recession

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Start-Ups Hungry for Cash in IPO Drought

Private funding hunt under way in Silicon Valley

(Newser) - Silicon Valley IPOs are suddenly an extremely rare beast, driven nearly to extinction by the sputtering economy, the Wall Street Journal reports. The first quarter has seen just five venture-backed offerings, compared to 31 last quarter. “The economics have been destroyed for small-cap IPOs,” says the co-founder of...

In Gloomy Economy, Even Vegas Is Down on Its Luck

Investors dry up as gambler demand drops

(Newser) - The economic downturn is hitting Las Vegas casinos with a one-two punch: Gamblers have less money to spare, and investors are less willing to shell out for glamorous new projects. Several casino companies have recently filed for bankruptcy protection, the Wall Street Journal reports. "This is the toughest environment...

Forget Iraq, US Is in Need of Nation-Building

Healing country is top priority in November, Friedman writes

(Newser) - The key issue in the presidential election won’t be national security or Iraq, as many once believed—it will be how to fix our ailing nation at home, writes Thomas Friedman in the New York Times. “We are a country in debt and in decline—not terminal, not...

Forget the Rebound; 'This Thing's Going Down'
 Forget the Rebound; 'This Thing's Going Down'
OPINION
Jun 27, 2008 8:43 AM CDT

Forget the Rebound; 'This Thing's Going Down'

We can't expect a quick recovery from the economic downturn

(Newser) - A cycle has emerged in the economic mood of recent months: a round of bad news sends markets into a tailspin, then things appear to improve, complete with predictions that the worst is behind us, only to fall apart again, writes Steven Pearlstein in the Washington Post. It’s time...

Saudi Oil Boost Little More Than PR
 Saudi Oil Boost 
 Little More Than PR 
analysis
Jun 18, 2008 4:55 PM CDT

Saudi Oil Boost Little More Than PR

Adding half-million barrels won't dent prices, analysts say

(Newser) - Saudi Arabia consenting to increase oil output is more public-relations ploy than problem-solver, Vivienne Walt writes in Time, since the half-million extra barrels a day won't make much of a dent, if the Saudis even have that much to spare. One analyst says the move is really an attempt “...

Consumer Mood More Downbeat Than Economy
Consumer Mood More Downbeat Than Economy
ANALYSIS
Jun 18, 2008 3:17 PM CDT

Consumer Mood More Downbeat Than Economy

Pessimism could lead to real recession

(Newser) - The economy, statistically speaking, is sluggish, but hardly Great Depression-like—though American consumers seem to disagree, the Washington Post reports. They're paying more for everything from gasoline to grapefruit, are watching the value of their homes decline and fear their jobs may be disappearing—which, policy-makers worry, could breed behaviors...

Rebate Checks Go to Gas, Food, Looming Debt

Extravagant spending sprees at the mall? Not so much

(Newser) - Rather than the gluttonous splurge on flat-screen TVs and foreign vacations that Uncle Sam had envisioned, most Americans are plunking their rebate checks down on exorbitant gas and food costs--and their mounting debt. “The initial sense is that people are not running out the malls,” one economist told...

Speculators to Blame for Soaring Oil: Soros

'Bubble' will burst when both US and UK are in recession

(Newser) - Billionaire investor George Soros blames soaring oil prices that reached a record $135 a barrel last week largely on speculation that’s causing a “bubble” in numbers, the Daily Telegraph reports. The weak US dollar, slipping Middle East oil supply, and rising Chinese demand all play a role, but...

Cheer Up! Recession Has a Bright Side
Cheer Up! Recession Has
a Bright Side
OPINION
May 24, 2008 7:28 PM CDT

Cheer Up! Recession Has a Bright Side

Finally contractors come on time, and driving is easier

(Newser) - While the specter of recession may leave you cold, consider the bright side: These days contractors, starved for work, actually show up on time, and killer gas prices help you to drive around a city like Los Angeles without facing much traffic, Meghan Daum writes in the Los Angeles Times.

FedEx Chief: Exports Will Stave Off Recession

CEO says increased globalization in high-tech a boon to struggling economy

(Newser) - Strength in high-tech US manufacturing and the globalization of the market has helped the US avoid a recession, with its exports being driven by a weak dollar, FedEx CEO Fred Smith told the Financial Times today. And, he said, as emerging economies continue to grow, so will US exports, even...

Recession Fears Overblown: Economists

Fed's actions key strong economic reports, signs of market recovery

(Newser) - A growing number of economists are saying, cautiously, that the US might have pulled back from the brink of recession, the Wall Street Journal reports. The experts credit swift action by the Federal Reserve to lower interest rates and save Bear Stearns in March, and even the ongoing distribution of...

Home, Retail Sales Keep Sliding
 Home, Retail Sales Keep Sliding 
May 13, 2008 11:36 AM CDT

Home, Retail Sales Keep Sliding

Retail decline due mainly to big autos drop; foreclosures depressing housing values

(Newser) - The housing market continued to plunge in the first quarter of 2008, as single-family sales dropped 22% from their year-ago pace, to 4.95 million annually. Bloomberg reports that the median home price is off 7.7% from a year ago, to $196,300, as foreclosed properties drag down values....

Economy Has Venture-Capital Scene Looking in Mirror

Return on investments sags with stock uncertainty, credit woes—but money still there

(Newser) - Economic troubles that have meant fewer IPOs and less-lucrative mergers have the venture-capital industry in upheaval, the San Jose Mercury News reports after last week's Silicon Valley gathering of VC players. Many believe the moneyed backers must treat entrepreneurs better for prospects to remain lively. Yet, though returns have turned...

Even Vegas Is Down on Its Luck
 Even Vegas Is Down on Its Luck 
May 6, 2008 8:46 AM CDT

Even Vegas Is Down on Its Luck

Downturn starts to hit formerly recession-proof city

(Newser) - Tougher times are starting hit the Sunset Strip, the New York Times reports. Las Vegas has been mostly immune to downturns in decades past, but this time the gambling mecca is feeling the pinch as consumers tighten their belts. Hundreds of casino workers have already been laid off, and a...

Buffett Poised to Clean Up in Bear Market

Oracle of Omaha prepares $40B spending spree

(Newser) - As the US teeters on the brink of recession and most investors remain sidelined by the credit crunch, Warren Buffett is poised to spend more than $40 billion to scoop up bargains. Berkshire Hathaway rose 22% over the last 12 months while other stocks sputtered, and now, Bloomberg reports, the...

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...

Service Sector Sees First-Hand the Economy's Tipping Point

Tough times making for less generous patrons

(Newser) - Restaurants across the country have been dealing with shrinking dinner rushes as the economy slows, a trend that's hit their waitstaffs flush in the wallet. Though exact figures are tough to come by, anecdotal evidence suggests tips are falling, the Los Angeles Times reports—a big problem for the third-largest...

Restaurants, Retailers Gulp as Consumers Tighten Belts

Penny pinchers shifting to generics, eating in

(Newser) - The rising price of staples like milk and gas, coupled with layoffs and flat-lining wages, is creating a nation of penny-pinching consumers, the New York Times reports. Industry is taking notice as buyers substitute generic brands for top-of-the-line products and skip eating out at restaurants.

Economic Blues Take Toll on State Budgets

Declining tax revenue may leave them $26B short next fiscal year

(Newser) - The slumping economy will pummel state budgets in the next fiscal year, leaving them at least $26 billion short, according to a survey from the National Conference of State Legislatures. Payrolls fell drastically in March and consumer confidence is low, a double whammy for state tax revenue. "With a...

Consumer Confidence Hits 26-year Low
Consumer Confidence Hits 26-year Low
Economy
Apr 25, 2008 10:59 AM CDT

Consumer Confidence Hits 26-year Low

Inflation, housing put people in a funk; most call it a recession

(Newser) - Consumer confidence fell to a 26-year low in April, as the public fretted over inflation and housing, Reuters reports. The index fell to 62.6, surpassing the 63.2 analysts had predicted. Nearly 90% said the economy is in recession. Respondents also said they were unlikely to spend their stimulus...

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