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NEWS ABOUT: recession

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US Already a Year Into Recession: Economists

Non-traditional measurement based on employment, other statistics

(Newser) - The US economy has been in a recession since employment peaked in December 2007, a committee of economists declared today. However, MarketWatch notes, the private National Bureau of Economic Research rejects the traditional metric that recession is defined as consecutive quarters of GDP decline, opting instead to look at four... More »

Next Stimulus Plan Will Hinge on Spending

Sum may push $1T; economists say tax breaks not as effective

(Newser) - With President-elect Obama promising 2.5 million new jobs, analysts see a stimulus package that will rival, if not eclipse, the nearly $1.4 trillion spent to calm Wall Street, Louis Uchitelle writes in the New York Times. And with the economy contracting, federal spending should have a greater effect... More »

Forget the Deficit: Spend, Spend, Spend!

We need massive fiscal expansion, not budget restraint: Krugman

(Newser) - As the incoming administration prepares a massive fiscal stimulus to jolt America's floundering economy back to life, some are worrying about what billions in spending will do to the budget deficit. On the contrary, writes Paul Krugman in the New York Times: Deficit spending now will help, not harm, the... More »

Queen Takes Lead in Royal Belt-Tightening

Royal Family curbs lavish lifestyle to commiserate with strapped Brits

(Newser) - The British, from PM Gordon Brown on down, are turning to the queen for leadership during tough economic times, the Telegraph reports. The monarch has been curbing indulgences and meeting with Britons feeling the impact of the slowdown. Princes Harry and William are falling in line, beefing up their public... More »

No Snow Job: Owner Wants $500K for Vail Parking Spot

Space at prime ski destination may appeal to recession-proof snow bunnies

(Newser) - America’s economy may be going downhill, but evidently not in the ski destination of Vail, Colo., where one resident is offering a parking space close to prime slopes for $500,000, the Vail Daily reports. “There’s always somebody out there who has money to spend on a... More »

Berkeley Prof to Head Council of Economic Advisers

Christina Romer is expert on recessions

(Newser) - Barack Obama has chosen Christina Romer, a Berkeley economics professor, to lead the Council of Economic Advisers, ABC News reports. The council analyzes economic developments and recommends policy for the president. Obama will announce Romer’s appointment, along with the rest of his economic team, today. More »

What Recession? Dubai Throws $20M Party

Star-studded night boasts fireworks display visible from space

(Newser) - Rich and famous people from around the world avoided the recession blues last night by flocking to a ridiculously extravagant party on a man-made island in Dubai, Bloomberg reports. Boasting a performance from Kylie Minogue and a fireworks display that could be seen from space, the party was the emirate’... More »

In Need of a Buck, Many Donate Plasma

Donors seek 'a little extra gas money'

(Newser) - With unemployment and costs of living up, blood plasma donations are an increasingly popular option for those in need of a little extra cash, the Chicago Tribune reports. Donors compensated with $20 to $45 are an invaluable part of a $10 billion dollar industry that supplies drugs to fight hemophilia... More »

Brooks: Bottom Is Falling Out From Under Middle Class

Recession is worst for those who had barely made it

(Newser) - All boom times are alike; each recession is unhappy, however, in its own way, writes David Brooks in the New York Times. This recession will hit hardest “people who achieved middle-class status at the tail end of the long boom, and then lost it.” Even if there’s... More »

Dow Off 223 on Japan, Retail Woes

Manufacturing rises, but it's likely a mirage

(Newser) - Stocks seesawed to losses today as investors absorbed bad retailer reports and news that Japan’s economy had entered a recession, MarketWatch reports. The Dow fell 223.73 to close at 8,273.58. The Nasdaq lost 34.80, closing at 1,482.05, while the S&P 500 shed... More »

Japan Sinks Into Recession

Economic downturn could last a year

(Newser) - The financial crisis rippling through the global economy has claimed another casualty as Japan has slipped into its first recession in seven years, Reuters reports. Third quarter statistics reveal a 0.1% contraction in Japan's Gross Domestic Product. Japanese economists warn the nation could languish in recession for an entire... More »

Global Economic Crisis Threatens US Security

(Newser) - The global economic crisis is raising the threat to national security, the Washington Post reports. Experts and intelligence officials worry that mounting inflation and unemployment in Third World countries could spark radical movements and destabilize friendly governments. What’s more, strained budgets in the West mean less money to spend... More »

Tech Sector Short-Circuits

Once-insulated Silicon Valley fails to outpace slowdown

(Newser) - A sudden slowdown has sent the tech industry into a slump so severe some are comparing it to the dot-com bust, the New York Times reports. The sector was confidently chugging along as recently as September but last month saw orders for both business and consumer tech rapidly plunge—"... More »

15-Nation Eurozone Falls Into Recession

New figures confirm bloc's first ever contraction

(Newser) - The 15-nation eurozone has entered recession for the first time since the introduction of the common currency in 1999. The bloc's GDP contracted 0.2% in the second quarter, worse than expected, according to new figures released today. Several individual European nations, including giant Germany, are already contracting, and forecasters... More »

Soaring Jobless Claims Leave Stocks Flat

Jobless claims reach 7-year high

(Newser) - Jobless claims rose to a 7-year high last week, but that didn’t appear to move the needle for stocks, which barely budged at today's open. The Dow crept up 66 points, while the S&P and Nasdaq rose 0.9% and 0.4% respectively. A staggering 32,000 filed... More »

Germany, Europe's Largest Economy, in Recession

Europe's largest economy posts worse-than-expected declines

(Newser) - New figures today confirmed that Germany, Europe's largest economy and the world's top exporter, is in recession. The nation's GDP contracted 0.5% in the third quarter, far worse than predicted and the biggest decline in growth in 12 years. The magnitude of the German contraction pushed the euro down... More »

Startups Seek Ways Around Venture Capital

Twitter, others explore other revenue streams to avoid investors' raised demands

(Newser) - While Wall Street investors have taken advantage of the tanking economy to nab low-priced stocks, Silicon Valley’s venture capitalists have likewise enjoyed a buyer’s market, demanding larger ownership stakes in startup outfits in exchange for their coveted funds. Companies like Twitter—initially funded with $22 million in venture... More »

Ad Vets Sit Out Super Bowl in Tough Year

Amid layoffs, some worry pricey publicity could backfire

(Newser) - The recession has loyal Super Bowl advertisers hesitating to buy spots, worried the $6 million-a-minute publicity could backfire. FedEx is concerned it looks “wrong” to drop the dollars while “asking employees to do more with less,” the Wall Street Journal reports. NBC sold most ad spots by... More »

Short-Term Solutions to Crisis Won't Cut It: Sachs

Economist argues for systemic adjustment

(Newser) - The financial crisis can't be averted, and the Obama administration would be wise to accept that and concentrate on "a steady policy that will steer us through an unavoidable short-run recession to arrive at a much healthier economy within three to five years," writes Jeffrey Sachs for the... More »

Staggering Slowdown Hits Retail Sales

Ominous sign of dismal holiday season

(Newser) - Retail sales plummeted last month ahead of the holiday shopping season—which threatens to be the worst in decades, the New York Times reports. The downturn ran the gamut from upscale department stores to shops like the Gap. Neiman Marcus saw a 28% drop compared with the same month last... More »

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