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Economists fear that the nascent recovery will leave more people behind than in past recessions, failing to [...] Walmart has suffered its first fall in quarterly sales at its US discount stores, underlining the challenges facing future growth in its home market as the economy recovers. A medium sized-bomb exploded Tuesday at a building housing offices of J.P. Morgan, the financial services firm, Greek police said. A majority of companies in the Standard & Poor’s 500 stock index increased cash to a combined $1.19 trillion while simultaneously reducing spending, keeping a jobs recovery on hold. The unemployment rate dropped unexpectedly in January to 9.7 As bad as the government’s jobs readings numbers have been during the Great Recession, we’ll soon find out the real situation likely was worse. As President Obama prepares to unveil his $3.8 trillion budget for fiscal year 2011, which begins Oct. 1, the White House is projecting the current fiscal year will end with a $1.6 trillion deficit, congressional sources confirmed to Fox News. The new foreclosure plague is tied more to the economy than bad mortgages. Here are 10 cities where defaults grew the fastest in 2009. Source/Full Story: CNNMoney.com January 19, 2010 — One in 7 U.S. mortgages foreclosing or delinquentA [...] Retail sales unexpectedly fell in December, leaving 2009 with the biggest yearly sales drop on record and highlighting the formidable hurdles facing the economy as it struggles to recover from the recession. Greek Finance Minister George Papaconstantinou said there is “absolutely” no risk that the country will default on its debt, seeking to ease the concerns of investors after Greece had its credit rating cut yesterday. At the moment, I am more concerned about this idea that media heads Propaganda Ministers are expressing concern about the future of the U.S. as a “force for good.” Geithner, 48, took issue with that, saying that the entire financial system was at risk at the height of the crisis, including Wall Street’s big institutions.…“None of them would have survived” had the government stood aside and let the crisis run its course, he said. “The entire U.S. financial system and all the major firms [...] Mark Zandi, chief economist at Moody’s Economy.com in West Chester, Pennsylvania, said in an interview with Reuters home prices will resume their decline by early next year as foreclosure sales pick up again. In a sign that more foreclosures could be on the horizon, 23% of people with mortgages owe more than their home is worth, according to a report released Tuesday. … a growing number of new shoplifters are outwardly reputable, middle-class people who are walking off with French cheeses, quality meats, cosmetics, mobile phones, clothing and other goodies that they feel they need to maintain a quality of life they can no longer afford. Source/Full Story: Recession Retail Theft: Middle-Class Shoplifters on Rise – [...] What economic challenges are still ahead? I thought the economy was recovering, and green shoots abound. Nearly half of all U.S. children and 90 percent of black youngsters will be on food stamps at some point during childhood, and fallout from the current recession could push those numbers even higher, researchers say. …The government will release figures this week expected to show that the economy has awakened from its deepest slump since the 1930s and is in the early stages of a recovery. But the following week, the government will issue another set of figures expected to show unemployment continuing to rise toward and possibly above a [...] …The government will release figures this week expected to show that the economy has awakened from its deepest slump since the 1930s and is in the early stages of a recovery. But the following week, the government will issue another set of figures expected to show unemployment continuing to rise toward and possibly above a [...] The British economy is in its longest recession on record, as figures out this morning showed a shock 0.4% drop in gross domestic product (GDP) in the third quarter of the year.…TUC general secretary Brendan Barber said he hoped today’s figures would “head off the growing signs of complacency” on an economy which remains “extremely [...] The stock market’s moving up and some economists are declaring an end to the recession. So, why are people still so pessimistic? China’s economy expanded at the fastest pace in a year as stimulus spending and record lending growth helped the nation lead the world out of recession. Even with an economic revival, many U.S. jobs lost during the recession may be gone forever and a weak employment market could linger for years. In the latest sign of weakness in Louisville-area employment, about 10,000 people applied over three days for 90 jobs building washing machines at General Electric for about $27,000 per year and hefty benefits. The US budget deficit is expected to hit a record $1.4 trillion this year, some $950 billion greater than the shortfall recorded last year, the Congressional Budget Office (CBO) said. Personal bankruptcies topped the 1 million mark in the first nine months of the year, the first time it has done so in four years, according to an industry research firm released Friday. Former Federal Reserve Chairman Alan Greenspan predicted on Sunday that the jobless rate will pass 10 per cent and stay there for a while, and a second stimulus plan is not needed now. Former Federal Reserve Chairman Alan Greenspan predicted on Sunday that the jobless rate will pass 10 per cent and stay there for a while, and a second stimulus plan is not needed now. Spain is sliding into a full-blown economic depression with unemployment approaching levels not seen since the Second Republic of the 1930s and little chance of recovery until well into the next decade, according to a clutch of reports over recent days. Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that’s happened since the 1980s. Oh really. Well I guess the party should be at Ben’s house, shouldn’t it? Does consumer spending account for 2 thirds of the US GPD? Businessweek doesn’t think so, but even so it seems only logical that the average citizen won’t start recovering until employment recovers. In that regard Benny is a bit more [...] Source/Full Story: FT.com Full Story/Source: Reuters Many Americans have been getting a break on their electricity bills during the recession, but they should not expect the relief to last long as power demand recovers and climate regulations loom. Utilities in major markets like New York, Chicago and Texas lowered rates as the recession cut industrial and residential consumption and wholesale power costs [...] Rhode Island will shut down its state government for 12 days and hopes to trim millions of dollars in funding for local governments under a plan Gov. Don Carcieri outlined Monday to balance a budget hammered by surging unemployment and plummeting tax revenue. The shutdown will force 81 percent of the roughly 13,550-member state work force, [...] Britain had an 8 billion-pound ($13.2 billion) budget deficit in July, the largest for the month since records began in 1993, as the recession ravaged tax revenue and the cost of unemployment benefits surged. The shortfall compared with a surplus of 5.2 billion pounds a year earlier, the Office for National Statistics said in London today. [...] Britain had an 8 billion-pound ($13.2 billion) budget deficit in July, the largest for the month since records began in 1993, as the recession ravaged tax revenue and the cost of unemployment benefits surged. The shortfall compared with a surplus of 5.2 billion pounds a year earlier, the Office for National Statistics said in London today. [...] More than 150 publicly traded U.S. lenders own nonperforming loans that equal 5 percent or more of their holdings, a level that former regulators say can wipe out a bank’s equity and threaten its survival. The number of banks exceeding the threshold more than doubled in the year through June, according to data compiled by Bloomberg, [...] Four more banks failed according to the Federal Deposit Insurance Corp. on Friday, bringing the year’s total to 68, and to 93 failed banks since the beginning of the recession. First BankAmericano of Elizabeth, N.J., will have its deposits transferred to Crown Bank, Brick, N.J.; Peoples Community Bank of West Chester, Ohio, will have deposits [...] When those adjustments are taken into account for May 2009, the unemployment rate soars to 16.4%. That is the highest rate since the BLS began calculating the U-6 rate in 1994. While not exactly comparable, it is also higher than the BLS’s earlier and yet broader adjusted unemployment rate called the U-7. The BLS began [...] |
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