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October 8, 2008 4:48:02 AM CDT

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Stories related to: US economy

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  • November 2007

    • Subprime Nightmare to Get Worse

      Wall Street Journal  |  Nov 24, 07 2:28 PM CST

      Subprime Nightmare to Get Worse

      (Newser) - The subprime mortgage crisis is only just beginning, new data suggests. Hundreds of billions of dollars in subprime adjustable-rate mortgages are due to reset to higher rates in the year ahead, reports the Wall Street Journal . Analysts say this means the steep rise in defaults and foreclosures this year may be just the crest of a wave.  More »

      Tags

      US economy  • subprime mortgages  • foreclosure  • mortgage  • homeowners  • housing industry

    • Black Friday as Bargain Hunt

      New York Times  |  Nov 24, 07 7:17 AM CST

      Black Friday as Bargain Hunt

      (Newser) - On the traditional first day of the Christmas season, shoppers swarmed stores, as always, but the mood was less festive than anxious, reports the New York Times , as consumers flocked to discount chains, and hunted down bargains. Beset by worries about gas prices, adjustable-rate mortgages, and a skittish stock market, many bypassed more expensive retailers. Analysts are already calling this the "trade-down" holiday shopping season. More »

      Tags

      US economy  • shopping  • holiday shopping  • discounts

    • Greenspan Has 'No Particular Regrets'

      Bloomberg  |  Nov 23, 07 5:41 PM CST

      Greenspan Has 'No Particular Regrets'

      (Newser) - The US housing market crisis is not the result of Federal Reserve policies but part of a global phenomenon, former Fed chair Alan Greenspan says. "I have no particular regrets," he said yesterday in Oslo. "The housing bubble is not a reflection of what we did, as it is a global phenomenon," Bloomberg reports. More »

      Tags

      US economy  • subprime mortgages  • housing crisis  • Alan Greenspan

    • Black Friday Getting Longer

      Associated Press  |  Nov 22, 07 8:08 PM CST

      Black Friday Getting Longer

      (Newser) - Stores will open earlier than ever on Black Friday, with midnight openings becoming more common, the AP reports. Wal-Mart, in fact, began its sales today. "You sell two sweaters and you've broken even,” said one analyst. But Gap chief Glenn Murphy will be out with the hordes, then crunching numbers. “There is a point from an industry perspective where you get diminishing returns.” More »

      Tags

      US economy  • business  • shopping  • JCPenney  • chain stores  • The Gap  • department stores

    • Fed's 3-Year Outlook Is Gloomy

      Financial Times (UK)  |  Nov 21, 07 12:23 PM CST

      Fed's 3-Year Outlook Is Gloomy

      (Newser) - In a word: Grim. That’s the crux of the Federal Reserve’s economic outlook for the next three years, with 1.8% to 2.5% growth forecast for 2008 and a slow gathering of momentum in 2009 and 2010, the Financial Times reports. And key factors from credit surprises to unexpected fourth-quarter losses in the stock market could send the economy spiraling. More »

      Tags

      US economy  • economic growth

    • Subprime Woes Hit New York Law Firms

      Bloomberg  |  Nov 21, 07 10:52 AM CST

      Subprime Woes Hit New York Law Firms

      (Newser) - The continuing mortgage crisis and tightening credit markets are claiming a new batch of victims: Lawyers. Layoffs at Clifford Chance, the world's highest-grossing law firm, have started, Bloomberg reports, and up to 5% of salaried associated at New York law firms may get the ax as work on mergers, acquisitions and private equity deals slows down. Experts say they’re the first major cuts since the technology bubble burst in 2001. More »

      Tags

      US economy  • subprime mortgages  • unemployment  • lawyer  • attorney

    • Goldman Sees $2T Credit Shortfall, Major Slowdown

      Bloomberg  |  Nov 16, 07 10:44 AM CST

      Goldman Sees $2T Credit Shortfall, Major Slowdown

      (Newser) - The subprime mortgage crisis that has cost financial companies $400 billion and triggered what one banker is calling the worst housing market since the Great Depression will force a $2 trillion credit squeeze that could set off a “substantial recession” in the US, reports Bloomberg. Goldman Sachs said the economy could grow a sluggish 1.9% in 2008. More »

      Tags

      US economy  • subprime mortgages  • recession  • mortgage crisis  • Goldman Sachs  • credit

    • Starbucks Reports First Dip in Customers

      Bloomberg  |  Nov 15, 07 9:51 PM CST

      Starbucks Reports First Dip in Customers

      (Newser) - Starbucks reported its first-ever decline in US customer visits today, reports Bloomberg. The coffee juggernaut lowered its profit and sales forecast, and shares of its stock fell 8.3%. The profit revision suggests that Starbucks is losing customers to McDonald's and Dunkin' Donuts, where a cup of coffee may cost $1 or less.  More »

      Tags

      US economy  • Starbucks  • coffee  • McDonald's  • gourmet coffee  • breakfast sandwiches

    • Asian Stocks Plunge on US Slowdown Worries

      New York Times  |  Nov 12, 07 7:02 AM CST

      Asian Stocks Plunge on US Slowdown Worries

      (Newser) - Renewed anxiety over the US sub-prime crisis and Friday's Wall Street slump ignited a stock dump in Asian markets today, hammering the Japanese Topix index to a two-year low and sending the dollar’s value against the yen to its lowest point in 18 months. Hong Kong’s Hang Sang index in Hong Kong, was down 3.9%, and South Korea’s Kospi index fell 3.4%, the New York Times reports. More »

      Tags

      stock market  • US economy  • Japan

  • October 2007

    • Chinese Pension Fund Considers US Private Equity Deals

      Financial Times (UK)  |  Oct 30, 07 9:25 AM CDT

      Chinese Pension Fund Considers US Private Equity Deals

      (Newser) - China, suffering buyer’s remorse after investing in US private equity firm Blackstone, is taking its time before diving back into that end of the financial pool, reports the Financial Times . The Big Three of US equity firms, Carlyle, KKR, and TPG, are each seeking a minority investment from China’s Social Security Fund, which has some $61.5 billion in assets. More »

      Tags

      China  • US economy  • Bear Stearns  • Blackstone Group  • Citic Securities Co.

    • UBS Reports $712M Q3 Loss, $4.4B in Writedowns

      Bloomberg  |  Oct 30, 07 8:36 AM CDT

      UBS Reports $712M Q3 Loss, $4.4B in Writedowns

      (Newser) - The subprime mortgage mess claimed another casualty today: Zurich-based UBS reported its first quarterly loss in nearly five years, a $712 million hit that drove down share prices as much as 1.9%, reports Bloomberg. UBS reported $4.4 billion in losses and writedowns on mortgage securities. And more writedowns may be to come in the fourth quarter, the bank warned. More »

      Tags

      US economy  • subprime mortgages  • corporate earnings  • banking  • UBS

    • US New-Home Sales Rebound in September

      Wall Street Journal  |  Oct 25, 07 12:25 PM CDT

      US New-Home Sales Rebound in September

      (Newser) - In the face of dismal August numbers, sales of new homes in September increased 4.8%, driven by demand in the western US, the Wall Street Journal reports. Despite the unexpected bump, the updated August figures, which reflect an 11-year low, are fueling worries the economy will remain pinned under the weight of the sagging housing market. More »

      Tags

      US economy  • housing market  • home sales  • housing sales

    • CA Fires Won't Harm Economy in Long Term

      Los Angeles Times  |  Oct 24, 07 12:15 PM CDT

      CA Fires Won't Harm Economy in Long Term

      (Newser) - California’s runaway wildfires are not likely to do longterm damage to the state’s economy, the Los Angeles Times reports—in fact the disaster could be a boon to some sectors. One of those is construction: In the first nine months of the year, construction jobs were down 3% from the previous year; a massive, insurance-backed rebuilding effort could revive the business.  More »

      Tags

      California  • US economy  • recession  • wildfires  • construction  • insurance  • home builders

    • Economic Woes Sink Retail Sales

      Bloomberg  |  Oct 23, 07 6:08 PM CDT

      Economic Woes Sink Retail Sales