after quiet 2008

(NEWSER) - China’s sovereign-wealth fund has its eyes on US real estate, the Wall Street Journal reports. China Investment Corp. laid low throughout 2008 as the global economy teetered but is now opening its coffers. And depressed US commercial property values—off 35% from their peak—coupled with cheap government financing, could lead to widespread purchasing by the fund. CIC already has met with US private-equity firms. More»

(AP) - The economy is finally beginning to show signs of stabilizing in some parts of the US, bolstering hopes of a broader-based recovery this year. A Federal Reserve snapshot of economic conditions issued today finds that most of the Fed's 12 regions indicated either that "the pace of decline has moderated" or "that activity has begun to stabilize, albeit at a low level." The improved assessment raises hope that the recession, which started in December 2007, is drawing to a close. More»