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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: US economy

US economy stories: 303 news summaries

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(Newser) - Fed chief Ben Bernanke fielded questions from the public in an unprecedented town hall meeting last night, the Kansas City star reports. Sounding every bit like a candidate running for office, Bernanke defended his moves during the recession and financial crisis, saying he had learned from his predecessors' mistakes in... More »

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Ben Bernanke • Federal Reserve • US economy • town hall meeting • bailout • financial crisis

Analysis

Good News: We've Hit Bottom!

Of course, the
bad news is:
We've hit bottom!

Jul 24, 09 9:13 AM CDT
(Newser) - Former Fed vice chairman Alan Blinder has some good news and some bad news about the economy, and it’s the same news: We’ve hit bottom. Third-quarter GDP should turn positive, and the fourth quarter could even hold an upside surprise. Growth of 3% or even 4% is utterly... More »

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Federal Reserve • US economy • GDP • economy • Alan Blinder • US gross domestic product • financial crisis

(Newser) - President Obama's top economist is confident that swift action by the administration averted disaster, ABC News reports. “We were at the brink of catastrophe at the beginning of the year,” Larry Summers says, “but we have walked some substantial distance back from the abyss.” Summers credits... More »

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economic growth • US economy • economic stimulus package • Obama administration • financial crisis • President Obama • Lawrence Summers • National Economic Council • economists • economic recovery

(Newser) - President Obama got his usual hero's welcome overseas, but this trip seemed "jarring and discordant" back in the US, writes Cynthia Tucker in the Atlanta Journal-Constitution. Our economic news keeps getting worse by the day, yet at summit after summit, “photos of the Obamas in resplendent, gold-bedecked... More »

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Europe • G8 summit • US economy • economic stimulus package • summit meeting • Obama administration • President Obama • economic crisis • palaces

 Buffett: Economy Still 
 in 'Shambles' 

It'll take a while to 'wring out excesses'

Jun 24, 09 2:32 PM CDT
(Newser) - The US economy is still in “shambles” even though the crisis in the financial system has abated, Warren Buffett told CNBC today. “It takes a while,” the investor said. “There were a lot of excesses to be wrung out and that process is still underway.”... More »

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stock market • Warren Buffett • recession • US economy • financial crisis

OECD report

 Recession Will 
 End This Year 

But growth will be sluggish through 2010, says Paris development group

Jun 24, 09 6:53 AM CDT
(Newser) - The US recession will end this year, but fragile financial markets and sapped consumer wealth will keep the pace of recovery sluggish, an influential Paris-based economic prognosticator said today. The OECD—Organization for Economic Cooperation and Development—predicted that the US economy will shrink by 2.8% this year and... More »

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housing market • growth • recession • US economy • economy • Organization for Economic Cooperation and Development

Burgeoning Interest Rates Threaten to Stifle Recovery

Demand for refinancing shrivels as 30-year rates hit 5.75%

Jun 11, 09 7:30 AM CDT
(Newser) - The steady rise in interest rates over recent weeks is threatening to trample the green shoots of recovery in the housing market, the Wall Street Journal reports. Rates on 30-year mortgages hit 5.79% yesterday, more than a point above the 4.75% "trigger" level analysts say spurred the... More »

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inflation • mortgage • US economy • mortgage rates • interest rate • refinanced mortgages

US Trading Partners See Huge GDP Falls

Mexico contracts
21.5% as American demand dries up

May 21, 09 6:16 AM CDT
(Newser) - Yesterday Mexico became the latest country to disclose a sharp economic contraction as a result of the slowdown in US consumption of imported goods. Mexican GDP fell at an annualized rate of 21.5% in the first quarter, following Germany, down 14.4%, and Japan, 15.2%—its worst performance... More »

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Germany • Japan • Mexico • globalization • recession • global economy • US economy • GDP • NAFTA • Japanese economy • financial crisis

College Grads Face Years of Lower Wages

Economists pile on the bad news for the struggling class of '09

May 9, 09 9:46 AM CDT
(Newser) - The recession will mean paltry pay for the Class of '09 for many years to come, economists tell the Wall Street Journal. College grads are entering the toughest labor market in 25 years and competition is driving down starting wages for those lucky enough to land jobs, an effect research... More »

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wages • employment • recession • US economy • job market • labor market • college graduates

 Hiring Healthy, 
 Even During 
 Downturn 

Dire employment figures disguise huge amount of vacancies opening up

May 6, 09 7:52 AM CDT
(Newser) - Grim unemployment figures are disguising the fact that hiring has stayed surprisingly strong in the midst of the worst postwar recession, economists tell the New York Times. In February—long before any hint of recovery emerged—4.8 million workers lost their jobs, but 4.3 million people were hired,... More »

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employment • recession • unemployment • US economy • job creation • financial crisis • hiring

OPINION

Falling Wages Compound Economic Woes

Without new stimulus, US faces Japan-style slump: Krugman

May 4, 09 8:00 AM CDT
(Newser) - From bailed-out automakers to newspapers facing cutbacks, companies across the US are slashing wages, and employees—even those with unions—are sitting still for it. While cuts may look like a good alternative to unemployment, but they're more harmful than they appear, writes Paul Krugman in the New York Times.... More »

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wages • recession • US economy • Paul Krugman • stagflation • Obama administration • salaries

Major Companies Believe
a Rebound Cometh

Firms split on whether the bottom has been reached

Apr 22, 09 6:06 AM CDT
(Newser) - Some major companies are slowly becoming optimistic about the economy again, the Wall Street Journal reports. Delta Airlines says seat sales are almost at the level they were a year ago and United Technologies says its decline in orders is stabilizing. Intel is among the most upbeat, saying "the... More »

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economic indicators • recession • US economy • retail sales • quarterly results

(Newser) - US employers cut an estimated 742,000 jobs in March, a larger drop than expected, Bloomberg reports. The figure, from a report based on private payroll data, comes days before the Labor Department is expected to make a similar announcement. If the numbers prove accurate, it would mean that employers... More »

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recession • unemployment • US economy • Department of Labor • job cuts • economic downturn

GLOSSIES

 How the US Became 
 a Banana Republic 

America is a textbook IMF case—but one without a solution

Mar 30, 09 2:51 PM CDT
(Newser) - As chief economist at the International Monetary Fund, MIT professor Simon Johnson saw a pattern in bankrupted countries from Argentina to Indonesia: "The powerful elites within them overreached in good times and took too many risks." The current US crisis, Johnson writes in the Atlantic, is "shockingly... More »

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depression • International Monetary Fund • recession • IMF • US economy • developing countries • emerging markets • Great Depression • oligarchy

OPINION

 Recession Marks the End 
 of Supersized America 





'Great Recession' comes as a reality check after decades of '80s-style excess

Mar 28, 09 11:11 AM CDT
(Newser) - The recession has brought the long '80s boom to an end, but maybe a better America can emerge from the ashes of a self-destructive age of excess, Kurt Andersen writes in a Time cover story. It was plain that the years of giddy growth that started around 1983 had to... More »

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recession • Ronald Reagan • consumption • US economy • recession depression

'Massive' Asset Purchases Likely Loom for Bernanke

Fed expected to step up purchase of mortgage securities

Mar 17, 09 7:05 AM CDT
(Newser) - The Federal Reserve is expected to step up its buying of mortgage securities after policymakers meet today and tomorrow, Bloomberg reports. The outlook for the economy and job market has gotten bleaker since the Federal Open Market Committee last met 6 weeks ago and analysts believe Ben Bernanke is likely... More »

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Ben Bernanke • Federal Reserve • recession • US economy • Federal Open Market Committee • financial crisis • TALF

In Barren Job Market,
to Get a Job, Create One

Recession becomes the mother of invention for would-be businesspeople

Mar 14, 09 9:43 AM CDT
(Newser) - New businesses are sprouting up across America as unemployed people running out of time and money decide that the only way to get a job is to create one, the New York Times reports. Economists say now is the time in the downturn cycle when "forced entrepreneurship" starts,... More »

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entrepreneurs • recession • unemployment • US economy • small business • recession depression

 18% of US Wealth 
 Up in Smoke Last Year 

Fed figures show $11 trillion was wiped out Americans' net worth last year

Mar 13, 09 6:36 AM CDT
(Newser) - Last year's stock market and housing slumps wiped out nearly a fifth of the wealth of American families, the Wall Street Journal reports. The Federal Reserve announced yesterday that  $11 trillion—more than the output of Britain, Germany and combined—was erased from the net worth of households in 2008,... More »

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stock market • housing market • Federal Reserve • recession • US economy • home prices • financial crisis • recession depression

ANALYSIS

 Odds of a Depression? 1 in 5 

Economist crunches historic stock-market data to gauge the chances of depression

Mar 4, 09 7:15 AM CST
(Newser) - The bad news is that this recession is likely to be America's worst since WWII—but the good news is there's only a 20% chance it will become a depression, Robert Barro writes in the Wall Street Journal. The Harvard economist crunched numbers from 251 stock-market crashes in 34 countries... More »

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stock market • depression • recession • US economy • economy • recession depression

ANALYSIS

Obama's 'All-In' Budget Presents Huge Risks

President banks his future on an ambitious economic reinvention

Feb 27, 09 7:06 AM CST
(Newser) - With his first budget, Barack Obama has presented a program of stunning cost and complexity that underlines his ambition to transform the United States, writes Dan Balz in the Washington Post. Its $600-billion-plus health package, taxes on the wealthy that exceed campaign rhetoric, and shocking $1.75 trillion deficit show... More »

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Barack Obama • taxes • deficit • US economy • health care reform • 2009 budget

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