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NEWS ABOUT: economy

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Student Debtors Steering Clear of Auto, Home Loans

New Federal Reserve Bank of New York study shows declining borrowing rates

(Newser) - The well-documented and much-fretted over explosion in student loan debt could be doing serious damage to the housing market and auto industries, as graduates strive to avoid going deeper into debt, according to an analysis posted on the Federal Reserve Bank of New York's blog . For the first time... More »

We Need Confidence, but We Get 'Dr. Doom'

Peggy Noonan thinks Obama is missing the jobs crisis, again

(Newser) - President Obama didn't recognize the scope of the jobs crisis in his first term, and he's making the same mistake in his second, writes Peggy Noonan in the Wall Street Journal . Instead of public-works projects, we got health care reform, and its costs are only making employers even... More »

China Tops US in Global Trade

Chinese end America's post-war trading dominance

(Newser) - Hello, empire? China announced that it has surpassed the US in at least one economic category, becoming the world's top trading nation in goods. China says that last year its combined imports and exports barely edged out America's, $3.87 trillion to $3.82 trillion, the Guardian reports.... More »

Most Middle-Aged Americans Plan to Delay Retirement

It's a sharp increase from just a few years ago

(Newser) - The Wall Street Journal notes a telling statistic in a new study: Nearly two-thirds of Americans age 45 to 60 say they will have to delay retirement, a jump from 42% in only two years. The pessimism comes despite a rebounding stock market, rising home prices, and a general uptick... More »

Economy Shrinks for 1st Time Since 2009

Unexpected GDP drop comes as defense spending slumps

(Newser) - As "firsts" go, this is an unfortunate one: The US economy contracted in Q4, marking the first time it has done so since the recession ended. The AP reports that the biggest cut in defense spending in four decades, reduced exports, and sluggish growth in company stockpiles contributed to... More »

North Korea Plans to Open Its Economy: Report

Kim Jong Un's regime hires economists for 'radical' change

(Newser) - Investors haven't exactly been dying to throw their money at North Korea—but soon they may have a chance. A German newspaper reports that North Korean leader Kim Jong Un is seeking "radical" economic change and wants to open the country to foreign investment, Der Spiegel reports. In... More »

Even a Short Plunge Off Fiscal Cliff Will Hurt

It's foolish to shrug off the dangers: Neil Irwin

(Newser) - It's widely accepted at this point that a protracted fall over the fiscal cliff will send the country plunging back into recession . But what if, as is far more likely, lawmakers blow the deadline by just a few weeks? Conventional wisdom suggests it wouldn't be so bad, that... More »

Obama: Wealthy Must Pay More in Taxes

But he wants to extend tax cuts for everyone else

(Newser) - President Obama laid out the broad outlines of his plan for a deal to avoid the fiscal cliff today, and he struck two familiar themes: He wants lawmakers to freeze tax rates for the middle class and below, but he thinks the Bush tax cuts should expire for the wealthiest... More »

CBO: Fiscal Cliff Will Bring 9.1% Unemployment

We need less cliff, more 'gradual slope,' suggests forecast

(Newser) - It's not so much a surprising conclusion as a reminder of what's at stake: The Congressional Budget Office warned today that a failure to head off the fiscal cliff at year's end will probably lead to a new recession next year along with a jump in the... More »

Economy No. 1 Concern for 60% of Voters

Americans generally split on ObamaCare

(Newser) - Not a huge surprise here: Initial results from the AP's exit poll show that six out of 10 voters feel the economy is the No. 1 issue facing the US today. That's basically unchanged from 2008, when 62% of voters said the same thing . Other preliminary findings :
  • Which
... More »

Home Depot Closing 7 Big-Box Stores in China

Other US companies have learned to adapt there

(Newser) - Home Depot has learned about Chinese culture the hard way. The home improvement chain is shuttering its seven big-box stores there because the Chinese—who live mostly in apartments and have access to cheap labor—aren't interested in "do-it-yourself" supplies, the Wall Street Journal reports. So Home Depot... More »

Poll: Romney Loses Advantage on Economy

Obama now viewed as better candidate to turn it around

(Newser) - President Obama's convention plea for patience with his economic plans might have resonated: Mitt Romney is no longer viewed as the better candidate to fix the economy and create jobs in a new poll by CBS and the New York Times . Obama's advantage couldn't be slimmer—47-46—... More »

Let's Grade Obama's First Term

Nicholas Kristof rates most of his policies a 'B', but an 'F' in explaining them

(Newser) - Democrats are currently busy praising President Obama to the heavens, while Republicans are heaping scorn upon him. Nicholas Kristof thinks both sides are being over the top, and in today's New York Times , he grades the president thusly:
  • The economy—B. When Obama took office, the US economy was
... More »

'Are You Better Off?' Well, It's Irrelevant

Ezra Klein points out that the president's 'record' doesn't mean a ton

(Newser) - Mitt Romney has been feverishly reciting Ronald Regan's famous quote: "Are you better off than you were four years ago?" But that's a "dumb campaign question," Ezra Klein writes for Bloomberg , because "four years ago, George W. Bush was still president." Romney himself... More »

Romney: Hope Again With Me

He hails Bain record, talks of 5M jobs plan

(Newser) - A smiling Mitt Romney grasped hands all the way to the stage before a booming Republican National Convention tonight to hail his record at Bain Capital, lash President Obama's failed "hope and change" that America "deserved," and present his vision for the future. He pointedly wooed... More »

Ryan: It's the Economy, Stupid

He hits unemployment, debt, ObamaCare

(Newser) - Paul Ryan hit President Obama hard tonight on the nation's economic troubles—and ObamaCare—and offered a "clear choice" and goal to cut debt and put Americans back to work. "After four years of a runaround, we need a turnaround," he declared in his acceptance speech... More »

Romney Win a Sure Thing: Election Model

Model based on economy would have correctly predicted last 8 elections

(Newser) - Forget polls. If you want to know who's going to win in November, it's the economy, stupid. A new prediction model based on state-by-state economic data predicts that Mitt Romney will prevail with 320 electoral votes, snapping up nearly all of the key swing states, to President Obama'... More »

Fed Signals It's Ready to Act Soon on Economy

Minutes of meeting show members worried about recovery

(AP) - Federal Reserve officials spoke with increased urgency at their last meeting about the need to provide more help for a weak US economy. In fact, many felt further support would be needed "fairly soon" unless things improved significantly. The minutes of the July 31-Aug. 1 meeting don't say... More »

These Dates, Figures Might Decide Presidency

For starters, the last unemployment report is out Nov. 2: analysts

(Newser) - We've got three months to go before the election, and political gurus Larry Sabato and Kyle Kondik lay out some potential game-changers in the presidential race in the Wall Street Journal :
  • Sept. 7, Oct. 5, Nov. 2: The dates of the remaining unemployment reports. The last one in particular
... More »

Fed: No New Stimulus —for Now

Ben Bernanke and crew see the economy slowing but will stand pat

(Newser) - Wall Street has been waiting anxiously for a few days now to see what the Fed was going to do about the economy, and the answer arrived this afternoon: Nothing. For now. The Fed sees evidence that the economy has actually decelerated in recent months, reports MarketWatch , but it's... More »

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