economy

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Kim Plans Economic Overhaul in N. Korea

General's ouster paves way for reform: insider

(Newser) - After North Korea's top military leader was removed from the post, observers wondered why; now an explanation seems to be taking shape. Vice Marshal Ri Yong Ho, seen as a close ally to Kim Jong Il, didn't want to see sweeping changes to the country's economy—but...

Bernanke Predicts 7% Unemployment in 2014

Dour Fed gives no clue as to quantitative easing plans

(Newser) - Ben Bernanke sounded a dour note in his testimony before Congress today, predicting slow growth and stubbornly high unemployment, with no hint that the Fed intended to do anything about it. "The US economy has continued to recover, but economic activity appears to have decelerated somewhat," he said,...

'Tough' New Car Designed for Sale ... in Africa

Mobius Two can fit eight people and haul large cargo

(Newser) - Africa, meet the $6,000 car. Mobius Motors plans to sell Africa a new vehicle, the Mobius Two, even though the entire continent has just a $15 billion market (about $485 billion lower than America's). But the Mobius Two could revolutionize the economy in a land where hundreds of...

State and Local Spending Drops to Lowest in 30 Years

Democrats and Republicans alike slashing budgets

(Newser) - State and local governments have cut back spending to the lowest level in 30 years, according to a USA Today analysis. Both Democrats and Republicans are denying handouts, even with tax revenue going up and powerful interest groups lobbying for funds. Local and state spending dipped 0.8% this year...

Romney to Florida: Hush Up on the Great Jobs News

Sources say campaign feels Rick Scott's good news is off message

(Newser) - Florida Gov. Rick Scott has been touting the Sunshine State's sunny jobs news—and the Romney campaign would like his forecast to get a little cloudier, two sources tell Bloomberg . Scott's re-election campaign recently boasted that Florida's unemployment rate dropped to 8.6% in May from 8....

Obama, Romney Agree: My Rival Will Wreck Economy

Candidates deliver dueling speeches in Ohio

(Newser) - President Obama and Mitt Romney gave their competing versions of how to fix the economy during Ohio speeches today, with their common advice being, don't elect that other guy. Some quotes getting play:
  • Obama: “What’s holding us back is a stalemate in Washington between two fundamentally different
...

2010 Clinton Speech Could Trip Obama Today

Because he's giving his speech today in the same place

(Newser) - President Obama is set to give a speech in Ohio today, but his choice of venue might prove kind of awkward. Bill Clinton spoke at the same Cleveland-area community college ahead of the 2010 elections, USA Today points out, and he said these unwise-in-hindsight words: "We found a big...

Wages Flat Since Obama Took Office

It could be big topic tomorrow, as Romney declares 'talk is cheap'

(Newser) - Wages have stayed virtually frozen since President Obama took office, a fact that Politico notes is starting to get some traction on the campaign trail. When adjusted for inflation, the average hourly wage has crept up a meager 42 cents to $23.41 since 2008. High unemployment is a factor,...

Obama Clarifies: Economy 'Not Doing Fine'

Romney: First statement is a historic gaffe

(Newser) - President Obama sought to limit the political damage from his statement this morning that the "private sector is doing fine." At a subsequent event, he declared, "It is absolutely clear that the economy is not doing fine," reports MSNBC . One Republican after another had beaten up...

Obama: 'Private Sector Is Doing Fine'

Republicans pounce; Obama says Congress has 'no excuse' to dither

(Newser) - President Obama used a White House press conference today to chide Republicans for blocking his jobs proposals—"If Congress decides not do anything about all this because it’s an election year, they should explain to the American people why"—and to urge European leaders (in what MarketWatch...

Economy's Silver Lining: Lower Gas Prices

Falling oil prices make life easier at the pump

(Newser) - One bright spot amid the latest economic news : Gas prices are falling nationwide, and fell below $2.99 at two gas stations yesterday, the AP reports. Not all consumers will be so lucky, but plunging oil prices have lowered pump gas by an average of 30 cents a gallon in...

Jobs Report as Bad as Can Be
 Jobs Report as Bad as Can Be 
OPINIONs
Jun 1, 2012 12:43 PM CDT

Jobs Report as Bad as Can Be

And it's very bad news for the White House

(Newser) - You don't have to look at the sinking Dow—which is now in negative territory for the year—to get a sense of just how bleak today's jobs report was. A glance at financial blogs offers a depressing reminder:
  • Felix Salmon, Reuters : It's "about as bad
...

The Jobless Stat You Should Worry About

People in their prime working years aren't finding jobs

(Newser) - The unemployment rate may be improving, but that doesn't mean the job market is, and there's one group in particular that's having an alarmingly hard time finding work: People in their prime working years. Only 75.7% of people aged 25 to 54 have jobs, the Washington ...

Becoming a Nation of Renters Might Save Us
Becoming a Nation
of Renters Might Save Us
OPINION
May 5, 2012 1:40 PM CDT

Becoming a Nation of Renters Might Save Us

It might just fuel the 'next boom': Daniel Gross

(Newser) - Homeownership is down and renting is up, and that surely means bad news for the economy and people's finances, right? Wrong, argues Daniel Gross in the Wall Street Journal . In fact, it's a beautiful thing. "The new realities of our increasingly mobile economy make it more likely...

3 out of 10 Young Adults Moving Home

'Boomerang kids' have trouble finding well-paying work

(Newser) - As many as three out of 10 young adults are moving back in with their parents—resulting in the highest share of 18- to 34-year-olds living with multiple generations since the 1950s—after finding themselves unable to find lucrative employment in this dismal economy. They're dubbed "boomerang kids"...

Wages of Young Workers Declining

They're down over the last decade, in contrast to overall numbers

(Newser) - The group getting hit the hardest by plummeting wages caused by high unemployment is the young. The hourly pay for male college graduates ages 23 to 29 fell 11% over the past decade to $21.68 while their female counterparts saw a dip of 7.6% to $18.80, reports...

Premier to Chinese: Get Ready to Buy, Buy, Buy

Consumer spending is what China needs now: Wen Jiabao

(Newser) - China's premier today called on his countrymen to spend big to boost the national economy because international markets aren't up to the job. "Expanding domestic demand, particularly consumer demand, is essential to ensuring China's long-term, robust economic development, and is the focus of our economic work...

Young Adults Put Life on Hold Over Economy

But most remain upbeat about their future: Pew survey

(Newser) - The economy is doing a number on those aged 18 to 34, according to a new survey from the Pew Research Center :
  • Half say they have taken a job they didn't want.
  • More than a third have gone back to school because of the job market.
  • Nearly a quarter
...

Consumer Confidence Soars
 Consumer Confidence Soars 
Dec 27, 2011 10:27 AM CST

Consumer Confidence Soars

It neared its post-recession peak this month

(Newser) - Are American shoppers at last stepping back from the ledge? The Conference Board's Consumer Confidence Index shot up 10 points in December to 64.5, the AP reports. That's its highest reading since April and closing in on its post-recession peak of 72, which was achieved in February....

Jobless Claims Sink to 3-Year Low

It was a surprise drop, notes Bloomberg

(Newser) - Unexpected visit from the in-laws: bad news. Unexpected drop in jobless claims: very good news. Though Bloomberg reports that economists anticipated that the number of Americans filing first-time jobless claims would hold steady around 390,000, it instead dropped by 19,000 last week, to 366,000. The last time...

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