economic growth

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Obama Budget Relies on Rosy Growth Estimates

(Newser) - President Obama is more optimistic about the nation's economic prospects than most economists, Bloomberg reports. His budget plan forecasts a GDP contraction of 1.2% this year, followed by a 3.2% expansion in 2010. The median forecast of economists calls for a contraction of 2% this year and growth...

Japan Economy Shrinks by Most in 35 Years

4th-quarter contraction of 3.3% was 3 times worse than US

(Newser) - Japan's economy contracted by a shocking 3.3% in the fourth quarter of 2008, three times worse than the US and the worst performance in 35 years. The Financial Times reports that a sharp drop in exports contributed to the slump—the third straight quarter of negative growth. The figures...

Bush Years Were Dark for US Economy
Bush Years Were Dark for US Economy
Jan 12, 2009 11:49 AM CST

Bush Years Were Dark for US Economy

'We really went nowhere for almost 10 years,' says economist

(Newser) - The Bush years have not been good ones for the economy, the Washington Post reports, based on an analysis of economic data and discussions with economists of all stripes. Job growth for Bush’s tenure amounts to just 2%, the smallest 8-year gain on record, and GDP grew at its...

Chinese Exports See First Drop in 7 Years

Unexpected 2.2% fall has analysts fearing major crisis for powerful economy

(Newser) - China’s exports have taken a sudden, unexpected hit from the global economic crisis, possibly an early indication that the world’s fourth-largest economy is on the verge of crisis. Exports, expected to rise at least 15%, shrunk instead by 2.2%, marking the first such fall in 7 years...

To Avoid Recession, Cheer Up: Aussie Pol

Finance minister pushes power of the positive

(Newser) - Australia's finance minister apparently didn't see what happened to Phil Gramm  last summer when he declared that the US economic slowdown was "mental" and called Americans a "nation of whiners."  The recession would disappear, said Ken Henry, if Australians would  just buck up, Australia’s News...

GDP Grew More in Q2 Than First Reported
GDP Grew More in Q2
Than First Reported
Economy
Aug 28, 2008 12:06 PM CDT

GDP Grew More in Q2 Than First Reported

Commerce Department revision shows healthier growth

(Newser) - GDP growth was higher than initially reported in the second quarter, the Wall Street Journal reports. Commerce Department revisions put the increase at a seasonally adjusted 3.3% annual rate—the original estimate was 1.9%. Businesses decreased their inventories less than previously thought. At the same time, exports rose...

World Economy Falls With US
 World Economy
 Falls With US
Aug 24, 2008 4:53 AM CDT

World Economy Falls With US

Nations hit hard by mortgage crisis, high fuel costs

(Newser) - Gone is the hope that the global economy will stay strong as America's financial fortunes flag. The world’s largest economies are showing signs of a slowdown, the New York Times reports. Japan, Germany, France, Italy, Spain, the UK, even famously fast-growing India and China are all taking a hit....

Oil Drops; Stocks Follow
 Oil Drops; Stocks Follow  
MARKETS
Aug 4, 2008 3:35 PM CDT

Oil Drops; Stocks Follow

Gray day on Street ahead of Fed's policy meeting

(Newser) - Stocks closed down today, giving back gains from an early rally despite a nearly $4 drop in crude oil prices as worries about economic growth and inflation persisted, the Wall Street Journal reports. The Dow fell 42.17 to close at 11,284.15, the Nasdaq lost 25.40 and...

Stocks Fall on Economic Reports
 Stocks Fall on Economic Reports
MARKETS
Jul 31, 2008 3:19 PM CDT

Stocks Fall on Economic Reports

Two-day rally quashed, ending July on a sour note

(Newser) - Stocks fell today as worrying economic reports put an end to a 2-day rally, MarketWatch reports. Financials slipped, and energy stocks took a hit as Exxon’s record profit failed to meet analysts' expectations and crude prices continued to fall. The Dow dropped 204.69 to 11,379.00. The...

How Government Can Buy You Happiness
 How Government 
 Can Buy You Happiness 
OPINION
Jun 19, 2008 3:30 PM CDT

How Government Can Buy You Happiness

Economists need to start thinking about quality of life

(Newser) - While the jury's still out on whether money can buy happiness, a higher gross domestic product certainly doesn't. In rich countries, well-being really does depend on non-material things like family stability, a friendly community, and job security—and economists should start incorporating quality-of-life issues into policy, John Cassidy writes in...

US Should Welcome New World Order
 US Should Welcome 
 New World Order 
OPINION
May 5, 2008 10:00 AM CDT

US Should Welcome New World Order

'Rise of the rest' good news for America, Zakaria argues

(Newser) - The age of American dominance is ending, and Americans should be fine with that, writes Fareed Zakaria in his new book The Post-American World. In an excerpt in Newsweek, Zakaria argues that America’s long-preached globalization gospel has produced a prosperous “post-American” landscape. “It is the rise of...

4 Months to Go: Is China Ready for Spotlight?

Country is proud to host Games but worries abound

(Newser) - The last-minute drama brewing in the runup to this summer's Olympic Games is of a more global and more personal nature than the infrastructure issues of Olympics past—and Chinese leaders are bristling under the scrutiny, the Chicago Tribune reports. But pride in the country's hosting gig remains strong, even...

Jobless Claims Hit 2-Year High
 Jobless Claims Hit 2-Year High 
Apr 3, 2008 12:34 PM CDT

Jobless Claims Hit 2-Year High

End-of-March increase way over expectations

(Newser) - New unemployment claims increased to a two-year high last week, the Wall Street Journal reports. A total of 407,000 Americans filed for jobless benefits, an increase of 38,000 over the previous week and the most since 2005. The surge in claims far surpassed the outlook of economists in...

Stocks Bearish on Factory Data
Stocks Bearish on Factory Data
MARKETS
Feb 21, 2008 3:45 PM CST

Stocks Bearish on Factory Data

Dow drops nearly 143 points on weak manufacturing news

(Newser) - Energy and industrial shares led the markets on a decline that saw all the major indexes fall more than 1%, MarketWatch reports. A drop in oil prices hurt energy stocks, and the Philadelphia Federal Reserve said regional manufacturing had contracted. The Dow fell 142.96 points to 12,284.30,...

Internet Advertising to Overtake Radio Spending

Forecaster sees $$$ shift happening by 2008

(Newser) - Spending on Internet advertising will overtake radio advertising next year, a forecaster predicted today. A major advertising agency CEO said the Internet would get 9.4% of the ad market worldwide in 2008, compared to 7.9% for radio, reports AP. The two media are neck-and-neck this year, with 8....

'08 Subprime Fallout: At Least 1.4M Foreclosures

Mortgage crisis slams economy across the board

(Newser) - The subprime mortgage fallout will continue through 2008, with 1.4 million Americans facing foreclosure, municipalities losing more than $6.6 billion in taxes, and housing values plummeting up to 16%, says a US Conference of Mayors report out today. The analysis projects slowed GDP growth and consumer spending and...

Fed's 3-Year Outlook Is Gloomy
Fed's 3-Year Outlook Is Gloomy
Nov 21, 2007 12:23 PM CST

Fed's 3-Year Outlook Is Gloomy

US economy will grow more slowly than expected

(Newser) - In a word: Grim. That’s the crux of the Federal Reserve’s economic outlook for the next three years, with 1.8% to 2.5% growth forecast for 2008 and a slow gathering of momentum in 2009 and 2010, the Financial Times reports. And key factors from credit surprises...

GDP Grows at 3.9% Clip Despite Housing Crunch

GDP tops estimates on increased consumer spending

(Newser) - The US economy grew at a brisk 3.9% pace in the third quarter despite the credit and housing turmoil buffeting Wall Street, according to Commerce Department figures released today. Overall construction spending was up—with record commercial and government spending offsetting the housing slide—while individuals increased spending 3%...

In China, Thirst for Growth Leaves Land Parched

Blistering development laps up water supply

(Newser) - Economic growth, rampant contamination, vast crops and a population explosion are sapping China's groundwater supply at an unprecedented pace. And with 20% of the world's population but only 7% of its water supply, the Chinese government is hard-pressed for solutions, the New York Times reports. "They will run out...

Beyond Chavez: The Other Latin America Is Booming

Brazil and Mexico lead in growth, reform

(Newser) - Despite the rhetorical drumbeat from Hugo Chavez, not all of Latin America is mired in poverty exacerbated by free-market extremes exported from the US, the Economist writes. Led by giants Brazil and Mexico, much of the region is actually better off now than at any time in 30 years; the...

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