recession

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US Lost Jobs for First Time in 4 Years

August payroll drop shows subprime crisis affecting economy

(Newser) - In the first drop since 2003, the US lost 4,000 jobs in August, surprising experts and putting more pressure on the Fed to reduce rates at its upcoming meeting. Economists had predicted an increase of 100,000 or more jobs. The decline in employment is the clearest signal to...

Recession Risk Seen in Mortgage Misery

Top economist urges immediate rate cuts to avoid catstrophe

(Newser) - Mortgage woes could spark a serious recession, a prominent economist said yesterday. National Bureau of Economic Research President Martin Feldstein said that interest rates must be slashed heavily and quickly, or declining prices and weakening home equity withdrawal could hobble the economy, Reuters reports.

Bush to Unveil Bailout Plan in Mortgage Crisis

Reforms will help families keep their homes

(Newser) - President Bush will announce a rescue package for homeowners with subprime mortgages faced with foreclosure. The package will include a call for Congress to give the Federal Housing Administration more power to help borrowers keep their homes—and stricter enforcement of laws against predatory lending, Reuters reports.

Stocks Climb Following Surprising Home Sales Numbers

Markets, optimism surge as turmoil eases

(Newser) - The Dow closed at 13,378.87 today, up 142.99 on strong durable goods orders and a better-than-expected home sales forecast. The S&P 500 jumped 16.87 to 1,479.37, and the Nasdaq rose 34.99 to 2,576.69. Nucor Corp., the second-largest American steel manufacturer,...

Paulson: Downturn Won't Provoke Recession

Economy tough enough to take market turmoil

(Newser) - The current turmoil in the financial markets will take its toll on the economy, but  won't cause a recession, Treasury Secretary Henry Paulson tells the Wall Street Journal in his first interview since the downturn began. Paulson says the crisis comes in the context of a very strong global economy—...

Fed Weighs Risky Biz of Rate Cut
Fed Weighs Risky Biz of Rate Cut
Aug 13, 2007 4:03 AM CDT

Fed Weighs Risky Biz of Rate Cut

Intervention could encourage more risk and trigger bigger crisis

(Newser) - The Federal Reserve is facing a dilemma as it decides whether to ride to the rescue of  the market by slashing interest rates—and risk encouraging further recklessness and triggering an even worse crisis, reports the Wall Street Journal. The issue is what economists call moral hazard: protecting someone too...

Home Resales Slump in June as Mortgage Rates Spike

Inventories are down; prices jump

(Newser) - Sales of existing homes dropped in June to a 5-year low because of rising mortgage rates and stricter lending standards. Home resales dipped 3.8% from a 5.98 million annual rate in May to a 5.75 million rate now. "The housing recession looks far from over,"...

Ethanol Could Fuel Recession
Ethanol Could Fuel Recession
Apr 9, 2007 1:38 PM CDT

Ethanol Could Fuel Recession

Demand for grain triggers shortage

(Newser) - Demand for grain for biofuels like ethanol is spurring global food shortages and sending prices soaring—and could trigger a recession, warns the Wall Street Journal. Food prices are already skyrocketing in economies as diverse as India, China, Germany, the U.K., and South Africa. American consumers are likely to...

Bernanke Keeps Interest Rate Steady
Bernanke Keeps Interest Rate Steady
Mar 29, 2007 8:15 AM CDT

Bernanke Keeps Interest Rate Steady

Sees housing crisis as risk, but doesn't see recession

(Newser) - With inflation creeping up, Fed chairman Ben Bernanke will keep interest rates steady—at least for now, reports the Wall Street Journal. Soft business investment and weakening housing are becoming serious risks, but the long-term outlook is good, Bernanke told Congress yesterday. "The current stance of monetary policy is...

Greenspan Sees Recession
Greenspan Sees Recession
Mar 6, 2007 11:04 AM CST

Greenspan Sees Recession

Former fed chairman forecasts end of cycle as early as this year

(Newser) - Back when bankers and investors hung on his every word, Alan Greenspan was caution itself in public pronouncements . But yesterday the former chairman  took the rare step of predicting the onset of an out-and-out recession. Speaking via satellite to a business conference in Hong Kong, Greenspan said the US. economy...

Bernanke Buoys Dow
Bernanke Buoys Dow
Mar 6, 2007 11:04 AM CST

Bernanke Buoys Dow

Global markets continue to fall

(Newser) - U.S. stock prices rebounded yesterday, buoyed by Fed Chairman Ben Bernanke's forecast of moderate growth. But averages from Singapore to London continued to slide and there was widespread debate over whether the plunge was the market correcting for inflated highs or if it was the first sign of a...

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