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Consumer Confidence Soars

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.... More »

Economy Shows Signs of Life: GDP Jumps 2.5%

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%—... More »

Consumer Spending Jumps

Salaries and wages increase, too, in July report

(Newser) - The Commerce Department delivered a welcome bit of positive economic news today, reporting that consumer spending shot up 0.8% in July. That's the metric's best move in five months, and more or less laps the 0.4% to 0.5% economists had expected, the Wall Street Journal... More »

Rare Good News: Jobless Claims Fall

...below the all-important 400K line, to 398K

(Newser) - Here’s something you don’t see every day: good news from the labor market. New jobless claims fell by 24,000 in the week ending on July 23, to 398,000, the Labor Department announced today. That’s the lowest level of job loss since April, and significantly better... More »

Fed's Employment Forecast Should Scare Obama

It won't fall fast enough for him to look good in 2012

(Newser) - The Federal Reserve issued a dour new economic outlook yesterday, predicting that the unemployment rate, currently at 9.6%, will fall to only 9% by 2011 and 8% by late 2012. That's bad news for everyone, but especially for President Obama; Daily Intel notes that incumbents lost in four of... More »

Unemployment Stuck at 9.6%

But it's the best jobs month since May, with a net gain of 151K jobs

(AP) - US employers added the most jobs in five months in October, with the education and health care sectors leading the way. But the unemployment rate, measured by a separate survey of households, refused to budge. It remained stuck at 9.6% for the third straight month. More »

Fed: We Could Help Economy...

...But we won't just yet

(Newser) - The Federal Reserve yesterday reassured the public that it was “prepared to provide additional accommodation if needed” to support the recovery, but that it didn’t think it was needed just yet. But merely suggesting the possibility was enough to send markets in the right direction, with interest on... More »

Recession Ended Last June, Analysts Say

Tell that to the unemployed, who are likely to stay that way for years

(Newser) - Break out the champagne: The recession is over! In fact, it’s been over since June 2009, according to a new report from the National Bureau of Economic Research, an unofficial group that marks the start and end of such economic events. Things may not be great, the committee concluded,... More »

New Home Sales Take Huge Leap

Crucial metric scores biggest jump in 47 years

(AP) - Sales of new homes surged 27% last month, bouncing off the previous month's record low and blowing past expectations as better weather and government incentives boosted sales. In all, new home sales rose to a seasonally adjusted annual pace of 411,000 in March, the biggest monthly jump in 47... More »

Boom in Skin Care Sales Signals Economic Rebound

This from today's 'bizarre correlations' department

(Newser) - Turns out skin care is an economic bellwether—so you should be happy to hear that sales are picking up. Women were slow to skimp on, say, moisturizer even as sales of makeup and perfume declined, but in 2009 skin care sales finally fell by 4%, according to new research.... More »

Dr. Doom Fears a Double Dip Recession

Roubini thinks macro data contradict cheery recovery theories

(Newser) - There’s a debate raging over whether the US will recover quickly or undergo a painful double-dip recession . Guess which side eternal pessimist Nouriel Roubini is on? Dr. Doom doesn’t like the macroeconomic numbers he’s seeing. The horrendous consumer confidence, housing and employment numbers “actually suggest a... More »

Obama's Economics Are Working

Ignore the political crowd, the president's been great for business

(Newser) - President Obama doesn't get much political credit for it, but the numbers show his economic policies have been a resounding success. Since he took office, the S&P 500 is up 41%, credit spreads have narrowed, commodity prices have surged, and housing prices have stabilized, writes Mike Dorning of Bloomberg... More »

Brace Yourself, $3 Gas Is Coming Back

Average national price climbs, even though driving is down

(Newser) - Remember the good old days when gas was over $3? Well, get ready for some déjà vu. The average national price of a gallon climbed 4.7 cents last week alone, to $2.702, continuing a trend that saw it rise 76.8 cents over the past year, while... More »

New Home Sales Plummet 11.2%, Erase All '09 Gains

Drop surprises analysts, wipes out recent gains

(Newser) - New home sales took a stunning plunge in January, dropping 11.2% to a new record low, wiping out all the gains the housing market had made over the past year. The figure blindsided analysts, who had expected a 3.8% increase, according to a Wall Street Journal poll. The... More »

Ignore Glimmers of Hope, Economy's Still in the Tank

If Obama takes his foot off the gas, it'll be 1937 all over again

(Newser) - Don’t believe the hype, ignore any rising GDP or employment figures, and whatever you do don’t call it a recovery—or we’re going to wind up right back where we started, argues Paul Krugman in the New York Times . There are indeed positive numbers coming, and with... More »

Stocks Set to Cap Off Stellar Year

2009 the best year for the market since 2003

(Newser) - Stocks are expected to rise this week, capping off Wall Street’s best year in recent memory. It’s the first time in two years that stocks have posted annual growth, and for the S&P 500, it could be the best year since 2003. Though the economy is far... More »

Forget the Rosy Stats: The Little Guy Is in Bad Shape

Economy far worse off than statistics indicate

(Newser) - Don’t believe the rosy official statistics; for most Americans, the economy is in incredibly bad shape, according to the economist some call “Dr. Doom.” We’re looking at a tale of two economies, Nouriel Roubini writes in the Globe and Mail . For top businesses, it’s recovering... More »

Economy Grows in Q3, Signals End of Recession

Tenuous 3.5% growth is best showing in two years

(AP) - The economy grew at a 3.5% pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes. The Commerce Department's report today delivered the strongest signal yet that the economy entered a new, though fragile, phase of recovery and that the... More »

Unemployment Hits 9.7%, but Job Losses Are Slowing

(Newser) - The US lost 216,000 jobs last month, driving unemployment to 9.7%, its highest level since 1983, the Wall Street Journal reports. The silver lining is that job losses have slowed; payrolls dropped a revised 276,000 in July, and earlier months saw losses of as many as 700,... More »

Pinched Writer Picks Up the Toilet Brush

(Newser) - Even with two degrees and a book deal, Rebecca Golden has had a tough time keeping her bank balance above zero, she writes for Salon, so she's turned to an edifying, if often terrifying, sideline: cleaning houses. “I suppose I could find other ways to make ends meet,”... More »

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