economy

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Dow Plunges 589 on Wild Day
 Dow Plunges 589 on Wild Day 
Aug 24, 2015 3:07 PM CDT

Dow Plunges 589 on Wild Day

The markets correct somewhat after horrific opening

(Newser) - The US stock market took investors on a stomach-churning ride today, as the Dow Jones industrial average briefly plunged more than 1,000 points and sent a shiver of fear from Wall Street to Main Street. Stocks regained much of that ground as the day wore on, with the Dow...

Are Americans Ready to Buy a Car Made in China?

GM may import the Buick Envision next year

(Newser) - Will US consumers buy a car made in China? General Motors may be about to find out as the company mulls importing its Buick Envision from China, where more than 57,000 of the "compact crossovers" were sold in the first half of this year, Automotive News reports. A...

Krugman: Greece Holds an Important Warning for US

But it's not the one you're hearing about the most

(Newser) - Republicans are pointing to Greece and saying it holds a warning for the US—too much debt and too much borrowing will bring us doom. Paul Krugman agrees that Greece offers a lesson for Americans, but he draws a different one: Don't listen to those Republicans, who have been...

Here's How Much We Spend to Get Married

The Knot survey finds the average wedding cost $31,213 in 2014

(Newser) - In what some are calling one sign of an improving economy, if at the expense of newlyweds, a new survey by The Knot finds that the average cost of a US wedding jumped to $31,213 last year, marking a five-year high when adjusted for inflation. In its eighth report,...

Biggest Banks Can Handle 'Severe' Recession: Fed

Reserve's 'stress tests' show 31 banks stronger than ever since 2008 crisis

(Newser) - All of the nation's 31 largest banks are adequately fortified to withstand a severe US and global recession and keep lending, the Federal Reserve said yesterday. Results of the Fed's annual "stress tests" show that as a group, the 31 banks are stronger than at any time...

Fed to End Historic Bond-Buying Program

It also will keep interest rates low for a while

(Newser) - The Federal Reserve plans to keep a key interest rate at a record low and, as expected, will end a bond-purchase program put into place in 2008 to stimulate the economy. The Wall Street Journal calls the latter a "historic experiment that has stirred intense debate about its effects...

CIA Analyst: Next Great Depression 'About to Strike'

Jim Rickards sees bad news in the Fed's 'Misery Index'

(Newser) - A CIA analyst known for his dire economic predictions is speaking up again, warning that the next Great Depression may be right around the corner. Jim Rickards, a "financial threat and asymmetric warfare adviser" for the CIA, tells Money Morning that Americans should be preparing for a $100 trillion...

Top Threat to Rare Languages: Growing Economies

Zoologist turns from endangered animals to endangered tongues

(Newser) - There are some 6,909 languages spoken today, but many are on the decline, and the biggest reason, researchers find, is economic growth. Researchers studied the 649 languages for which growth and decline data was available to determine the leading factors driving the change, Science magazine reports. In order to...

'Mystery Woman' Leads the US Economy

Fed Chief Janet Yellen hasn't revealed strong policy leanings—yet

(Newser) - Just what is percolating in Janet Yellen's mind? The "diminutive woman with a pixie haircut"—oh, and chief of the US Federal Reserve—has emitted vague policy signals but divulged no clear plan (as Fed chiefs are wont to do), Politico reports. Some see a progressive with...

Don&#39;t Be Surprised if Stocks Drop 50%
Don't Be Surprised
if Stocks Drop 50%
OPINION
Jul 31, 2014 7:51 PM CDT

Don't Be Surprised if Stocks Drop 50%

Henry Blodget says we should at least be prepared for the possibility

(Newser) - The Dow tanked more than 300 points today, and the market in general has been "sputtering" of late, writes Henry Blodget at Business Insider . So are we on the brink of that correction everyone seems to be talking about? Blodget says that he, like everyone else who writes about...

Economy Surged at 4% Rate in Spring

Further growth expected in 2014; revisions show fast growth in 2013

(Newser) - After a dismal winter, the US economy sprang back to life in the April-June quarter, growing at a fast 4% annual rate on the strength of higher consumer and business spending. That beat economists' expectations, the New York Times notes. The Commerce Department says the second-quarter rebound followed a sharp...

US Economy Shrank 2.9%— Worst Since '09

Number much higher than expected

(Newser) - The US economy shrank at a staggering annual rate of 2.9% in the January-March quarter as a harsh winter contributed to the biggest contraction since the depths of the recession five years ago. The Commerce Department says the first-quarter contraction was even more severe than the 1% annual decline...

Interest Rates Won't Be Rising Anytime Soon

Fed wraps up meeting, cuts growth forecast

(Newser) - The Federal Reserve has sharply cut its forecast for US growth this year, reflecting a shrinking economy last quarter caused mostly by harsh weather. At the same time, the Fed has barely increased its estimate of inflation despite signs that consumer price increases are picking up. Its benign inflation outlook...

Economy Shrank 1% in Q1
 Economy Shrank 1% in Q1 
May 29, 2014 8:40 AM CDT

Economy Shrank 1% in Q1

It's the first time since 2011—but it's temporary: economists

(Newser) - For the first time since 2011, the US economy shrank in the first quarter—by 1%. Economists expected a 0.5% drop, but tell the AP that the Q1 numbers had to do with the harsh winter. Thanks to stronger manufacturing, faster job growth, and more retail spending, the fall...

The Internet's Workforce Is Faceless

We've forgotten that huge deals have a human toll: George Packer

(Newser) - Early 20th-century America had its factory workers; later decades had store employees. But today's Internet economy hides the faces of its workers, writes George Packer in the New Yorker . "Amazon’s workforce is made up mainly of computer engineers and warehouse workers, but when you think of Amazon...

Good News, Economy: Workers Are Quitting

'Quit rate' is highest since recovery began

(Newser) - In November, some 1.8% of the workforce, or 2.4 million people, abandoned their jobs, the Labor Department says—and though some were retiring or leaving work behind altogether, most were exiting because they wanted to find, or had already secured, new jobs. It's the highest "quit...

Today's the Day: Long-Term Jobless Benefits Expire

More than 1M affected

(Newser) - A political fight on Capitol Hill becomes very real today for about 1.3 million Americans: Their long-term unemployment benefits expire. In the latest budget deal, lawmakers didn't extend the 5-year-old federal emergency program that provides an average of $300 a month to people who have used up their...

Corporate America Likes High Unemployment Rates
Corporate America Likes
High Unemployment Rates
OPINION
Dec 27, 2013 1:23 PM CST

Corporate America Likes High Unemployment Rates

It gives companies more leverage over workers, writes Paul Krugman

(Newser) - Benefits for the long-term unemployed run out tomorrow, which Paul Krugman thinks is not only a travesty but a reminder that we need to make reducing unemployment a top priority. The problem is that the political will to do so isn't strong, he writes in the New York Times...

Economy Grew 4.1% in Q3
 Economy Grew 4.1% in Q3 
Dec 20, 2013 7:56 AM CST

Economy Grew 4.1% in Q3

It's the best mark since 2011

(Newser) - The US' GDP grew at a 4.1% annualized rate in the third quarter, its best showing since the last three months of 2011, the Commerce Department announced today. The number is revised upward from the Department's initial 3.6% estimate. Economists surveyed by Bloomberg had been expecting that...

October Jobs Report Surprisingly Strong

Shutdown didn't torpedo numbers after all

(Newser) - Last month's government shutdown was supposed to throw a wet blanket on this morning's jobs numbers, but they turned out to be fairly strong. The economy added 204,000 jobs in October, almost double what analysts expected, reports the AP , which calls it an "unexpected burst of...

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