US economy

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Bush Vows Free Trade Push
Bush Vows Free Trade Push
Oct 12, 2007 6:20 AM CDT

Bush Vows Free Trade Push

Slams executive compensation as 'unfair'

(Newser) - President Bush believes many Americans have lost confidence that they can compete in the world economy and he plans to champion his free trade agenda in the final months of his presidency, he told the Wall Street Journal. Bush also criticized excessive executive compensation, saying some salaries "send a...

Cargo Drop-off a Sign of Slow Economy

Observers stunned as port imports fall after years of growth

(Newser) - A drop in cargo at US ports has stunned analysts, who call the 1.4% fall more evidence of a stalled economy. A few factors are keeping foreign cargo at bay—the low dollar, wary buyers, and a cool housing market among them—yet observers still expressed shock. "When...

Surfers Riding Welfare Wave
Surfers Riding Welfare Wave
Sep 23, 2007 11:10 AM CDT

Surfers Riding Welfare Wave

Aussie pols crack down on the unemployed

(Newser) - Getting surfers off the beach and into the job market is a top priority for Australia's  conservative government. The country is enjoying its lowest unemployment rate in years, just above 4%, but it seems a disproportionate number of those receiving welfare benefits live in sunny coastal areas with more opportunities...

Loonie Catches Up to Dollar
Loonie Catches Up to Dollar
Sep 21, 2007 3:33 AM CDT

Loonie Catches Up to Dollar

First time Loonie equaled greenback since Nov. 1976

(Newser) - The Canadian dollar reached parity with its US counterpart for the first time in over 30 years yesterday. As recently as March 2002, $1 American bought $1.60 Canadian, but the struggling US economy and the recent interest rate cut have pulled the greenback down, while increased demand for Canadian...

Investors Might Reap Rewards of Dollar's Slide

Currency's record lows against euro cause "to cheer," analyst says

(Newser) - The dollar may be continuing its slow, steady decline against the euro, but many analysts are looking on the bright side, Business Week reports. American stocks, companies, investors, and workers can all benefit from the decreasing value of their currency, economists say, with one calling the dollar’s decline “...

Jobless Claims Rise, but Economists See Silver Lining

Figures lower than expected as labor market deals with volatility

(Newser) - First-time applications for jobless claims rose last week, but economists are encouraged that the figures were less than expected, Bloomberg reports today. Claims grew by 4,000 to 319,000—still well short of the 325,000 applications expected. The numbers suggest that the labor market isn’t collapsing, despite...

Banks Pouring Money Into Russian Loans

Forget default: country now looks like haven from credit turmoil

(Newser) - Banks around the world are clamoring to loan money to Russia, just nine years after the country paralyzed the economic world by defaulting on $40 billion in debt. These days, Russia looks like a haven from the US mortgage meltdown. Russian corporations borrowed $29 billion over the last three months,...

Soaring Inflation Rocks China
Soaring Inflation Rocks China
Sep 11, 2007 3:36 AM CDT

Soaring Inflation Rocks China

Food prices feeding public unrest

(Newser) - China's soaring inflation rate is the highest in a decade, putting pressure on the central bank to hike interest rates for the fifth time in six months to cool China's superheated economy. Food prices have jumped 18%, raising fears of public unrest., Bloomberg reports. Consumer prices rose across the board...

Job Losses Don't Add Up to Recession... Yet

Analysts say 4-year-low might be caused by teachers on vacation

(Newser) - Eye-popping job numbers rippled through Wall Street yesterday, but analysts pooh-pooh recession fears as premature. “I think it is important we take a deep breath before screaming ‘A recession is now around the corner!’” one expert says. Four thousand lost jobs may be the worst depletion...

Dollar Plummets to 15-year Low
Dollar Plummets to 15-year Low
Sep 8, 2007 1:18 PM CDT

Dollar Plummets to 15-year Low

Job loss data fuels panic about US economy

(Newser) - Panic over the state of the US economy pushed the dollar to a 15-year low against major currencies yesterday. The drop came on larger-than-expected July payroll declines, data one analyst called “simply horrific.” Many fear that the credit crunch will drive down consumer spending, igniting a recession. Investors...

Pending Home Resales Drop to Record Lows

Vicious cycle of credit crunch and housing slump continues

(Newser) - In yet another sign of the troubled housing market infecting the ailing credit market, the number of home resales plunged to a record low in July. The measure, which tracks the number of Americans signing contracts to buy previously owned homes, dropped 12.2% to 89.9, its lowest level...

Nussle's New Budget Boss Despite Dem Protests

Opposition a blow against Bush policies

(Newser) - Despite opposition from several Democrats, the Senate yesterday approved former Iowa Rep. Jim Nussle as the new White House budget director. The dissenters were largely protesting Bush’s economic policy, rather than Nussle himself, recalling the criticism they faced after approving Gen.Petraeus while opposing Iraq policy, The Hill reports.

Asian Markets Stumble on Political News

Subprime turmoil now a given; traders await central banks' moves

(Newser) - In the wake of the Japanese agriculture minister's resignation, Asian markets stumbled today ahead of uncertain US economic data. For a change, analysts didn't point to the subprime crisis to account for the Nikkei's 0.5% slide: "After all, investors have got used to news on subprime issues,"...

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 Promises Mortgage Relief
Bush Promises Mortgage Relief
Aug 31, 2007 2:52 PM CDT

Bush Promises Mortgage Relief

Fed agencies to offer aid to help Americans during credit squeeze

(Newser) - The government will roll up its sleeves and aid homeowners battered by the subprime mortgage crunch, but it will forsake “speculators” trying to exploit the crisis, President Bush said today. The FHA will step in and help delinquent borrowers avoid foreclosure by refinancing at lower rates, but experts predict...

Bernanke Vows to Combat Mortgage Mess

Fed ready to step in; Wall Street holds out hope for rate cuts

(Newser) - In his first comments on the subprime mortgage meltdown, Ben Bernanke today vowed the Federal Reserve “will act as needed” to contain the turmoil, preventing it from weakening the broader economy. The Fed chief pledged the central bank would “take additional actions” if necessary. “It is clear...

Mortgage Mess Was 100% Avoidable
Mortgage Mess Was 100% Avoidable
Aug 29, 2007 7:39 PM CDT

Mortgage Mess Was 100% Avoidable

Lax oversight has huge cost, American Prospect editor writes

(Newser) - Blame for the current economic disaster should be placed squarely on the shoulders of the US government, for deregulation that allowed speculators to cash in, writes the American Prospect’s Robert Kuttner. Helping boost "ordinary people" into the "propertied class" has fallen out of favor in Washington, with...

Euro Stocks, US Futures Rise, Asia Dips

Big exporters still trembling over possible US slowdown

(Newser) - European stocks and US futures advanced overnight, as traders waxed optimistic that the credit crisis won't spread to affect the broader economy. But Asian markets are more concerned about the general prospect of a US slowdown—which could hit Asia's export-heavy economy hard.

Consumer Confidence Plunges
Consumer Confidence Plunges
Aug 28, 2007 2:35 PM CDT

Consumer Confidence Plunges

Vital index hits level not seen since post-Katrina unrest

(Newser) - Consumer confidence dived in August to its lowest level since right after Hurricane Katrina in 2005. Though not as steep as expected, the drop reflects the squeeze stock market uncertainty and lower home values are putting on Americans' wallets and peace of mind, Bloomberg reports. "The things that are...

Home Prices Show Record Drop
Home Prices Show Record Drop
Aug 28, 2007 11:21 AM CDT

Home Prices Show Record Drop

Consumer confidence off too; the credit market is to blame, again

(Newser) - The credit market is continuing to weigh on economic indicators, Bloomberg reports, as home prices and consumer confidence both notched records in their downward swoon. A report released today showed home values down an unprecedented 3.2% in the second quarter. Consumer confidence this month fell to its lowest levels...

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