economy

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Only One Country Beat US for Most Competitive Economy

Switzerland is No. 1 in World Economic Forum ranking

(Newser) - One of Donald Trump's platforms during the presidential campaign was to "restore America's competitive edge," but the US might not be doing so shabby after all. Quartz , which features the World Economic Forum's new Global Competitiveness Report , notes that the United States has actually ascended... More »

President Obama Saved the Economy. It Wasn't Enough

Why his presidency was a bloodbath for the Democratic Party

(Newser) - Faced with an "economy in crisis" when he took office in 2008, President Obama preached recovery. And he actually accomplished it, leaving behind a legacy of higher wages and nearly full employment. So why then does his legacy also include "the more than 1,000 Democrats who lost... More »

Half of 30-Year-Olds Don't Make What Their Parents Did

New study casts 'American dream' in troubled light

(Newser) - The American dream isn't dead, but it's got one foot in the grave, according to new research . The Washington Post reports that 92% of people born in 1940 earned more money at 30 years old than their parents did when they were the same age. Researchers say doing... More »

Clinton Blasts 'Outlandish Trumpian Ideas' on Economy

She accuses Trump's economic plan of only looking out for Trump

(Newser) - Hillary Clinton accused Donald Trump's economic plan of including "outlandish Trumpian ideas that even Republicans reject" during a speech Thursday responding to Trump's economic speech earlier this week, the New York Times reports. “He wants America to work for him and his friends at the expense... More »

'Basic Income for All' Plan Goes Down in Flames

Swiss voters overwhelmingly reject proposal

(Newser) - A Swiss proposal to ensure that all adult citizens receive a basic income has been rejected, the BBC reports. Voters rejected it by nearly 77% to 23% in a Sunday referendum, apparently unswayed by arguments favoring a guaranteed monthly income of $2,555 for adults and $640 for children. "... More »

Janet Yellen Offers More Evidence of a Strong US Economy

Fed could raise its interest rate for first time in years

(Newser) - It's becoming more and more likely the Federal Reserve will raise its interest rates this month for the first time in nearly a decade, USA Today reports. The economy has already hit the Fed's goal of 5% unemployment and is closing in on its goal of 2% inflation,... More »

Are Americans Ready to Buy a Car Made in China?

GM may import the Buick Envision next year

(Newser) - Will US consumers buy a car made in China? General Motors may be about to find out as the company mulls importing its Buick Envision from China, where more than 57,000 of the "compact crossovers" were sold in the first half of this year, Automotive News reports. A... More »

Krugman: Greece Holds an Important Warning for US

But it's not the one you're hearing about the most

(Newser) - Republicans are pointing to Greece and saying it holds a warning for the US—too much debt and too much borrowing will bring us doom. Paul Krugman agrees that Greece offers a lesson for Americans, but he draws a different one: Don't listen to those Republicans, who have been... More »

Here's How Much We Spend to Get Married

The Knot survey finds the average wedding cost $31,213 in 2014

(Newser) - In what some are calling one sign of an improving economy, if at the expense of newlyweds, a new survey by The Knot finds that the average cost of a US wedding jumped to $31,213 last year, marking a five-year high when adjusted for inflation. In its eighth report,... More »

CIA Analyst: Next Great Depression 'About to Strike'

Jim Rickards sees bad news in the Fed's 'Misery Index'

(Newser) - A CIA analyst known for his dire economic predictions is speaking up again, warning that the next Great Depression may be right around the corner. Jim Rickards, a "financial threat and asymmetric warfare adviser" for the CIA, tells Money Morning that Americans should be preparing for a $100 trillion... More »

Top Threat to Rare Languages: Growing Economies

Zoologist turns from endangered animals to endangered tongues

(Newser) - There are some 6,909 languages spoken today, but many are on the decline, and the biggest reason, researchers find, is economic growth. Researchers studied the 649 languages for which growth and decline data was available to determine the leading factors driving the change, Science magazine reports. In order to... More »

'Mystery Woman' Leads the US Economy

Fed Chief Janet Yellen hasn't revealed strong policy leanings—yet

(Newser) - Just what is percolating in Janet Yellen's mind? The "diminutive woman with a pixie haircut"—oh, and chief of the US Federal Reserve—has emitted vague policy signals but divulged no clear plan (as Fed chiefs are wont to do), Politico reports. Some see a progressive with... More »

Don't Be Surprised if Stocks Drop 50%

Henry Blodget says we should at least be prepared for the possibility

(Newser) - The Dow tanked more than 300 points today, and the market in general has been "sputtering" of late, writes Henry Blodget at Business Insider . So are we on the brink of that correction everyone seems to be talking about? Blodget says that he, like everyone else who writes about... More »

Economy Shrank 1% in Q1

It's the first time since 2011—but it's temporary: economists

(Newser) - For the first time since 2011, the US economy shrank in the first quarter—by 1%. Economists expected a 0.5% drop, but tell the AP that the Q1 numbers had to do with the harsh winter. Thanks to stronger manufacturing, faster job growth, and more retail spending, the fall... More »

The Internet's Workforce Is Faceless

We've forgotten that huge deals have a human toll: George Packer

(Newser) - Early 20th-century America had its factory workers; later decades had store employees. But today's Internet economy hides the faces of its workers, writes George Packer in the New Yorker . "Amazon’s workforce is made up mainly of computer engineers and warehouse workers, but when you think of Amazon... More »

Good News, Economy: Workers Are Quitting

'Quit rate' is highest since recovery began

(Newser) - In November, some 1.8% of the workforce, or 2.4 million people, abandoned their jobs, the Labor Department says—and though some were retiring or leaving work behind altogether, most were exiting because they wanted to find, or had already secured, new jobs. It's the highest "quit... More »

Today's the Day: Long-Term Jobless Benefits Expire

More than 1M affected

(Newser) - A political fight on Capitol Hill becomes very real today for about 1.3 million Americans: Their long-term unemployment benefits expire. In the latest budget deal, lawmakers didn't extend the 5-year-old federal emergency program that provides an average of $300 a month to people who have used up their... More »

Corporate America Likes High Unemployment Rates

It gives companies more leverage over workers, writes Paul Krugman

(Newser) - Benefits for the long-term unemployed run out tomorrow, which Paul Krugman thinks is not only a travesty but a reminder that we need to make reducing unemployment a top priority. The problem is that the political will to do so isn't strong, he writes in the New York Times... More »

Economy Grew 4.1% in Q3

It's the best mark since 2011

(Newser) - The US' GDP grew at a 4.1% annualized rate in the third quarter, its best showing since the last three months of 2011, the Commerce Department announced today. The number is revised upward from the Department's initial 3.6% estimate. Economists surveyed by Bloomberg had been expecting that... More »

October Jobs Report Surprisingly Strong

Shutdown didn't torpedo numbers after all

(Newser) - Last month's government shutdown was supposed to throw a wet blanket on this morning's jobs numbers, but they turned out to be fairly strong. The economy added 204,000 jobs in October, almost double what analysts expected, reports the AP , which calls it an "unexpected burst of... More »

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