economic downturn

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China Just Had Its Worst Economic Drop Since 1970s

World's second-largest economy shrinks 6.8% from a year prior

(Newser) - China suffered its worst economic contraction since at least the 1970s in the first quarter as it fought the coronavirus, and weak consumer spending and factory activity point to a longer, harder recovery than initially expected. The world’s second-largest economy shrank 6.8% from a year ago in the...

New Projection: Job Losses Will be Brutal but Temporary
New Forecast: 47M Jobs Lost

New Forecast: 47M Jobs Lost

Unemployment could top 32%, economist writes

(Newser) - The head of the St. Louis Fed predicted last week that US unemployment will hit 30% before the economic damage inflicted by the pandemic is over. An economist at the St. Louis Fed has written a research paper saying the toll could be even worse: 32.1% unemployment, for a...

Parents Favor Daughters When Times Are Tough

The bias is even stronger when kids approach reproductive age

(Newser) - "Almost all parents say that they don't favor one of their children over another," says the lead author of a new study that shows that sentiment flies out the window when times get tough, because "economic recessions subconsciously lead parents to prefer girls over boys."...

CIA Analyst: Next Great Depression 'About to Strike'

Jim Rickards sees bad news in the Fed's 'Misery Index'

(Newser) - A CIA analyst known for his dire economic predictions is speaking up again, warning that the next Great Depression may be right around the corner. Jim Rickards, a "financial threat and asymmetric warfare adviser" for the CIA, tells Money Morning that Americans should be preparing for a $100 trillion...

Champagne Sales Point to Gloomy 2012

Europe isn't snapping up the bubbly like it used to

(Newser) - Whether it's a stand-in for Europe's spirits or its wallets, the message is the same: It's been a rather gloomy 2012, at least according to Champagne sales, with shipments of the bubbly down 5% in the first three quarters. And though a holiday bump will occur per...

Europe's Woeful Trend: 'Suicide by Economic Crisis'

They're rising fast in Greece, Italy, Ireland

(Newser) - When a 77-year-old Greek retiree committed a very public suicide over his mounting debts, he became a face of Europe's financial crisis. But he is far from alone, reports the New York Times . Suicides, especially among men, are spiking in hard-hit nations such as Greece, Ireland, and Italy, with...

Bad Economy Boosts Cremations Over Burials

They're getting even more popular, with families citing savings

(Newser) - The dismal state of the economy has prompted more Americans to choose cremation over traditional burial services to save money, reports the New York Times . Cremations have been steadily rising in popularity since 1985 (41% now vs. 15% then) but the spike has been more pronounced in the last decade....

The Recession Is Worse Than the Great Depression: David Leonhardt

 As Bad as the 
 Depression? If Only 
David Leonhardt

As Bad as the Depression? If Only

At least new industries arose in the 1930s: Leonhardt

(Newser) - There's never a Great Depression around when you need one, apparently. Despite its misery, "the United States economy was quietly making enormous strides during the 1930s," argues David Leonhardt in the New York Times . Americans were getting a better education—high school, back then—while industrious entrepreneurs...

Next Recession Has Arrived: Economic Institute
'Vicious Cycle' of New Recession Has Started
institute says

'Vicious Cycle' of New Recession Has Started

Dozens of indexes indicate downturn: ECRI

(Newser) - The crippled US economy is already tumbling into another recession, according to one economic institute. The Economic Cycle Research Institute reports on its website that dozens of leading indexes indicate another "full-blown recession" is occurring, not a "soft landing." Why heed ECRI’s warning? "Perhaps because,...

Americans Staying Put Amid Recession

Number of people moving at lowest since WWII

(Newser) - The recession, with its attendant falloff in home prices and job opportunities, has pared back the traditional American activity of relocation to its lowest level since World War II. A new study shows that 12% of Americans moved in the last two years, compared to 14% earlier this decade, 17%...

Credit Stimulus for 650K Jobs: White House

Directly or indirectly, $150B spent has had great effect, report says

(Newser) - The economic stimulus package has already created or saved at least 650,000 jobs, the White House said today, even though just $150 billion of the $787 billion has been spent. And the number of jobs is closer to 1 million if it includes positions added indirectly, according to the...

US Glum on Economy — and GOP, Too
 US Glum on Economy 
 —and GOP, Too 

US Glum on Economy —and GOP, Too

Republican Party lacks opposition bump usually accompanying hard times

(Newser) - Americans are bummed about the economy, but that hasn’t given Republicans the usual opposition party boost in Washington. “The mood in America may be blue, but attitudes toward Washington are just jet black,” a pollster tells the Wall Street Journal . Some 58% of respondents think the economy...

In Switch, 'Real Economy' Hits Big Banks
 In Switch, 
 'Real Economy' 
 Hits Big Banks 

In Switch, 'Real Economy' Hits Big Banks

Slumping profits are 'payback' from Main Street whipped by bad practices

(Newser) - Those concerned about the nation’s banks should forget about the “softly, softly policy” of the Obama administration that has allowed Goldman Sachs to go back to business as usual in spectacular fashion. The real problem, Paul Krugman writes, is banks like Citi and Bank of America that are...

In Tough Times, Families Reselling Burial Plots

Cemeteries report brisk sales of late

(Newser) - People struggling with bills and other earthly concerns are unloading burial plots at a fast clip. One Florida cemetery made as many “buybacks” in the first half of this year as in all of 2008, another in Ohio reports a similar spike, and ads are plentiful on funeral property...

Economy Wallops Lawmakers' Fortunes

Combined, members of Congress sough off hundreds of millions

(Newser) - The 50 richest members of Congress are still rich, but their personal finances show they’re not immune to the economic downturn, Roll Call reports. Together, the pols on the list have lost $275 million in personal wealth since 2007. In 2008, the legislators' combined assets of $1.3 billion...

Investors Ditch Once Lofty Cerberus Fund

Failed investments in Chrysler, GMAC have clients pulling $5.5B

(Newser) - Hedge-fund investors are leaving once-vaunted investment firm Cerberus Capital Management in droves, the Wall Street Journal reports. The firm, whose acquisitions of Chrysler and GMAC turned disastrous, is seeing $5.5 billion in capital—or 71% of its hedge fund assets—walk out the door. "We have been surprised...

Bankers Saved the World: Bernanke

(Newser) - Ben Bernanke patted himself on the back today for helping to save the world from a complete economic meltdown, MarketWatch reports. Facing public outrage and the prospect of President Obama dumping him in 6 months, the Fed chair said at a retreat in Wyoming that the world’s central banks...

How Annie Leibovitz Got Underwater
 How Annie Leibovitz 
 Got Underwater 

How Annie Leibovitz Got Underwater

(Newser) - Photographer to the stars Annie Leibovitz is in a widely reported financial pickle, but it really comes as no surprise to those close to her, New York reports. Leibovitz is now engaged in baroque legal wrangling over her catalog, but her troubles started earlier. Insiders say a suspected “contract...

Pinched Writer Picks Up the Toilet Brush
Pinched Writer Picks Up
the Toilet Brush 

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,”...

Latest Victim of Recession: Larger Families

(Newser) - Families appear to be putting off that baby until economic conditions improve, the New York Times reports. The birth rate fell 2% in 2008 compared to 2007, and the trend looks to be continuing into 2009. “It’s the recession," a sociologist says. "Children are the most...

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