NEWS ABOUT: recession

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BofA, Feds Near Biggest Settlement in US History

Justice Dept. deal would cost bank $16B-$17B for foreclosure mess

(Newser) - Bank of America is headed toward the biggest settlement to arise from the 2008 financial crash, a deal with the Justice Department reportedly worth $16 billion to $17 billion over its role in the sale of mortgage-backed securities, a source directly familiar with the matter tells the AP . The tentative... More »

Record Number Fear Their Kids Will Be Worse Off

76% of adults think next generation will have worse life than them: poll

(Newser) - Americans are riddled with anxiety about financial prospects for their children—and the majority of them are pointing the finger at DC pols for their worries. A Wall Street Journal-NBC News poll of 1,000 adults found that a record 76% of them don't think today's kids will... More »

US Economy Shrank 2.9%— Worst Since '09

Number much higher than expected

(Newser) - The US economy shrank at a staggering annual rate of 2.9% in the January-March quarter as a harsh winter contributed to the biggest contraction since the depths of the recession five years ago. The Commerce Department says the first-quarter contraction was even more severe than the 1% annual decline... More »

Great Recession's Toll: 10K Suicides

But greater support reduced deaths, researchers say

(Newser) - The economic despair of the Great Recession led to at least 10,000 extra suicides between 2007 and 2010, according to researchers who say that is a conservative estimate—and many of the deaths could have been prevented. The study of 24 EU countries, the US, and Canada found that... More »

Recession's Legacy: Jobs That Suck

Good jobs have been replaced by bad ones, report finds

(Newser) - Employment rates in the US have bounced back to pre-recession levels but most of the jobs that have been created are a lot worse than the jobs that were lost, a report from the National Employment Law Project finds. Around 1 million higher-wage and middle-wage jobs vanished during the downturn... More »

Krugman: This Looks Like a Permanent Depression

Evidence suggests economy may never fully recover

(Newser) - When it comes to the economy, you hear a lot of talk about "exit strategies," with monetary officials resigned to the fact that, for now, "credit must be easy and interest rates low"—just until the US gets back on its feet. "But what if... More »

Middle Class Was 'Historical Fluke'—and We Let It Die

Edward McClelland thinks government action is necessary to prevent aristocracy

(Newser) - It's a sign of Edward McClelland's age that he remembers the middle class. He grew up in an automaking town in the 1970s, where even high school dropouts could get jobs that would support a family and a mortgage payment. Everyone assumed this was capitalism's triumphant endpoint,... More »

Recession Sliced Gen Xers' Net Worth in Half

They lost average of $33K each

(Newser) - Bad news for Generation X: It turns out that those born between 1966 and 1975 were hit hardest by the recession in terms of wealth loss, a Pew study finds. Between 2007 and 2010, Gen Xer's net worth was cut almost in half. Members of the generation, now ages... More »

Household Wealth Hasn't Recovered From Recession

Fed says average household has gotten back only 45% of money lost

(Newser) - The average US household has a long way to go to recover the wealth it lost to the Great Recession, a report by the Federal Reserve Bank of St. Louis concluded today. The typical household has regained less than half its wealth, the analysis found. Household wealth plunged $16 trillion... More »

Mom's the 'Breadwinner' for 40% of US Families

But in many cases, it's because she's a struggling single parent

(Newser) - You kids had better respect your moms: In a skyrocketing number of American homes, she's the one putting food on the table as stay-at-home moms become things of the past. Women are now the primary or only income source for 40% of US households with kids, according to a... More »

Sequestration May Kick Washington Area in the Teeth

Defense Department will furlough some 90K employees

(Newser) - Shrugging off sequestration as a minor 2.4% federal budget cut that plays itself out gradually? A few riders on the 595 bus to Reston, Va., feel differently, knowing Northern Virginia and the Washington metro area will suffer most from the $85 billion in cuts, the New York Times reports.... More »

Recession's Consequence: Rise of the 'Working Poor'

One-third of working families near poverty

(Newser) - The good news: More people went back to work in the US in 2011. The bad news: Many of them took lower-paying jobs, leading to an increase in the number of working poor families that year, a new analysis shows. In 2011, there were 200,000 more working poor families—... More »

EU Unemployment Hits All-Time High

Greece, Spain hit especially hard

(Newser) - Eurozone unemployment hit 11.8% in November, leaving a record 18.8 million out of work, according to data released today by the EU's official statistics agency. The figure, the highest recorded since the currency union formed in 1999, is only a touch higher than October, but a full... More »

Even Washington Bored by Fiscal Cliff

Ultimately, stakes aren't that high: Howard Kurtz

(Newser) - Last year's debt-ceiling debate had Beltway insiders on the edge of their seats—but just like the rest of the US, Howard Kurtz thinks that even those in Washington have little passion for fiscal-cliff negotiations. The fact is that "the country won’t plunge into a recession on... More »

US Birth Rate Lowest Ever

Recession's effects play big role

(Newser) - The US birthrate last year was the lowest since records began in 1920, dropping to 63.2 per 1,000 women, Pew data shows. Between 2007 and 2010, the rate fell 8% among all women aged 15 to 44. It fell 14% among foreign-born women, compared to 6% among women... More »

Eurozone Falls Back Into Recession

GDP falls for the second quarter in a row

(Newser) - The eurozone officially has a double-dip recession on its hands. The 17-nation euro bloc fell into that second dip in the third quarter, with GDP falling 0.1%, the European Union's statistics office announced today. Since that marks its second straight quarter of decline—it was down 0.2%... 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 »

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 »

Recession Quadrupled Suicide Rate

Study finds additional 1.5K deaths per year

(Newser) - The suicide rate rose four times more quickly between 2008 and 2010 than it did in the preceding eight years, a study finds, a jump of an extra 1,500 deaths per year. Between 1999 and 2007, the rate annually climbed by about 0.12 deaths per 100,000 people;... More »

US Poverty Rate Still at Record Highs

But figures still better than analysts' predictions

(Newser) - The Census Bureau says the number of Americans in poverty stood at 15% in 2011 as the number of poor remained at record highs. About 46.2 million people, or nearly 1 in 6, were in poverty. The figures were better than the expectations of analysts who had predicted an... More »

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