US economy

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Chinese Pension Fund Considers US Private Equity Deals

Burned by Blackstone, Beijing takes it slow

(Newser) - China, suffering buyer’s remorse after investing in US private equity firm Blackstone, is taking its time before diving back into that end of the financial pool, reports the Financial Times. The Big Three of US equity firms, Carlyle, KKR, and TPG, are each seeking a minority investment from China’...

UBS Reports $712M Q3 Loss, $4.4B in Writedowns

Subprime crisis costs bank $4 billion in writedown

(Newser) - The subprime mortgage mess claimed another casualty today: Zurich-based UBS reported its first quarterly loss in nearly five years, a $712 million hit that drove down share prices as much as 1.9%, reports Bloomberg. UBS reported $4.4 billion in losses and writedowns on mortgage securities. And more writedowns...

US New-Home Sales Rebound in September

(Newser) - In the face of dismal August numbers, sales of new homes in September increased 4.8%, driven by demand in the western US, the Wall Street Journal reports. Despite the unexpected bump, the updated August figures, which reflect an 11-year low, are fueling worries the economy will remain pinned under...

CA Fires Won't Harm Economy in Long Term

Rebuilding will give a boost to sagging home building sector

(Newser) - California’s runaway wildfires are not likely to do longterm damage to the state’s economy, the Los Angeles Times reports—in fact the disaster could be a boon to some sectors. One of those is construction: In the first nine months of the year, construction jobs were down 3%...

Economic Woes Sink Retail Sales
Economic
Woes Sink
Retail Sales
Oct 23, 2007 6:08 PM CDT

Economic Woes Sink Retail Sales

Consumers could see lower prices this holiday season

(Newser) - With the holiday shopping season set to kick off, retailers are lowering prices on thousands of items to clear space for seasonal products, cutting into profits and producing the worst drop in week-to-week sales since May, Bloomberg reports. US retail sales for the week ending Oct. 20 fell 1.5%...

Paulson: Economy in Danger
Paulson: Economy in Danger
Oct 16, 2007 12:40 PM CDT

Paulson: Economy in Danger

(Newser) - The ongoing housing implosion poses “a significant risk” to the economy, Treasury Secretary Henry Paulson said in a speech at Georgetown University today, in a sobering about-face from earlier attempts to downplay the crisis. “The ongoing housing correction is not ending as quickly as it appeared,” he...

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.

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