economy

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Colleges Hope to Cash In on Naming Rights for Classes

Hope corporate funds can save programs

(Newser) - With schools hit hard by the recession, some are considering new ways to pull in cash. One idea: corporate sponsorship for classes, Time reports. City College of San Francisco may sell naming rights to 800 classes that might otherwise disappear. College officials have mixed feelings, with some put off but...

Prepared Food Aisle Is the New Restaurant

Restaurants take hit as customers opt for cheaper grub

(Newser) - Cash-conscious consumers who’d rather not cook are increasingly ditching restaurant dinners in favor of grocery stores’ prepared meals, the San Diego Union-Tribune reports. At some stores, prepared-food sales have jumped 7% to 10%, says an industry consultant. For their part, supermarkets are hawking a bigger and better selection of...

Goldman Inspires Jealousy, Suspicion With Soaring Profits

(Newser) - Goldman Sachs is expected to announce stunning profits for the second quarter tomorrow, inspiring jealousy on Wall Street and suspicion on Main Street, as taxpayers wonder whether they've been taken for a ride, reports the New York Times. The bank repaid its multibillion dollar government loan last month, and could...

Economic Muck Gives GOP Hope for New Blood in 2010

Candidate recruitment up amid bad news for Dems

(Newser) - As bad economic reports keep coming, Republicans are seeing candidate recruitment soar, the Hill reports. The party has had “probably its first good couple weeks in four years,” says an analyst, fueled in large part by rising unemployment and sinking stocks. Meanwhile, Democrats have lost top Senate candidate...

Bruni to G8: Don't Let Recession Kill AIDS Funding

We've made progress—now don't let economy destroy it

(Newser) - Carla Bruni-Sarkozy gets in the op-ed game today, urging G8 leaders who are converging on L’Aquila, Italy, to continue the commitment their predecessors made 8 years ago to fighting HIV/AIDS in Africa. The earlier initiative helped the Global Fund to Fight Aids, Tuberculosis and Malaria save some 4 million...

Traffic Congestion Dips as Economy Falters

US sees two-year congestion decline for first time ever

(Newser) - Drivers are spending less time stuck in rush-hour traffic for a second straight year, the first-ever 2-year decline in congestion. Blame high gas prices and the economic downturn, which have forced many Americans to change how they commute. In individual cities, Los Angeles traffic is getting better but is still...

Biden: Obama Team 'Misread' the Economy

 Biden: Obama 
 Team 'Misread' 
  the Economy 
TALK SHOW ROUNDUP
Jul 5, 2009 11:00 AM CDT

Biden: Obama Team 'Misread' the Economy

Colin Powell 'concerned' by Obama's spending

(Newser) - Joe Biden conceded today that the Obama administration “misread” how bad the economy actually was and that now the unemployment rate is “much too high,” The Hill reports. In an interview taped in Iraq with This Week, the vice president also said the US doesn’t intend...

June Jobless Rate Hits 9.5%, a 26-Year High

363K job cuts predicted

(Newser) - Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5% and suggesting that the economy's road to recovery will be bumpy. The Labor Department report released today, which shows 100,000 more jobs shed than expected, indicates that even...

How Fluffy Towels May Point to Economic Recovery

(Newser) - Everyone's reading tea leaves to figure out where the economy's headed, and Time finds reason for hope in something it calls the "Bed, Bath & Beyond barometer." The retailer's profits were up in the first quarter, and same-store sales weren't as bad as expected. This is especially...

Facing $24B Shortfall, Calif. Gets No Love From Feds

Washington refuses state's requests for aid

(Newser) - California may be the world’s 8th-largest economy and key to President Obama’s re-election, but requests for financial aid are falling on deaf ears in Washington, Politico reports. The Golden State remains deadlocked over a $24 billion budget deficit, and many of its own officials are unsympathetic. “Why...

Why Car Rentals Are Pricey in Great Recession

Airfares, hotel rates fell, but rental rates have started back uphill

(Newser) - Hoping for a cheap car rental in the Great Recession? Sorry, car rental fees are going up, thanks to agencies selling off chunks of their fleets and creating a false shortage, Michelle Higgins writes in the New York Times. Last month, the average weekly airport rental price jumped 73% over...

Fed Keeps Interest Rates at Record Low

Economy picking up, but not enough that inflation is a worry

(Newser) - The Federal Reserve says the recession is easing, but that the economy likely will remain weak and keep a lid on inflation. Against this backdrop, the Fed held a key bank lending rate at a record low of between 0% and 0.25%, and pledged again to keep it there...

Recession Will End This Year
 Recession Will 
 End This Year 
OECD report
Jun 24, 2009 6:53 AM CDT

Recession Will End This Year

But growth will be sluggish through 2010, says Paris development group

(Newser) - The US recession will end this year, but fragile financial markets and sapped consumer wealth will keep the pace of recovery sluggish, an influential Paris-based economic prognosticator said today. The OECD—Organization for Economic Cooperation and Development—predicted that the US economy will shrink by 2.8% this year and...

Obama's Approval Rating Softens

Economy pulls down numbers

(Newser) - Concerns over the economy are weighing down President Obama’s poll numbers, which have fallen to their lowest point since his inauguration, Politico reports. Obama’s 57% approval rating in a Gallup tracking poll this weekend remains high, but a series of recent polls find his support falling among Republicans...

Bush Knocks Obama Policies
 Bush Knocks 
 Obama Policies 
Jun 18, 2009 12:38 PM CDT

Bush Knocks Obama Policies

Says private sector is solution to economic problems

(Newser) - George W. Bush is apparently done holding his tongue. He criticized several of President Obama's major policy issues in a speech yesterday, defending his administration on interrogation, assailing nationalized health care, and saying the private sector, not the government, was key to fixing the economy, the Washington Times reports. “...

Anti-Biz Obama 'Loathes Profit Motive': Barnes

(Newser) - “Anti-business may be too crude a label” for President Obama, Fred Barnes writes in the Weekly Standard, but America's leader certainly "has a dark view of profits." Surveying Obama's appointments, policies, and remarks about business, Barnes concludes that "Obama loathes the profit motive or at least...

Report Seeks More Bank Stress Tests

First round may have underestimated unemployment

(Newser) - The US should run a second round of bank stress tests if it turns out the government was overly optimistic about the economy in the first round, says a report to be presented to Congress today. The Congressional Oversight Panel, which monitors the bailout, applauded the tests thus far, but...

Jobless Rate Hits 9.4%, But Layoffs Ease

(Newser) - The unemployment rate jumped to 9.4% in May, the highest in more than 25 years. But the furious pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September. If laid off workers who have given up looking for new jobs or have settled for part-time...

Bernanke Sees Slow Recovery, Despite Positive Signs

Still hopes economy will grow by year's end

(Newser) - The US has a long way to go before the economy returns to full health, despite hopeful signs, Ben Bernanke told the House budget committee today. “Recovery will only gradually gain momentum and that economic slack will diminish slowly,” the Fed chairman said. With businesses cautious, “the...

New Budget Airline Launches With 1 Plane, $9 Seats

First few seats are $9; all extras will cost you

(Newser) - The founder of the short-lived discount airline Skybus thinks conditions are right for a second attempt at adding service to less-used regional airports, the Chicago Tribune reports. JetAmerica will follow the model of European budget carriers like Ryanair, offering a handful of seats for $9 and charging for services like...

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