GDP

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How Government Can Buy You Happiness
 How Government 
 Can Buy You Happiness 
OPINION
Jun 19, 2008 3:30 PM CDT

How Government Can Buy You Happiness

Economists need to start thinking about quality of life

(Newser) - While the jury's still out on whether money can buy happiness, a higher gross domestic product certainly doesn't. In rich countries, well-being really does depend on non-material things like family stability, a friendly community, and job security—and economists should start incorporating quality-of-life issues into policy, John Cassidy writes in...

Economy Grew at a Crawl in First Quarter
Economy Grew at a Crawl
in First Quarter
Indicators
Apr 30, 2008 8:44 AM CDT

Economy Grew at a Crawl in First Quarter

What happened to the recession?

(Newser) - The US Gross Domestic Product rose at a 0.6% annual pace in the first quarter, despite the widespread belief that the economy is in recession, Bloomberg reports. The number stayed positive thanks to a surge in inventories, which offset flagging consumer spending and business investment. “We think we're...

Stocks Dip on Tough Tech Day
 Stocks Dip on Tough Tech Day 
MARKETS
Mar 27, 2008 3:28 PM CDT

Stocks Dip on Tough Tech Day

Oracle and Google news hurts markets

(Newser) - The markets fell today on weak news from the tech and financial sectors. The Dow dropped 120.16 points to 12,302.7, the Nasdaq fell 43.53 to 2,280.83, and the S&P closed down 15.36 at 1,325.77, MarketWatch reports. Disappointing results from bellwethers...

Retail Sales Sank in February
Retail Sales
Sank in
February
Mar 13, 2008 9:15 AM CDT

Retail Sales Sank in February

Surprise drop, after January rise, stokes slowdown fears

(Newser) - Stoking fears of recession, US retail sales fell in February by .6%, the Wall Street Journal reports, despite economists' predictions of a 0.1% increase. Sales had been up a revised 0.4% in January. Factors cited in the decline include rising gas prices, falling home values, the credit crunch,...

US in Recession Now: Buffett
US in Recession Now: Buffett
Mar 4, 2008 3:28 AM CST

US in Recession Now: Buffett

Billionaire says crisis is already here

(Newser) - The US is already in a recession for all practical purposes, even if economic conditions haven't yet met the technical definition of at least two consecutive quarters of negative growth. That's the verdict of billionaire investor Warren Buffett, who tells CNBC that a serious economic slowdown is obvious in reports...

Stocks Tumble on Weak Data
Stocks Tumble on Weak Data
MARKETS
Feb 28, 2008 3:56 PM CST

Stocks Tumble on Weak Data

Dow drops 112 points on sluggish growth, rising jobless claims

(Newser) - Stocks fell more than they had in a week today amid reports of sluggish economic growth, rising jobless claims, and fears of failing banks, Bloomberg reports. The Dow fell 112.10 points to 12,582.18, the Nasdaq fell 22.21 points to 2,331.57, and the S&P...

Economists Lean Closer to the R-Word

Almost half on US panel predict recession, up from 25% last year

(Newser) - An panel of US economists leaned closer to predicting recession today after grappling with a slew of scary data, the AP reports. More than half of analysts at the National Association for Business Economics maintained that a downturn is still unlikely, but 45% expected recession in 2008; only a quarter...

Streeters Give Ben Bad Grades
Streeters Give Ben Bad Grades
Feb 6, 2008 5:29 PM CST

Streeters Give Ben Bad Grades

Fed chair faulted for bad choices

(Newser) - Economists went negative on Ben Bernanke in a new Wall Street Journal survey, grading the Fed chief at 75 out of 100 points—the lowest mark in two years on the job—and saying he had managed communications poorly and was too attentive to bears and bulls. One watcher said...

Rising Iraq Costs Refuel Debate
Rising Iraq Costs Refuel Debate
Feb 4, 2008 2:59 PM CST

Rising Iraq Costs Refuel Debate

As price to wage war in Iraq climbs, US political opposition may re-emerge

(Newser) - The skyrocketing cost of the war in Iraq—where spending per month has doubled in the last 3 years—could re-energize anti-war sentiment in the next few months, the Wall Street Journal reports. It's likely to be a focus in debate over President Bush’s proposed $3 trillion budget, which...

Looking for a Real Recession? Try Japan

Once-booming economy stumbles, yet people are 'indifferent'

(Newser) - While economists squabble over a possible US recession, Japan has quietly slipped into one. The country’s postwar riches have all but vanished, the Washington Post reports, as its GDP tumbles from fourth to twentieth among the world’s countries and its share of the world’s economy dips from...

Economic Growth Slowed to a Crawl in Q4

Economy in far worse shape than analysts predicted

(Newser) - Economic growth braked so violently in the fourth quarter of 2007 that it wiped out a stellar third quarter, dragging annual growth to a 5-year low. Last quarter’s 0.6% GDP growth—after 4.9% pace in Q3—was just half what analysts expected, as the housing component plummeted...

Brits Richer Than Yanks for First Time in 100 Years

Britons earn more than Americans for first time in over 100 years

(Newser) - Britons are making more per capita than Americans for the first time since the 19th century, a new GDP report finds. Brits are earning $46,323 a year on average, $500 more than their US counterparts, according to Oxford Economics. The Yanks are still ahead when it comes to purchasing...

World Bank Cuts China's Economy Down to Size

World Bank says the world's second-largest economy is poorer than thought

(Newser) - China's economy, predicted to become the world’s largest by 2012, actually is 40% smaller than previously estimated, the World Bank concludes, after updating the way it calculates GDP. Although China’s $5.33-trillion economy is still the second largest in the world behind the $12-trillion US, the new appraisal...

WH Pares 2008 Economic Forecast, Hikes Jobless Rate

Housing decline 'more significant' than thought

(Newser) - The White House cut back its expectations for 2008 economic growth today and said unemployment rates are likely to worsen, citing the housing slump. GDP will grow only by 2.7% next year, down from an earlier 3.1%, said officials from Treasury and the Council of Economic Advisers; and...

UN: Iceland Best Place to Live
UN: Iceland Best Place to Live
Nov 27, 2007 1:21 PM CST

UN: Iceland Best Place to Live

Sub-Saharan Africa, it turns out, not so great

(Newser) - Iceland has inched out longtime champ Norway as the best place in the world to live, and sub-Saharan Africa is the worst. The UN list, out today, ranks countries by real per-capita GDP, education, and life expectancy. The US ranked 12th, down from 8th last year, as relatively low life...

'08 Subprime Fallout: At Least 1.4M Foreclosures

Mortgage crisis slams economy across the board

(Newser) - The subprime mortgage fallout will continue through 2008, with 1.4 million Americans facing foreclosure, municipalities losing more than $6.6 billion in taxes, and housing values plummeting up to 16%, says a US Conference of Mayors report out today. The analysis projects slowed GDP growth and consumer spending and...

US Ranks Third in GDP Per Person
US Ranks
Third in GDP Per Person
Nov 22, 2007 11:42 AM CST

US Ranks Third in GDP Per Person

Household spending rate is second-highest in world, report says

(Newser) - The US trails only Luxembourg and Norway in GDP per person and has the second highest household spending rates among 55 nations in a new report, reports the Wall Street Journal. The GDP measures household and government spending as well as business investment and net exports. The US per capita...

Growing African Economies Could Lessen Poverty

Ten years of positive growth could 'put a dent' in poverty: World Bank report

(Newser) - The growth of Africa's economy over the past 10 years is strong enough to "put a dent in a dent in poverty," according to a World Bank report. Growth over the past decade has averaged 5.4%, but more foreign investment is needed to keep that going. The...

GDP Grows at 3.9% Clip Despite Housing Crunch

GDP tops estimates on increased consumer spending

(Newser) - The US economy grew at a brisk 3.9% pace in the third quarter despite the credit and housing turmoil buffeting Wall Street, according to Commerce Department figures released today. Overall construction spending was up—with record commercial and government spending offsetting the housing slide—while individuals increased spending 3%...

Japan Pumps Cash Into Market
Japan Pumps Cash Into Market
Aug 13, 2007 12:16 AM CDT

Japan Pumps Cash Into Market

Interest rate hikes unlikely

(Newser) - The Bank of Japan pumped $5.1 billion into the Japanese financial system today as the  global credit crunch continued to ripple through the Asian markets, Bloomberg reports. Adding to the jitters, Japan's growth is slowing more markedly than economists predicted; the world's second-largest economy expanded by only 0.5%...

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