recession

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iPhone Blew Your Budget? 'Recession Case' Is for You

Cardboard protection can be yours for just $1

(Newser) - Hard times no longer mean iPhone users who blew all their cash buying one can't afford a protective case for their new favorite toy, Mashable reports. Case-Mate has introduced the iPhone 3G Recession case, priced at just $1. The sturdy cardboard case, which assembles with locking tabs, will cushion your...

Wages Are Up—for Workers With Jobs

Avg. weekly pay hit $618 last month, up from $612

(Newser) - For those with the good fortune to have a job, wage growth has actually increased in recent months, government surveys show. From the fall of Lehman Brothers last September to this June, average weekly pay stayed at $612. But since June, the workweek has gotten longer and hourly pay growth...

UK Unemployment Soars to 14-Year High

Jobless rate expected to keep rising despite signs of economic recovery

(Newser) - The unemployment rate in Britain has climbed to 7.9% despite signs the economy is slowly beginning to pick up, the Wall Street Journal reports. The rate is now the highest since 1995, and analysts expect it to keep rising until well into next year. Unemployment remains especially high among...

Bernanke: Recession 'Very Likely Over'

(Newser) - Fed chief Ben Bernanke said today that the worst recession since the 1930s is "very likely over at this point." However, "it's still going to feel like a weak economy for some time," he warned, and unemployment will almost certainly rise. He spoke today to the...

Struggling Porn Industry No Longer Recession-Proof

Porn has become 'like potato chips,' frustrated actress says

(Newser) - Previous recessions have been kind to pornographers, but this one has been a knee to the industry’s groin, the Economist reports. Revenues have plummeted by up to 50%—from $6 billion in 2007, by one estimate—performers are being forced to lower prices, and production has been nearly cut...

Geithner Warns of Long, Hard Road Ahead

Administration a long way from saying 'mission accomplished' on financial crisis

(Newser) - The economy is no longer on the brink of the abyss but there's a long way to go before recovery takes hold, Tim Geithner warned yesterday. The Treasury secretary told a congressional committee that while the financial system is showing signs of better health, regulation of the financial system needs...

In Recession, NFL Blackout Rule Raises Ire

To fill seats, league holds local TV broadcasts hostage

(Newser) - High ticket prices and the recession are taking their toll on attendance at pro football games. But if you can’t afford the stadium, at least you can watch at home, right? Wrong. The NFL is sticking to its “blackout” policy—no local broadcast if the stadium doesn’t...

Forget Health Reform&mdash;We Can't Afford It
Forget Health Reform—We Can't Afford It
OPINION
Sep 10, 2009 8:50 AM CDT

Forget Health Reform—We Can't Afford It

The economy should be Obama's top priority: Henninger

(Newser) - Barack Obama makes health care sound like the most pressing issue in American life, but with unemployment at 10% and the country still officially in recession, Daniel Henninger wonders why he's "draining a dwindling reservoir of presidential capital." The cost of health care may be a problem for...

China May Invest in Bargain US Real Estate

Sovereign-wealth fund to ramp up spending after quiet 2008

(Newser) - China’s sovereign-wealth fund has its eyes on US real estate, the Wall Street Journal reports. China Investment Corp. laid low throughout 2008 as the global economy teetered but is now opening its coffers. And depressed US commercial property values—off 35% from their peak—coupled with cheap government financing,...

Florida's a Dying Ponzi Scheme, But I Love It

Tax base erodes as tourists, snowbirds dwindle

(Newser) - Florida resident Diane Roberts isn’t surprised—or even upset—that her state is collapsing. The Sunshine State's population is dwindling for the first time since World War II as tourists and snowbirds pull out, eroding the tax base that funded just about everything. "Our whole economy is more...

'European Model' Could Die: French PM

'Sluggish growth' may destroy safety net, job security

(Newser) - The prime minister of France, the country perhaps most associated with the cherished "European model" of job security and social safety nets, warned today that it may prove unsustainable because the region's economies are too stagnant. "With this sluggish growth, we cannot preserve the European social model or...

Pledge Boom Helps Public Stations Ride Out Recession

Loyal public help keep stations going as sponsorships, government funding vanish

(Newser) - Loyal viewers and listeners have stepped up to help their local public broadcasters make it through the recession, the Washington Post reports. Public stations say their appeals to the public are meeting a warm response despite the recession, with donations staying steady and, at some stations, even rising to record...

In Recovery, Business Will Profit at Workers' Expense

Short-term outlook 'great for business, terrible for households'

(Newser) - The economy is slowly improving, but companies will see the benefits long before the unemployed and underemployed will, Bloomberg reports. A Department of Labor report released yesterday found that the average workweek is at a near-record low of 33.1 hours. The lack of uptick in part-time hours is an...

Teen Unemployment Hits Record 25%

Expert sees teenagers jobless for a 'long, long, long, long time'

(Newser) - The teen jobless picture is the bleakest since the government started tracking the statistic 60 years ago, the New York Times reports. The rate hit 25.5% last month, nearly triple the rate among other workers. Analysts say teens are getting squeezed out of the workplace by college graduates, unable...

Staycations Rule Labor Day Weekend

Recession prompts many to cut out leisure travel

(Newser) - Many Americans feeling the bite of the recession will forgo a Labor Day getaway this weekend, instead opting for stay-at-home activities, Bloomberg reports. AAA predicts that weekend travel will fall by 13% from last year. “We need to be a little bit more reserved with the times the way...

Krugman: How Economists Blew It
Krugman: How Economists Blew It
OPINION
Sep 4, 2009 11:42 AM CDT

Krugman: How Economists Blew It

Downturn blindsided big brains who thought markets were perfect

(Newser) - Believe it or not, economists were, until about a year ago, congratulating themselves on a job well done. Now the dismal science is in shock, and Paul Krugman thinks he knows why. Economists, he writes in the New York Times Magazine, “mistook beauty, clad in impressive-looking mathematics, for truth....

Recession Woes Penalize NFL Franchises

Overall revenues up, but some franchises lose value for the first time in a decade

(Newser) - Tight credit and the recession-driven scarcity of buyers and investors slashed the value of eight NFL teams this year, Forbes reports. It’s the first time in a decade that even one team has seen a decline. Though the average team value held steady at $1 billion, Oakland led the...

Women Gain as Recession Batters Male-Dominated Fields

Men have lost 3 times as many jobs as women since Dec. 2007

(Newser) - The US job market is closer than ever to gender equality because the recession has most heavily affected male-dominated industries, USA Today reports. Women held 49.83% of the nation’s jobs as of June. Since the recession began in December 2007, 74% of the 6.4 million jobs lost...

Oldsters Refusing to Step Aside to Free Up Jobs

Reliance on volatile 401(k)s breeds reluctance to retire

(Newser) - Their retirement savings devastated by the financial crisis, older workers are increasingly postponing retirement, the New York Times reports, creating even more competition for scarce jobs. A recent survey found that four in 10 workers over 62 have remained at their jobs longer than they planned thanks to the recession....

Survey Finds Unemployed 'Traumatized'

Two thirds of Americans who have lost jobs experience depression

(Newser) - The recession has left many jobless workers struggling to cope with the psychological stress, a new study finds. Researchers at Rutgers University said the financial strain that comes with being out of work, combined with the daunting task of seeking new employment in a difficult job market, has left many...

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