economy

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Darling: British Economy Is at 60-Year Low

UK economic chief bluntly warns of harder times ahead

(Newser) - The outlook for Britain's economy is the bleakest since the days when the country was rebuilding from the Blitz, Chancellor Alistair Darling tells the Guardian. Darling warns that the downturn for the UK and the wider world could be "more profound and longer-lasting" than people expect. He acknowledges that...

GDP Grew More in Q2 Than First Reported
GDP Grew More in Q2
Than First Reported
Economy
Aug 28, 2008 12:06 PM CDT

GDP Grew More in Q2 Than First Reported

Commerce Department revision shows healthier growth

(Newser) - GDP growth was higher than initially reported in the second quarter, the Wall Street Journal reports. Commerce Department revisions put the increase at a seasonally adjusted 3.3% annual rate—the original estimate was 1.9%. Businesses decreased their inventories less than previously thought. At the same time, exports rose...

Home Sales Climb, but Prices Keep Falling
 Home Sales Climb, but
Prices Keep Falling
Economy
Aug 25, 2008 10:19 AM CDT

Home Sales Climb, but Prices Keep Falling

Expanding inventories still damaging market

(Newser) - Existing home sales were better than expected in July, rising 3.1% to an annual rate of 5 million, the Wall Street Journal reports. But inventories continued their steady expansion anyway, driving prices further downward. The median home price for July was $212,400, down 7.1% from July 2007....

Food Makers Tweak Recipes to Cut Costs

Hershey, others quietly substitute cheaper ingredients, fillers

(Newser) - Food manufacturers are adjusting their recipes to cut costs as ingredient prices climb, the Wall Street Journal reports. Hershey is replacing some of its cocoa butter with vegetable oil, while General Mills is dumping pecans for walnuts in one cookie. McCormick, McDonald's, and other companies are making similar moves. But...

Get Mad, or Go Home: Pundits
 Get Mad, or Go Home: Pundits
OPINION
Aug 21, 2008 1:15 PM CDT

Get Mad, or Go Home: Pundits

Klein, Carville to Obama: Show some feeling, already

(Newser) - It doesn’t do Barack Obama any good just to say he feels strongly—voters need to be able to see it from the Democratic candidate, Joe Klein writes in Time. His message on the economy, this year’s key issue, won’t work until he can show some “...

In Sickness and In Health ... and In Recession

More couples vowing to stretch wedding dollars in tight economy

(Newser) - In the midst of an economic downturn, many couples are scaling back their dream weddings in favor of more modest events. The Boston Globe explores the measures couples are taking to cut corners—now that the $27,800 budgeted for the average American wedding isn’t buying what it used...

EBay Slashes Listing Fees 75% to Lure Back Sellers

The online auction giant sees 'Amazonification' as a path to profit

(Newser) - Looking to compete more aggressively with Amazon for users who want to sell items at a fixed cost, eBay is changing its pricing model, lowering listing fees by up to 75% and increasing its final sales commission, BusinessWeek reports. The goal is to increase inventory of items listed at a...

Recession May Take Down More Banks: Expert

'Worst is yet to come' for US economy, economist warns

(Newser) - The credit-market slump could take a further toll on the largest US banks, a former chief economist of the International Monetary Fund tells Bloomberg. Claiming “the worst is yet to come,” Kenneth Rogoff says the financial sector “needs to shrink” before the economy will recover, and that...

Wholesale Prices Rising at Fastest Pace Since 1981

High energy, motor vehicle costs pushing inflation; Fed may be forced to boost rates

(Newser) - Wholesale prices jumped 1.2% in July—more than twice the rate economists expected and  the fastest pace in 27 years, according to government data released today, the AP reports. Core prices, which exclude food and energy, rose 0.7%, the biggest since November 2006; new home construction in July...

Feel Good Again About Your Pricey House
Feel Good Again About
Your Pricey House
OPINION
Aug 17, 2008 7:59 PM CDT

Feel Good Again About Your Pricey House

In 10 years, you'll be back in the black

(Newser) - Bought an expensive house right before the subprime crash? Fret not, writes Chris Ayres in the Los Angeles Times. With 5% inflation, lower interest rates, and a mortgage tax deduction, buyers of pricey houses will be smiling in 10 years. "If you're a boom-time buyer who can still pay...

Obama, McCain Woo CEOs to Shore Up Economic Cred

Candidates try to make up for their lacking economic records

(Newser) - John McCain and Barack Obama are doggedly courting CEOs of leading businesses in an effort to win voters' economic confidence, the Wall Street Journal reports. Each candidate has already lined up a corps of "poster CEOs," including the FedEx chairman, who is supporting McCain, and Warren Buffet, who...

Mac's Economic Strategy Memo Leaks Out

Candidate will hit grocery stores, paint Obama as 'job killer'

(Newser) - A leaked John McCain camp memo reveals his plan to look smart on economics and depict Barack Obama as a "job killing machine," the Huffington Post reports. McCain will use "grocery store visits" and "family budget roundtables" for women to show how the economy squeezes family...

Jobless Claims Hit 6-Year High
 Jobless Claims Hit 6-Year High
Economy
Aug 7, 2008 11:00 AM CDT

Jobless Claims Hit 6-Year High

Mounting layoffs lead to surprise jump in claims, report says

(Newser) - The number of newly laid off Americans signing up for jobless benefits last week unexpectedly climbed to its highest point in more than 6 years as the faltering US economy forced companies to cut back. The Labor Department reported today that new applications filed for unemployment rose by 7,000...

Struggling Whole Foods Pushes Cheaper Image

Chain's 'Whole Paycheck' nickname becomes albatross in downturn

(Newser) - Whole Foods is attempting to lose its reputation for high prices as shoppers increasingly look for thrift, the New York Times reports. The economic slump has changed shopping patterns: A July survey estimated that 20% of US shoppers have switched to cheaper grocery stores. Whole Foods has cut prices and...

Fed Again Leaves Funds Rate at 2%
Fed Again Leaves Funds Rate at 2%
Aug 5, 2008 2:07 PM CDT

Fed Again Leaves Funds Rate at 2%

Decision aimed at balancing inflation, economic worries

(Newser) - The Federal Reserve declared today that it was keeping its target for the federal funds rate, the interest that banks charge each other, at 2%. Confronted with the perils of a slumping US economy and rising inflation, the Fed decided for a second consecutive meeting to leave interest rates unchanged....

Obama Calls for $1,000 Rebates to Pay Energy Bills

Candidate says 'Big Oil' can help foot the cost

(Newser) - Barack Obama unvield an "emergency" plan for the economy today that includes $1,000 rebates for families or $500 for individuals to defray rising energy costs, Politico reports. The money would come in part from "windfall profits from Big Oil," the campaign says. Obama would pump another...

Workers Losing Hours as Economy Tightens

Jobless figures don't reflect part-time jump

(Newser) - US joblessness stands at a moderate 5.5%, but more than 3.7 million workers have seen their hours cut from full-time to part-time over the last year, shrinking their paychecks even as gas and food prices soar, reports the New York Times. That's the highest figure in the half-century...

Oil, Gas Prices Continue Slide
 Oil, Gas Prices Continue Slide
Jul 30, 2008 6:59 AM CDT

Oil, Gas Prices Continue Slide

A glimmer of hope in otherwise gloomy economy as crude prices sink

(Newser) - A dip in the price of energy is providing a welcome respite from an otherwise grim economic picture. Oil, which neared $150 a barrel earlier this month, has dropped $23, or 16%, since July 3; natural gas prices are down 33%. AAA says nationwide gas prices have dropped to $3....

Candidates Shift Focus to Economy, Center Ground
Candidates Shift Focus to Economy, Center Ground
ANALYSIS
Jul 29, 2008 1:48 PM CDT

Candidates Shift Focus to Economy, Center Ground

Both turn their attention to finding solutions for housing, energy crisis

(Newser) - The presidential hopefuls are turning their focus to the home front—and the economy in particular—in the wake of Barack Obama's foreign trip, ABC News reports. John McCain criticized America's dependence on foreign oil yesterday while speaking in front of an oil derrick in California, while Obama hosted a...

Obama Will Plunge US Into Recession
Obama Will Plunge US Into Recession
OPINION
Jul 29, 2008 10:15 AM CDT

Obama Will Plunge US Into Recession

Dem's plans would spell disaster, says wonk for first Bush

(Newser) - Barack Obama’s campaign promises on the economy—particularly on taxes and trade—would be a disaster for Americans at all income levels, an adviser to the first President Bush writes in the Wall Street Journal. On “tax, spending, energy, regulatory, and trade policy, if the proposals espoused by...

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