US economy

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Fed Cuts Key Rate by Half Point
Fed Cuts Key Rate by
Half Point
Jan 30, 2008 1:24 PM CST

Fed Cuts Key Rate by Half Point

Officials signal further cuts possible as overnight lending rate hits 3%

(Newser) - The Federal Reserve cut a key interest rate by a half percentage point today, reports the Wall Street Journal, bringing the benchmark overnight lending rate down to 3% even as officials signaled that further cuts were possible. The widely anticipated move follows last week's emergency .75% cut to a rate...

World Economy May Dodge US Downturn
World Economy May Dodge US Downturn
Jan 30, 2008 3:01 AM CST

World Economy May Dodge US Downturn

IMF predicts slide, but not the crisis it would have been 5 years ago

(Newser) - The world economy will still catch a cold when America sneezes, but it won't be as bad as it would have been 5-10 years ago, the Washington Post reports. The International Monetary Fund predicts a 2008 global growth forecast of 4.1%—down from 4.9% last year—largely because...

US Recession May Imperil Global Tourism

UN body predicts slower international travel growth in 2008

(Newser) - The number of international tourists could decrease this year if the US falls into a deep recession, but the UN is "cautiously optimistic" that 2008 will be the fifth straight year of growth, Reuters reports. After 2007's record 898 million tourist trips, a 6.2% jump over 2006, the...

Senate Pitches Rival Stimulus Package

Larger rebates, more benefits still to come

(Newser) - The Senate has unveiled its own economic stimulus package, challenging the plan agreed to between House leaders and the White House. The Senate plan would give $500 to almost all Americans, rich and poor, and would extend unemployment benefits to the jobless, reports the Washington Post. Senators are also likely...

Bush Urges Economic Boost
Bush Urges Economic Boost
UPDATED
Jan 28, 2008 8:52 PM CST

Bush Urges Economic Boost

In Union speech, prez also backs climate change accord and troop funding

(Newser) - In his final State of the Union speech, an upbeat President Bush plugged his $150 billion stimulus plan today and urged lawmakers not to "load up the bill," CNN reports. He also advised cutting $18 billion in "bloated" programs, promised to veto pork-barrel funding, and asked policymakers...

States, Sellers Drooling Over Gift Card Sales

Retailers add revenue when they're used, but states want their share

(Newser) - After enduring tepid holiday sales, retailers are happily awaiting $8 billion from shoppers with unused gift cards—because only then can sellers claim the added revenue, BusinessWeek reports. But some US states say that their unclaimed-property laws enable them to extract a piece of the left-over card pie. What's really...

Poll: Most Expect Recession but Aren't Hurting—Yet

Poll shows majority fear for future

(Newser) - The vast majority of Americans are convinced the nation is sinking into a recession—but most are not feeling the pinch themselves and have no plans to tighten their belts just yet, according to a Los Angeles Times/Bloomberg poll. A year ago a similar poll showed widespread confidence that the...

Ford Trims Q4 Loss to $2.75B; Plans Job Cuts

Eying weak economy ahead, will offer new round of buyouts

(Newser) - Ford Motor Co. said job cuts and plant closings helped slash its fourth quarter losses to $2.75 billion, Bloomberg reports, less than half of what they were a year ago. But, adds  the Wall Street Journal, the company plans to reduce its workforce by at least another 13,000...

Stimulus Likely To Be Recipe for Paralysis

Parties in sync now, but 'Act 2' sure to be partisan bickering

(Newser) - Get ready for that glow to wear off: The good feeling on Capitol Hill over a stimulus package will end as soon as the first deal is done, with Republicans and Democrats digging in on various economic cures. The next legislative round, Politico reports, will likely see GOPers fighting to...

Even the Real Economy Isn't This Bad
Even the Real Economy Isn't This Bad
Jan 23, 2008 12:18 PM CST

Even the Real Economy Isn't This Bad

'Second Life' bank shutdown causes all-too-real investor run

(Newser) - The subprime crisis has nothing on the economic implosion hitting Second Life’s virtual economy, the Wall Street Journal reports. Linden Labs has shut down most of the banks in its online game, cutting users off from real-life cash they'd invested. That caused a very real bank run, with avatars...

Bush Vows Quick Boost for Economy
Bush Vows Quick Boost
for Economy
Jan 22, 2008 6:47 PM CST

Bush Vows Quick Boost for Economy

Gives bipartisan lawmakers 3 weeks to forge accord

(Newser) - President Bush pushed his fiscal stimulus plan with lawmakers today and vowed the bipartisan group will find "common ground," the Washington Post reports. The economic boost—which he set at $150 billion—will not kick in overnight, he warned, but said congressional leaders must reach an accord in...

EU Frets Over Fallout From US Economy's Slide

Subprime woes spread across Atlantic; euro drops

(Newser) - Stock markets around the world continued to hemorrhage today on worries the US would slide into recession, prompting finance ministers to warn that the slump is threatening EU growth. They revised forecasts downward for the 15-member EU, reports Bloomberg. “There is great concern about the financial crisis,” said...

Super Bowl Ads Mirror US Mood
Super Bowl Ads Mirror US Mood
OPINION
Jan 21, 2008 6:40 PM CST

Super Bowl Ads Mirror US Mood

Boom times inspire better ads, MSNBC reports

(Newser) - Super Bowl ads reveal the economic tenor of our times, MSNBC reports. Boom times spark creative commercials, like Apple's famed Ridley Scott-directed "1984" plug, which aired as economic confidence was rising. “Every year it really does mirror the biggest trends that year—what’s happening in the economy...

US Recession Fears Pummel World Markets

Asian, European investors selling off stocks to avoid exposure to downturn

(Newser) - Markets across Asia and Europe fell sharply today on fears of a looming US recession and a lack of confidence in Bush’s $145 billion economic rescue plan, reports Bloomberg. Japan's Nikkei was off 3.9% and the Hong Kong Seng Index fell 3.5%, the most since Sept. 11,...

For Sale: These United States
For Sale: These United States
OPINION
Jan 20, 2008 10:41 AM CST

For Sale: These United States

Bush, US companies reduced to holding out a tin cup

(Newser) - Some Americans are outraged about illegal immigrants crossing the Mexican border, but the New York Times' Maureen Dowd thinks that the breech of some financial boundaries are of greater concern. "Who’s going to own the American economy?" she asks, pointing to oil-rich countries taking advantage of the weak...

As Consumers Cut Back, Retailers Brace for Trouble

Economists warn 2008 will be a discouraging year

(Newser) - With consumer confidence skidding as the economy continues to spiral downward, retailers are reconsidering expansion, reducing staff, and trimming inventory, the Wall Street Journal reports. Analysts say 2008 could be the worst year for retail sales since 1991, and one economist warns that the early going “will feel like...

GM Sees Light at End of Tunnel
GM Sees Light at End of Tunnel
Jan 18, 2008 10:05 AM CST

GM Sees Light at End of Tunnel

Automakers predicts overseas sales and labor savings will pring profits

(Newser) - Overseas sales expansion and reduced labor costs over the next three years will bring “significant” profit increases to General Motors, CEO Rick Wagoner told analysts yesterday. Wagoner also asked investors for patience as share prices continue slipping in a worsening US economy, reports the Wall Street Journal. He said...

Strong Overseas Growth Buoys IBM Sales

Despite a lagging US economy, there's hope for multinational tech firms overseas

(Newser) - IBM, already weathering the economic storm that’s bedeviled many other major US companies, said sales overseas, especially in Europe and developing nations, would help it overcome trying economic conditions at home in 2008, reports the Wall Street Journal. The computer services giant said it expects annual per share earnings...

Bernanke Can't Rally Markets
Bernanke Can't Rally Markets
Jan 18, 2008 4:00 AM CST

Bernanke Can't Rally Markets

Dow Jones drops another 3% as economic data puts black cloud over Wall Street

(Newser) - Signs the housing market black hole was worsening and pulling down the rest of the economy spurred the DJIA to slide another 3% yesterday as investors decided a federal rescue plan was too late to help, reports the New York Times. Even reassuring words from Fed Chair Ben Bernanke that...

Bernanke Backs Stimulus Plans for Economy

Fed chief wants aid package that's quick and temporary

(Newser) - Ben Bernanke insists he won’t take sides in a congressional fray over how to revive the nation’s flat-lining economy. But the Fed chief says he will support an economic stimulus package—be it GOP tax cuts or Democrats' increased spending—as long as it is quick and temporary,...

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