US economy

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Americans' Mood Sours Over Economy
Americans' Mood Sours Over Economy
Jan 16, 2008 4:23 PM CST

Americans' Mood Sours Over Economy

Bush, Congress maintain dismal approval ratings

(Newser) - America’s spirits are sinking along with the economy, a new poll says. The Reuters/Zogby mood index fell from 97.3 to 94.2 this month, the lowest mark since polling began in July. The poll found that 48% of Americans expect a recession, up from 43% last month, and...

Fed Survey Shows Slowing Economy
Fed Survey Shows Slowing Economy
Jan 16, 2008 2:34 PM CST

Fed Survey Shows Slowing Economy

Disappointing holiday sales fuel slowdown verging on recession

(Newser) - The Federal Reserve's regional business survey—released today, ahead of chief Ben Bernanke's appearance tomorrow before Congress—shows economic activity increasing more slowly, thanks to "disappointing" holiday sales. Some analysts think the survey—nicknamed the Beige Book—is evidence for a general economic slowdown, reports Bloomberg. "We are...

Romney Wins on Economic Woes
Romney Wins on Economic Woes
Jan 16, 2008 6:40 AM CST

Romney Wins on Economic Woes

Romney takes Michigan with promise to fight for jobs

(Newser) - Mitt Romney campaigned in Michigan as a favorite son, but he beat John McCain by persuading voters he could bring jobs back to the beleaguered state, the Wall Street Journal reports. Romney sold himself as a business executive who could end Michigan's  "one-state recession." He was quick to...

Romney Gets Personal in Michigan
Romney Gets Personal in Michigan
Jan 13, 2008 10:04 PM CST

Romney Gets Personal in Michigan

Will candidate's more emotional touch save his campaign?

(Newser) - You can go home again, Mitt Romney is finding in Michigan, where the GOP presidential candidate has adopted a softer approach as he vies for a badly needed primary victory in the state where he was born and raised and his father was governor. Voters are responding to the more...

Economists Fear It's Too Late to Save Economy

Measures now won't have impact for months

(Newser) - It may already be too late to quickly stop the economic tailspin triggered by the implosion of the housing market and booming energy prices, several experts believe, reports the New York Times. Perhaps the best that can be done is to make the crunch hurt a little less. “The...

Needing Win, Romney Attacks McCain in Mich.

Home state victory crucial for hopeful after Iowa, NH finishes

(Newser) - After huge cash infusions won him second place in Iowa and New Hampshire, Mitt Romney is seizing on hopes for economic—and campaign—rejuvenation in his home state of Michigan, the Chicago Tribune reports. In a GM plant where 200 workers were just laid off, Romney attacked policies today that...

Congress, Bush Push Stimulus Plan
Congress, Bush Push Stimulus Plan
Jan 12, 2008 8:55 AM CST

Congress, Bush Push Stimulus Plan

Smelling recession, two parties step up effort for economic relief package

(Newser) - With Democrats and Republicans increasingly spooked about a looming recession, the two sides appear ready to work together on an economic stimulus package of about  $100 billion in tax cuts and spending, the New York Times reports. Reps. Nancy Pelosi and Harry Reid yesterday wrote to President Bush, "We...

Clinton Unveils $70B Fix for Economy

GOP hopefuls attack plan and each other; Bush mulls tax rebate

(Newser) - Hillary Clinton upstaged her rivals today by proposing $70 billion in emergency spending to help avoid a US recession, Reuters reports. Her plan would include $30 billion for homeowners, $25 billion for families with high energy bills, and another $15 billion aimed at unemployment insurance and alternative energy plans—all...

Economists Say Recession Risk Rising

Cumulative troubles mounting; most see a Dem in the White House

(Newser) - The odds of a recession hitting the US are rising as the cumulative effects of soaring energy costs, a flailing job market, and a dogged housing slump put the brakes on the economy, predicts a panel of economists in the Wall Street Journal today. Those economic woes, they say, are...

Bernanke Hints at Hefty Interest Rate Cuts

Fed hopes to thwart troubled markets, unemployment

(Newser) - The Federal Reserve may make "substantive" cuts to interest rates later this month in the face of rising economic difficulties, Ben Bernanke said today. Citing troubled financial markets and rising unemployment, the Fed chairman implied that it might drop its target short-term interest rate by .5% from 4.25%....

Goldman Predicts Recession
Goldman Predicts Recession
Jan 10, 2008 12:31 PM CST

Goldman Predicts Recession

Wall Street's top firm sees two unhappy quarters ahead

(Newser) - Goldman Sachs is predicting that the economy will slide into a recession this year—which has Wall Street worried, because Goldman’s been right about everything else. The investment firm forecasts a mild pullback extending over two quarters, driving up already-growing unemployment. “If we don't get job growth we...

Bush May Again Push Tax Breaks
Bush May Again Push Tax Breaks
Jan 9, 2008 12:13 PM CST

Bush May Again Push Tax Breaks

Economic stimulus plan likely to be part of State of the Union address

(Newser) - Tax relief for individuals and businesses are on the table as President Bush seeks to address recession fears, the Wall Street Journal reports. A rebate of $500 for individuals is under consideration, sources said, as is a plan to allow businesses to deduct investment in equipment. Bush is expected to...

Harder Times Make for Hungry Horses
Harder Times Make for
Hungry Horses
Jan 8, 2008 12:42 PM CST

Harder Times Make for Hungry Horses

Collapse in equine market leads to rise in neglect of animals

(Newser) - When the sun was shining on the economy, millions of Americans tried to make hay by buying horses and moving into backyard breeding. As things slow down, the animals are getting harder to sell and pricier to feed, making horse neglect and abandonment a big problem, the Wall Street Journal...

Bush Cops to Economic Uncertainty
Bush Cops
to Economic Uncertainty
Jan 8, 2008 6:00 AM CST

Bush Cops to Economic Uncertainty

Without uttering the 'R word,' prez allows, 'Americans are anxious'

(Newser) - Rising oil prices, a crashing job market, and a tenacious mortgage crisis have created “economic challenges” for the US, President Bush said in Chicago yesterday, a shift from his insistence that the economy is fundamentally strong. While acknowledging “Americans are anxious about the economy,” Bush stopped short...

Paulson Calls for More Housing Relief

Treasury secretary suggests aid for prime-rate borrowers

(Newser) - Treasury Secretary Henry Paulson advised the mortgage industry today to give help to millions of financially stressed homeowners whose mortgages are set to rise. His comments signal that the Bush administration is starting to push lenders to expand relief beyond subprime borrowers to homeowners with other adjustable-rate loans, reports the...

Starbucks Founder Back in CEO Saddle

Will pare back coffee giant after sales stall and stocks tumble

(Newser) - Starbucks reacted to slow sales and new competition today by bringing back founder Howard Schultz as CEO, replacing folksy chief exec Jim Donald. "We must address the challenges we face and we know what has to be done," Schultz said. Schultz vows to reignite sales by trimming back...

Unemployment Rises, May Spur Rate Cut

Weak jobs data makes Fed action likely

(Newser) - The labor market took a hit in December, with the jobless rate hitting a two-year high and payroll increases falling well short of predictions. Nonfarm payrolls rose just 18,000, much less than both November’s 115,000 and the 50,000 prognosticators expected. The gloomy numbers increase the odds...

Ford Sales Slump in December
Ford Sales Slump in December
Jan 3, 2008 1:15 PM CST

Ford Sales Slump in December

Light-vehicle sales down 9% over Dec. '06, and off 12% for all of 2007

(Newser) - Ford Motor Co. reported a 9% dip in US sales of cars and light trucks between last December and December 2007, capping off a dismal year for the company and the auto industry, the Wall Street Journal reports. Ford, which is third in US auto sales behind Toyota and leader...

Fed Remains Open to More Rate Cuts
Fed Remains Open to More Rate Cuts
Jan 2, 2008 7:33 PM CST

Fed Remains Open to More Rate Cuts

Minutes from last meeting display growing concern about markets

(Newser) - Fed officials will consider deeper rate cuts and a "substantial further easing of policy" if the turmoil in the credit and housing markets continues, according to minutes of last month's meeting. Officials displayed surprise at the extent of the housing crisis and acknowledged that market strains "could persist...

E-Commerce All Grown Up, Sales Growth Finally Slows

Internet sales set new records, but rise more slowly than last year

(Newser) - Online sales continued to out-pace traditional retailers this season, boasting a 19% spike, but fell compared to 25-30% growth rates in past seasons, the New York Times reports. While e-tailers beat the scrawny 3.6% sales growth of traditional stores, experts attribute the slowdown to the maturing of online shopping.

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