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NEWS ABOUT: recession depression

Expect Unemployment to Keep Rising

Companies still aren't sold on a long-term recovery

(Newser) - Anyone hoping that today's worse-than-expected news of 10.2% unemployment means we've hit rock bottom is going to be disappointed, writes Megan McArdle . "This figure is likely to get worse before it gets better." Companies need more proof of a long-term recovery before committing to new hires. In... More »

Recession Leads to Uptick in Teen Runaways

Increase in fleeing juveniles strains social services

(Newser) - More and more young Americans, including many under 13, have left home or been kicked out as foreclosures, unemployment, and the rising cost of living make conditions in lower-income homes even tougher than usual. Experts and government studies estimate that 1.6 million juveniles leave home each year, though there... More »

Many Jobs Are Gone Forever

Employment picture likely to remain grim for years, and predicting winning industries is a challenge

(Newser) - The job market is likely to be grim for years to come—economists expect that even if job creation returned to the brisk pace of the ‘90s, unemployment wouldn’t return to 5% until 2017. And for many of the unemployed, the numbers belie the real problem: The positions... More »

Calif. Budget Cuts Means Ax Falls Sooner for Strays

Holding period halved from 6 days to 3; may doom lost pets before owners can find them

(Newser) - California's budget deal could mean lost family pets meet the Grim Reaper sooner rather than later, reports the San Francisco Chronicle. The deal cuts the time shelters are required to hold animals from six days to three, and officials fear the move could mean animals in shelters lacking resources will... More »

Staycations Rule Labor Day Weekend

Recession prompts many to cut out leisure travel

(Newser) - Many Americans feeling the bite of the recession will forgo a Labor Day getaway this weekend, instead opting for stay-at-home activities, Bloomberg reports. AAA predicts that weekend travel will fall by 13% from last year. “We need to be a little bit more reserved with the times the way... More »

Women Gain as Recession Batters Male-Dominated Fields

Men have lost 3 times as many jobs as women since Dec. 2007

(Newser) - The US job market is closer than ever to gender equality because the recession has most heavily affected male-dominated industries, USA Today reports. Women held 49.83% of the nation’s jobs as of June. Since the recession began in December 2007, 74% of the 6.4 million jobs lost... More »

Survey Finds Unemployed 'Traumatized'

Two thirds of Americans who have lost jobs experience depression

(AP) - The recession has left many jobless workers struggling to cope with the psychological stress, a new study finds. Researchers at Rutgers University said the financial strain that comes with being out of work, combined with the daunting task of seeking new employment in a difficult job market, has left many... More »

Disney-Marvel Deal Could Signal M&A Recovery

Monday deals push August volume up 40%

(Newser) - Two major deals finished on the last day of August—projected to be the worst month for deal making since 1995—have raised expectations that the mergers and acquisitions market is finally coming out of hibernation, the Wall Street Journal reports. Monday saw Disney buy Marvel for $4 billion and... More »

Broke, California Holds Huge Garage Sale

(Newser) - Just how bad has California’s budget crisis gotten? So bad that it’s holding what it’s calling the “Great California Garage Sale” this weekend, hoping to unload piles of junk and wasteful property that the state’s accrued over the years. Hundreds of items will be available,... More »

Law School Grads Scramble as Big Firms Slash Hiring

(Newser) - Top law school grads are competing this fall for just half the number of entry-level positions big firms offered last year, in what the New York Times calls the most difficult employment season in half a century. One of New York's biggest firms has cut its hires by more than... More »

Bike Theft Victims Turn to Web Posses

(Newser) - Bike owners are turning to newer technology to help nail crooks stealing their rides by posting online pleas to lookout posses, reports the Wall Street Journal. Victims use Twitter, Facebook and other sites geared toward bikers to hook into a nation of eyes watching streets and classified ads for stolen... More »

Recession Soon Over, but Here Comes Another

Roubini: Unwinding rescue could produce 'W-shaped' recovery

(Newser) - The global recession is nearly over, but the recovery is far from certain, writes NYU professor and professional pessimist Nouriel Roubini in a Financial Times op-ed. The economist who predicted the financial crisis chides colleagues who foresee a V-shaped recovery, with a quick return to growth. Rather, the recovery will... More »

Lousy Retail Sales Will Delay Recovery

Recession isn't over as far as consumers are concerned

(Newser) - If the recession is indeed waning, nobody told consumers. Retailers of every kind reported lousy sales for the quarter ended Aug. 1, the Wall Street Journal reports. Target’s same-store sales fell 6.2%, Home Depot’s dropped 9.1% and Saks’ plummeted a whopping 15.5%. And with unemployment,... More »

New AIG CEO's Salary: $7M

Figure makes a mockery of government's 'populist image': blogger

(Newser) - The new CEO of AIG is bringing home $7 million a year to restore the bailed-out firm to health, Bloomberg reports. Robert Benmosche will receive $3 million in cash and $4 million in common stock, a regulatory filing notes. “The cash component had to be enough to attract a... More »

Desperate for Cash, People Sell Grave Sites

Final resting place is just another asset for the down-and-out

(Newser) - When she got sick, Debbie Jenkins lost her job, both her houses, and burned through her savings. Living in an unheated garage and still unable to pay rent, she discovered her last remaining asset: two cemetery plots. She posted them on Craigslist, declaring they “MUST SELL!!!” It’s... 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 »

Recession? McDonald's Is Loving It

(Newser) - Now that the recession’s supposed to be just about over, it’s time to survey the battlefield and pick out winners, and nobody was a bigger winner than the Golden Arches, writes Daniel Gross for Slate. McDonald’s sales grew more in 2008 than in 2006 or 2007, and... More »

Economy Is Only Recovering on Paper

(Newser) - If you’re the glass-half-full type, recent economic indicators look good: Unemployment fell last month, the savings rate is up, and productivity hit a 6-year high. But that same data proves that ordinary people aren’t likely to feel the good vibrations anytime soon, the Washington Post reports. “It's... More »

Cities Prop Up Homeless Camps

Squeezed shelters, recession prompt local government tolerance

(Newser) - With room tight in homeless shelters, municipalities across the US are allowing tent cities to stand—after years spent breaking up homeless clusters, the Wall Street Journal reports. In some areas, the encampments are even supplied with basic services like portable toilets and medical care. “There is no place... More »

Goldman Analyst Bullish on Stocks' Recovery

Cohen predicts S&P to gain 10% by Jan 2010

(Newser) - A top Goldman Sachs forecaster predicts the recovery in stocks that began in March should hold, Reuters reports. The S&P 500 could rise as much as 10% from its current level to top 1,050-1,100, says Abby Joseph Cohen, the chief of Goldman’s investment policy committee. "... More »

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