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Bounce Back for US Economy in 2021 Was a Major One

Nation's GDP saw strongest calendar-year growth since the Reagan years

(Newser) - The US economy grew last year at the fastest pace since Ronald Reagan's presidency, bouncing back with resilience from 2020's brief but devastating coronavirus recession. The nation's gross domestic product—its total output of goods and services—expanded 5.7% in 2021. It was the strongest calendar-year...

COVID Delivered Shortest Recession in US History

Severe downturn officially lasted 2 months, ending in April 2020

(Newser) - Economists have concluded that the pandemic inflicted a deep recession on the US economy last year, but also the shortest one in history. The National Bureau of Economic Research, the official arbiter of such things, declared Monday that the recession lasted all of two months, ending in April 2020, reports...

Britain Wants Workers Back in City Centers

Businesses need the foot traffic, officials say

(Newser) - The British government is encouraging workers to return to their offices amid concerns that the shift to working from home during the coronavirus pandemic is hurting businesses and leaving city centers virtual "ghost towns." Prime Minister Boris Johnson's government plans to roll out a media campaign next...

UK Recession Is Basically the Worst
UK Recession Is
Basically the Worst

UK Recession Is Basically the Worst

Its economy contracted by more than any other major economy in Q2

(Newser) - It's a double whammy for the UK, which as of Wednesday claims not just Europe's worst coronavirus death toll, but also the worst recession of any major economy. Stats released Wednesday show the UK's GDP shrank 20.4% in the second quarter after a 2.2% loss...

Take Your Guess on Average Age of US Car

It's 12 years, and it may get even older because of the pandemic

(Newser) - The average age of vehicles on US roads has been climbing since the 2008 recession. With new-vehicle sales suppressed by the pandemic, that trend is not slowing, Car and Driver reports. The average age of a car in use now is 11.9 years, IHS Markit found, a one-month increase...

Record Expansion Is Over: We Entered a Recession

Economists say it began in February

(Newser) - The US economy entered a recession in February, a group of economists declared Monday, ending the longest expansion on record. The economists said employment peaked in February and fell sharply afterward, marking the beginning of the downturn, per the AP . The economists make up a committee within the National Bureau...

Fed Chief: 'We May Well Be in a Recession'
Fed Chief
the R-Word

Fed Chief Addresses the R-Word

Jerome Powell says we 'may well be in a recession'

(Newser) - Are we going to enter a recession? We may already be in one, said Federal Reserve Chair Jerome Powell on Thursday, though he tempered his answer. In a Today Show appearance, Powell acknowledged that "we may well be in a recession," but "I would point to the...

Mnuchin: No Recession Coming
Mnuchin: No Recession Coming

Mnuchin: No Recession Coming

A 'big rebound' is possible later in the year, Treasury secretary says

(Newser) - The US economy will slow during the pandemic, Treasury Secretary Steven Mnuchin said Sunday, but it won't tank. "The real issue is not the economic situation today," he said on ABC 's This Week. Mnuchin, a member of the Trump administration's coronavirus task force, added:...

Obama Remarks on US Economy, Trump Hits Back

'Did you hear the latest con job?'

(Newser) - Presidents Day featured the current president of the United States going on the attack against a predecessor after President Trump became agitated by a tweet from former President Obama. Per the Hill , Obama started things off Monday morning by commemorating the 11th anniversary of his signing of the American Recovery...

Trump: I'm Mulling Tax Cuts, But R-Word Is 'Inappropriate'

The president says he's looking at capital gains and payroll tax cuts

(Newser) - President Donald Trump says his administration is a looking at tax cut proposals but not as a response to a potential recession, the AP reports. "I'm looking at that all the time anyway," he explained. Trump talked about the economy and trade with China during a meeting...

What RV Shipments Say About a Possible Recession
What RV Shipments Say
About a Possible Recession
the rundown

What RV Shipments Say About a Possible Recession

They're down 2 years in a row, which happened before last 3 recessions

(Newser) - Last week saw Wall Street's worst day in 2019—and also saw President Trump telling a crowd in New Hampshire that their 401(k)s will be in far worse shape if Democrats take the White House in 2020. "I don't think we're having a recession," Trump...

An Inversion Just Happened, as It Did Before 9 Recessions

Treasury yields inverted Wednesday

(Newser) - An economic alarm bell has sounded in the US, sending warnings of a possible recession ahead—and sending the Dow plunging 800 points by the end of the day. Yields on 2-year and 10-year Treasury notes inverted early Wednesday, a market phenomenon that shows investors want more in return for...

An 'Ominous Flattening' Could Signal Recession by End of 2019

That's per nearly half of US CFOs in Duke/CFO Global Business Outlook survey

(Newser) - President Trump has been crowing over the past few weeks about the "best" and "greatest" economy "in the history of our country," as well as the "hottest jobs market on planet Earth," but the nation's top financial officers are less optimistic. Almost half...

Wall Street Pay Seems to Have Long Forgotten Recession

Average salary for those in the NYC securities industry in NYC: $422,500, highest in a decade

(Newser) - If you've been fretting over how the folks on Wall Street are doing lately, rest easy: The New York state comptroller says they're fine. Better than fine, actually, per Thomas DiNapoli, who notes the average securities-industry salary in New York last year rose 13%, to $422,500 (with...

10 Years After Lehman, 4.8M Fewer Babies
An Awful Anniversary
Arrives on Wall Street
The Rundown

An Awful Anniversary Arrives on Wall Street

It's been 10 years since the collapse of Lehman and the start of the financial crisis

(Newser) - Saturday marks 10 years since the largest bankruptcy in American history, or what CNN calls "the most terrifying moment for business and the US economy since the Great Depression." It might feel like ancient history given today's surging economy. But the scars of Lehman Brothers’ bankruptcy filing...

Economists Predict When Next Recession Will Arrive
Economists Predict When
Next Recession Will Arrive

Economists Predict When Next Recession Will Arrive

Most say 2020

(Newser) - When will the US enter its next recession? Economists surveyed by the Wall Street Journal are predicting 2020. We're currently in an economic expansion that started in mid-2009—the second-longest in American history—and 59% of the forecasters surveyed think it is most likely to end in two years...

California Now World's 5th Biggest Economy

State's GDP surpasses $2.7 trillion

(Newser) - California's economy has surpassed that of the United Kingdom to become the world's fifth largest, according to new federal data made public Friday, the AP reports. California's gross domestic product rose by $127 billion from 2016 to 2017, surpassing $2.7 trillion, the data says. Meanwhile, the...

Recession Officially Over for Median Household Income

It just hit $59K

(Newser) - By at least one measure, the great recession that started in December 2007 was officially recovered from by the time President Obama left office, the New York Times reports. According to Census Bureau figures released Tuesday, the median household income in America in 2016 was $59,039—an increase of...

Can You Pass a Basic Test on Finances? Probably Not

The vast majority of Americans answered barely half of the questions correctly

(Newser) - When it comes to finances, Americans are doing generally better than during the recession. But when it comes to financial literacy, the picture is grim. According to a new survey of 27,564 Americans called the National Financial Capability Study that was put out by the FINRA Foundation , roughly two-thirds...

Trump Predicts Dire Future for US Economy

GOP candidate sees 'very massive recession' ahead

(Newser) - In a wide-ranging interview this week, Donald Trump said the US economy is headed for disaster—unless, it seems, he takes the reins. He also compared himself to the Lone Ranger and predicted the American people will "be falling asleep" if he becomes president. Among the highlights of his...

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