Economy: End of The Recession Around the Corner?
Paul A. Samuelson

The 2006-2009 recession is likely over now (or very soon). So says Federal Reserve Chairman Ben Bernanke. At most central banks around the globe the same story is now being proclaimed. Just what does this mean? And what does it not necessarily mean?

Economic Recovery   (c) Matt Davies

Reports Show Mixed Results for Obama's Stimulus
Amanda Ruggeri

One report shows that the GDP rose about 2.3 percentage points. In Washington, talk of the $787 billion stimulus package has been largely overshadowed by healthcare reform. A recent report by the Council of Economic Advisers could help the Democratic cause, at least when it comes to defending the administration's decisions on fiscal recovery. But taken in conjunction with a Government Accountability Office report that examines states' use of stimulus funding the overall picture remains a mixed bag.

Free Enterprise is Key to Economic Recovery
Kenneth T. Walsh

Tom Donohue, president and CEO of the U.S. Chamber of Commerce, has big plans. In mid-October, his organization, which is one of the most influential advocates for business in the United States, will launch a 'Campaign for Free Enterprise,' a multiyear effort (at an estimated cost of at least $25 million annually) to educate Americans about capitalism and explain the importance of free enterprise.

Pecora Hearings a Model for Financial Crisis Investigation
Amanda Ruggeri

Congress could learn from Pecora's 1930s investigation of the stock market crash. The Financial Crisis Inquiry Commission -- created by Congress in May to determine and analyze the origins of the current financial crisis -- is charged with examining no fewer than 20 of its specific causes, including the roles of fraud and abuse, credit rating agencies, and corporate compensation structures. The commission must also examine the collapses of major financial institutions like Lehman Brothers and Bear Stearns.

The Case for Economic Irrelevance
Paul Greenberg

A recession may stunt more than material growth. It can also drain intellectual curiosity. For economic pressure can lead people to settle for what only seems to be security instead of following their dreams. Which can be a tragedy for both the individual and a society that depends on people reaching ever higher, rather than not settling for what only seems safe.

Selling the Economic Recovery
Jules Witcover

To counter the pessimistic observations of Republicans who haven't been able to come up with their own answer to the economic mess they left to President Obama, he trotted out ever-optimistic Vice President Joe Biden the other day to declare a solid start to a job only barely getting underway.

Why Obama Won't Be Able to Reform Wall Street
Arianna Huffington

Listening to President Obama's heartfelt, well-intentioned, but ultimately naive speech on financial reform, my mind kept flashing on a story I heard the last time Washington, in the wake of the Enron scandal, promised to reform Wall Street.

Barack Obama Must See Michael Moore's New Movie (and So Must You)
Arianna Huffington

With his new movie, 'Capitalism: A Love Story,' Michael Moore is riding the wave of the collapse of trust in our country's financial system. The film is a withering indictment of the current economic order, covering everything from Wall Street's casino mentality to for-profit prisons, from Goldman Sachs' sway in Washington to the poverty-level pay of many airline pilots, from the tidal wave of foreclosures to the tragic consequences of runaway greed.

The Emerging Economic Order
(c) Jack Ohman

U.S., China and the Emerging Economic Order
Henry Kissinger

The assumption that the end of the recession will restore the familiar global economic system ignores the psychological and political upheaval that has taken place.

A vast tide of liquidity coupled with America's appetite for consumer goods had sent enormous amounts of dollars to China that, in turn, China lent back to us for still more buying.

Economy: Past Stormy Weather and What May Follow
Paul A. Samuelson

The Fed and the majority of the consensus forecasters fear that this expected recovery might be a weak one that does little to reduce Main Street's unemployment. And it may also imply that future private consumer and investment spending will continue to be anemic. That would mean that at the global level there might not be the replay of the old-time drama in which the American locomotive comes to the rescue of depressed economies.

Divine Debt Trumps All
Victor Davis Hanson

In modern America, debt -- whether national, state or trade -- now plays the same overarching role as the ancient Greek notion of fate. And the president, Congress and the states for all their various agendas are impotent since they must first pay back trillions that have long ago been borrowed and spent.

Joseph Stiglitz Left's Favorite U.S. Nobel Economist
Andres Oppenheimer

U.S. Nobel laureate Joseph Stiglitz has become a sort of rock star in left-of-center Latin American countries for his vocal criticism of free-for-all capitalism. But in a wide-ranging interview, he offered some advice that many of his fans in the region may not want to hear.

The Dollar's Fate, in the Longer Term
Paul Kennedy

There is a most interesting debate going on at present in the academic community about the longer-term fate of the U.S. dollar as the supreme reserve currency for foreign-exchange transactions and, more importantly, for the currency holdings of national governments, global companies and the producers of oil, gas and other raw materials.

The Dilemmas of the Dollar
by Barry Eichengreen

Legions of pundits have argued that the dollar's status as a reserve currency has been damaged by the credit crisis of 2007-9. The crisis has not exactly enhanced the attractions of the United States as a supplier of high-quality financial assets. It would be no surprise if the disfunctionality of U.S. financial markets diminished the appetite of foreign central banks for U.S. debt securities.

Low and Behold the Price of Oil
by Edward L. Morse

The rapid fall and then rebound in oil prices over the past year surprised many people. But it was not unusual: commodities markets are cyclical by nature and have a history punctuated by sudden turning points. Although this generally makes it difficult to forecast prices, it is safe to say that commodities markets will remain lower over the next few years than they have been over the past five.

Beware of False Hopes on the Economy
Mortimer B. Zuckerman

Is there light at the end of this very long tunnel of a recession? Government spokespeople, keen to encourage confidence, say there is (their metaphor is "green shoots"). Many private business people concur. Let's do a reality check ...

Budget Cuts Hit Nation's Public Colleges Hard, Even as Demand for Well-educated Workforce Soars
Kim Clark

The recession, state budget cuts, and hidebound bureaucracies are endangering some of the most important foundations of the American dream -- the low-cost, high-quality public colleges created to provide anyone with smarts and diligence the training needed to succeed.

General Motors: 'Cash for Clunkers' a Huge Success
Amanda Ruggeri

Not everyone supported the Senate's passage of a bill that boosted "cash for clunkers" by $2 billion, effectively extending it through Labor Day. But it's hard to argue that the program, which gives rebates to people who trade in old cars for more fuel-efficient vehicles, hasn't made the auto industry happy. That's true for General Motors ...

Maybe Cash For Clunkers Helped The Economy After All
Matthew Bandyk

Daniel Gross at Slate makes the case that the evidence is in, and cash-for-clunkers gets a pretty good return as stimulus: If we use Taylor's estimate, about 250,000 extra cars were purchased (40 percent of 625,000). And if each cost $29,000, those sales generated about $7.3 billion in revenue in the space of a few weeks. That's a pretty good return on $2.6 billion in government spending.

Auto Dealers: Cash for Clunkers a Needed Boost
Amanda Ruggeri

John McEleney is the chair of the Virginia-based National Automobile Dealers Association, which represents more than 90 percent of new-car dealers nationwide and lobbied hard for the program. He recently spoke about how dealers have been reacting to the program and what the problem was with reimbursements.

Hidden behind the unemployment rate are some startling numbers
Matthew Bandyk

The "Great Recession" is the name that has stuck for the economic decline that began in late 2007. But there's some reason to think that using the word recession is being kind. The U.S. gross domestic product has shrunk 3.9 percent in the past year, the worst drop since the Great Depression. Plenty of observers are willing to say that this recession is much deeper than anything we've seen since the 1930s

Keep Back-to-School Shopping Costs Down
Zack Miners

The National Retail Federaton predicts the worst back-to-school shopping season for stores in more than a decade, with a spending drop of 8 percent. But many retailers are doing everything they can to win back business, and you can do your part to stretch your dollar by considering these recommendations ...

Government Bailout
(c) Paul Tong

Opportunity Cost of the Bank Bailout
Arianna Huffington

The lopsided 'recovery.' Banks that received billions in taxpayer handouts now reporting massive profits and setting aside record amounts for executive bonuses, and the American people continuing to face 9.5 percent unemployment, 10,000 foreclosures a day and vital services being cut.

 

What Enron & WorldCom Can Teach Us About Goldman & AIG
Arianna Huffington

Newsweek's latest cover story declares that The Great Recession is over. A Merrill Lynch report concurs, saying, 'The recession is over... We are bullish on global equities.' Goldman Sachs is placing riskier bets on the market than it did before the financial meltdown (and setting aside huge amounts of money to pay its executives). The problem is ...

Smoke Billowing Out of Our Economic Mount Vesuvius
Arianna Huffington

There is currently plenty of alarming smoke pouring out of our economic Vesuvius, but it is being dismissed. Don't worry about economic tremors, we're told, our financial system is back on track, the bailout worked and we'll start our slow but steady climb to recovery. But warning signs are all around us ...

Working to Improve the Economy
Kenneth T. Walsh Interviews Christina Romer

Christina Romer -- chairwoman of the president's Council of Economic Advisers -- recently spoke with Kenneth T. Walsh about what has gone wrong, when an economic recovery might occur, and what it's like to work with President Obama.

 

Real Estate Matters
(c) Nancy Ohanian

Sell High and Buy Low Is Trickier Than It Sounds
Ilyce Glink

It's really difficult to sell high and buy low under the current economic climate -- unless you're moving to a different part of the country or from a neighborhood that has appreciated greatly to another that has not.

 

Housing Crisis Conundrum: Which America Do You Live In
Ilyce Glink

It almost feels as though there are two economies.

First, we have the so-called 'good news' from Wall Street, where the big financial companies are crowing about billion-dollar profits, paying $100 million bonuses, and repaying warrants. Then we have the Main Street economy, where people can't get lenders to call them back, where jobs continue to be lost, home values continue to fall, net worths shrink and foreclosures continue to rise.

Small Businesses Hold on Despite Economy
Matthew Bandyk

Conventional wisdom holds true when it comes to small businesses struggling in an economic recession. Small businesses drive the nation's economy so when the economy slows down, they take the brunt. Compared with large businesses, they have less of a cushion of capital. Tight credit makes business expansion difficult. And economic slowdowns can expose fundamental flaws in business plans. But despite all these disadvantages, the number of small businesses as a whole seems to be recessionproof.

States Where the Unemployed Are Giving Up
Liz Wolgemuth

In some states, nearly half of the job seekers who have stopped looking for work have done so because they simply don't believe they'll find anything. Indeed, the number of discouraged workers nationwide has more than doubled in the past year. This trend won't be reflected in the widely publicized unemployment rate ...

Is the Economic Marriage Between China and U.S. on the Rocks?
Niall Ferguson Interview

China and America had effectively fused to become a single economy: Chimerica. The Chinese did the saving, the Americans the spending. The Chinese did the exporting, the Americans the importing. The Chinese did the lending, the Americans the borrowing. As the Chinese strategy was based on export-led growth, they had no desire to see their currency appreciate against the dollar. The unintended effect of this was to help finance the U.S. current account deficit at very low interest rates. Without that, it's hard to believe that U.S. financial markets would have bubbled the way they did from 2002 to 2007.

Boomers, Housing and Retirement:
A Symbiotic Relationship Unravels
By Mark Miller

The housing market is showing some tentative signs of recovery. But if you're a baby boomer relying on housing wealth to help fund retirement, don't hold your breath. True, the most recent Standard and Poor's/Case-Shiller home price index showed that U.S. home prices rose in May on a month-to-month basis for the first time since July 2006. But that shouldn't be taken as a sign that the market is going to rebound to pre-crash levels anytime soon. At best, the Case-Shiller index hints that we may have found a bottom in housing. Maybe

Early Economic Recovery: Fiction or Fact
Paul A. Samuelson

Ever since the global meltdown began in 2007, Wall Street pundits and government officials have proclaimed cheery optimism that meaningful global recovery will occur by the second half of 2009, or the first quarter of 2010. So, as in an earlier time, they're telling us we have nothing to fear except fear itself. Well, we have now entered 2009's second half. The question is whether the early economic recovery is fact or fiction. Paul A. Samuelson shares his findings ...

Blame State of the Economy on the Midas Touch
William Pfaff

If one tries to draw an urgently contemporary lesson from Greek myth, the story of Midas is irresistible. It provides a commentary on our global economic and financial crisis, in which the pursuit of wealth has ruined us.

House Votes to Give Cash for Clunkers Another $2 Billion
Amanda Ruggeri

After "cash for clunkers" proved so popular that it threatened to run out of cash within its first week, the House pushed aside the other items on its agenda today to save it, passing a bill that allots another $2 billion to keep the program running. The passage of the bill, by a vote of 316 to 109, helps stave off a temporary shutdown of the Consumer Assistance to Recycle and Save (CARS) program.

4 Things to Know About the Cash-Strapped 'Cash for Clunkers'
Matthew Bandyk

The government set aside $1 billion for the "cash for clunkers" program, which is meant to give $3,500 or $4,500 vouchers to people who trade in their gas-guzzling vehicles for new, fuel-efficient ones. But now that the White House says the program doesn't have enough money to get through the weekend, many consumers are confused about what to do next. Here are four things that consumers can do in this rapidly-changing environment

Cash for Clunkers Program Has Its Roadblocks
Kathy Kristof

If you want to trade in your junker for a new vehicle under the federal government's 'cash for clunkers' program, you'll have to act fast. Plus, qualifying for the vouchers isn't as simple as you might think. In fact, you'll need to know three things to decide whether it's a good deal for you.

Making Sense of 'Cash for Clunkers'
Matthew Bandyk

With new-car sales slumping, automotive companies have been looking for ways to get consumers back into showrooms. Washington checked one item off car companies' wish list when it passed the Consumer Assistance to Recycle and Save Act of 2009 -- commonly known as 'Cash for Clunkers' ...

Nine Reasons the Economy is Not Getting Better
Mortimer B. Zuckerman

We are now looking at unemployment numbers that undermine any confidence that we might be nearing the bottom of the recession. The appropriate metaphor is not the green shoots of new growth. A better image is to look at the true total of jobless people as a prudent navigator looks at an iceberg

Why June Jobs Report Is So Depressing
Liz Wolgemuth

The brutal truth about the Labor Department's June jobs report is that it offers strong evidence companies are still hacking away at their payroll costs -- slicing hours and chopping jobs. Employers cut 467,000 jobs last month, according to the report. The unemployment rate -- a measure of the percentage of workers who are unemployed and looking for work -- rose slightly to 9.5 percent, from 9.4 percent in May.

Editorial Cartoon by David Horsey

Happy Economic Recovery vs. An Anemic One
Paul A. Samuelson

The number-one question preoccupying economists, policy agents of government and Main Street families is this:

Will "recovery" from the current U.S. financial meltdown arrive before the end of 2009? Or, failing that, will it at least arrive early in 2010?

 

Whistling Past the Economic Graveyard
Arianna Huffington

Is it possible to have too much hope? To be too optimistic? Yes, if that hope keeps you from facing -- and dealing with -- unpleasant realities. That seems to be what's happening regarding the financial institutions responsible for the economic meltdown.

We've Gone From Saving Wall Street in Order to Save Main Street to Just Saving Wall Street
Arianna Huffington

Remember how, when taxpayers were being asked to fork over billions of dollars to bail out Wall Street, we were told it was essential to saving Main Street? Well, in just a few months, we've gone from saving the banks in order to save the economy to just saving the banks. It's the opposite of mission creep.

Economic Crisis will Create the Social Heroes of Tomorrow
Alvin and Heidi Toffler

The economic crisis now gripping the world is going to go away. We may not know precisely when, where and how. But one thing is certain. Nothing is likely to blow away the waves of change that have marked human history

Geopolitical Consequences of the Financial Crisis
Roger C. Altman

It is now clear that the global economic crisis will be deep and prolonged and that it will have far-reaching geopolitical consequences. The long movement toward market liberalization has stopped, and a new period of state intervention, reregulation, and creeping protectionism has begun.

Future Of The Federal Reserve - Exclusive Conversation With Ron Paul
by Matthew Bandyk

The person in Congress with perhaps the most unconventional point of view on these issues in American politics is Congressman and former presidential candidate Ron Paul (R-TX), a longtime critic of the very institution of the Fed and fractional reserve banking. He recently sponsored a bill that would audit the Fed.

10 Most Dollar-Discounted Housing Markets
By Luke Mullins

As the historic real estate bust continues to gut home prices throughout the country, property owners everywhere are scrambling to attract buyers. For some home sellers, that might mean chipping in for closing costs; others might try to sweeten the deal by handing out perks, like a free parking spot. But for many homeowners, the most efficient way to sell a home in a depressed market is to simply drop the listing price.

House Prices, Mortgage Interest Rates Key to Housing Market Recovery
By Ilyce Glink

With housing prices falling and mortgage interest rates rising, it's hard to say the housing market has bottomed out. And, yet, there are some reasons for a more optimistic housing forecast, according to Mark Zandi, chief economist for Moody's Economy.com

Joseph Stiglitz:
Will Capitalism Survive Wall Street Apocalypse
Matthew Bandyk

A few days after writing about how the United States is not heading towards socialism, Joseph Stiglitz suggests that might not be true about the rest of the world. Stiglitz argues that the lesson many Third World nations might take from the financial crisis is that capitalism is fundamentally flawed.

A 'Kinder, Gentler' Recession for Seniors
Mark Miller - Retire Smart

Is the Great Recession bypassing seniors? The Pew Research Center poll reports that Americans over age 65 are less likely to have been forced to cut their spending by the downturn than middle-aged people.

Break Political Traffic Jam on Transportation Overhaul
Joshua Schank and Matthew Dallek

Any transportation project, including the infamous "Bridge to Nowhere" in Alaska, creates jobs. However, transportation has become a policy orphan amid the healthcare tsunami that's overwhelmed the news coverage of Obama's America. Thus, stalling all the economic benefits that flow from enacting a revitalized transportation policy.

Government Intervention & Economic Risk
by Ian Bremmer and Sean West

It's no secret that politics affects economic markets. But in response to a financial crisis or economic downturn, political risk impacts markets much more broadly than just isolated policies and individual stocks.

Waiting for the Payoff:
Debate Continues Over Obama's Recovery Plan
by Justin Ewers

When Obama took office, many economists were skeptical about how the largely untested former senator would handle the array of economic problems before him. While there certainly has been no shortage of quibbling about the specifics of his recovery plans and there continues to be little certainty about what lies in store for the economy

Obama Blazing New Trail With His Bold Moves on Economy
by Kenneth T. Walsh

For most Americans, Barack Obama 's most vivid presidential moment came on election night. Since that electric Chicago night back in November, he has pivoted from poetry to prose, playing down charisma and emphasizing competence. And he has moved with impressive speed to focus on the nation's No. 1 problem: the recession and the collapsing financial industry, widely considered the worst economic calamity since the Depression. In the process, Obama is pushing the political pendulum from the conservative approach of Ronald Reagan, who said government was the problem, to a more liberal philosophy that holds that only Washington has the wherewithal to provide the answers.

Tax Cuts: Why Obama is Leaving the Reagan Era Behind
by Justin Ewers

As similar as the economic challenges facing Reagan and Obama may sound, the fiscal solutions proposed by the two presidents could not be more different. Obama has gone on a Keynesian spending spree, raising taxes on the highest-income earners and pouring money into energy, healthcare, and a massive stimulus bill. Reagan took the opposite path during his first few months in office, pushing through the biggest tax cuts in history, while massively increasing the defense budget. Politicians have been arguing ever since about which approach works better.

Obama Blazing New Trail With His Bold Moves on Economy
by Kenneth T. Walsh

For most Americans, Barack Obama 's most vivid presidential moment came on election night.

Since that electric Chicago night back in November, he has pivoted from poetry to prose, playing down charisma and emphasizing competence. And he has moved with impressive speed to focus on the nation's No. 1 problem: the recession and the collapsing financial industry, widely considered the worst economic calamity since the Depression.

In the process, Obama is pushing the political pendulum from the conservative approach of Ronald Reagan, who said government was the problem, to a more liberal philosophy that holds that only Washington has the wherewithal to provide the answers.

Why No One Can Guess When
Main Street Recovery will Occur
Paul A. Samuelson

Federal Reserve Chairmen Ben Bernanke glimpses a possible recovery by year end. He is a cautious scholar, backed by the best forecasters in the world at the Federal Reserve Board.

I would be a rash fool to quarrel with this quasi-optimistic view that by year end some stability will occur. You and I should hope that there will indeed be a glimmer of light at the end of the tunnel ahead. But shift our vision now to the future. Even if the short run prospect for a 2009-2010 recovery turns out to be good, I must warn once again that the long-run outlook for the U.S. dollar is hazardous.

 

Whistling Past Economic Graveyard: Audacity of Misplaced Hope
by Arianna Huffington

When Tim Geithner unveiled the Public Private Investment Program, he said that dealing with these assets was a "core" part of solving the financial crisis. But the banks would much rather keep pretending that their toxic assets are not that toxic, and worth much more than they really are -- a risky charade the relaxed mark-to-market rules allow them to continue to pull off

Wall Street, D.C. & The New Financial Euphoria
by Arianna Huffington

Insider consensus seems to be that the worst of the hard times is behind us and that the economy is back on track. Or at least on track to be back on track. Not even the latest employment stats showing that another 539,000 Americans had lost their jobs dimmed the enthusiasm. Call it The New Financial Euphoria.

Free-Market Economy Fundamentally Healthy
Global Economic Viewpoint

Last week at the Milken Global Conference, three Noble Laureates in Economics sat down to discuss the global recession -- Gary Becker (Nobel Prize, 1992), Roger Myerson (Nobel Prize, 2007) and Myron Scholes (Nobel Prize 1997).

All three agreed that this is not going to be a depression and that the free-market economy is fundamentally healthy.

Brazil, China & India Can Mitigate Global Crisis
Global Economic Viewpoint

Brazil, India and even China will not be able, by themselves, to correct the dysfunctions that produced the global crisis. But it is true that the economic power of these three countries can mitigate its negative consequences. ...

 

Worried Consumers Continue To Shun Credit
Consumers borrowed less for a record eighth straight month in September amid rising unemployment and tight credit conditions. Economists worry the declines in borrowing will drag on the fledgling recovery. The Federal Reserve said borrowing fell at an annual rate of $14.8 billion in September.

Money In A Bottle: The Celebrity Scent Business
If you walk down the cosmetics aisle of any big store, you might mistake the perfume collection for the guest list to a Hollywood party. But star-studded scents account for only about 10 percent of fragrance sales; their value is the publicity.

U.S. Economic Steps May Be Leading To Bubble
The global economy is slowly recovering after the worst financial crisis in decades, but government efforts to stimulate growth, including the Fed's move to drive interest rates down to zero, may be creating another problem. Prices for assets — gold, stocks and real estate in Asia — are soaring, leading to warnings that a new bubble could be forming.

Jobless Rate Highest Since 1983
The government says the nation's unemployment rate hit 10.2 percent last month, the highest since 1983. Economists had expected the figure to rise to 9.9 percent.

Jump In Jobless Rate Puts Spotlight On Obama
News that the jobless rate has crossed the psychologically important 10 percent mark comes in the same week that Democrats suffered a sobering Election Day. Some experts say it dims Democratic prospects not just for 2010 but for the health care vote this weekend.

Jobless Rate 10.2 Percent, Casts Doubt On Recovery
Little over a week after the government said the economy has begun to grow, the unemployment rate climbed to 10.2 percent, the first time it has hit double digits since 1983. That, along with the loss of an additional 190,000 jobs in October, shows the economy is still struggling to emerge from recession.

Wal-Mart, Amazon Price War Extends To DVDs
Wal-Mart Stores Inc. is trimming the online preorder prices of some upcoming DVDs following last month's price cut on books. The move led rivals Amazon.com Inc. and Target Corp. to reduce some DVD prices, which pushed Wal-Mart to take a few more cents off its offerings.

Boosted By Bailout, AIG Racks Up Profitable Quarter
AIG said it posted profits for the second quarter in a row as its core insurance operations continue to stabilize after the company's government bailout last year. American International Group Inc. also got a lift from the increasing value of investments it still holds that soured last year and helped drive it to the brink of collapse.

October Unemployment Rate Tops 10 Percent
The unemployment rate rose to 10.2 percent in October, the first time it's been over 10 percent since 1983. The economy shed jobs for the 22nd straight month, losing a net total of 190,000.

Monthly Unemployment Rate Tops 10 Percent
The Labor Department says the jobless rate hit 10.2 percent in October. That's the first time it's gone over 10 percent since the recession of the early 1980's. The economy shed a net total of 190,000 jobs in October.

How Many Losses For The Democrats In 2010?
Historically the party that holds the White House almost always loses seats in its first midterm election. When one party holds the White House, the House and the Senate, the losses tend to be bigger. If the economy doesn't turn around, it will be a very difficult election year for Democrats.

Colorado Plans To Lower Minimum Wage In 2010
Colorado will soon become the first state to cut its minimum wage. The 3 cent reduction will bring the wage down to $7.25 per hour, the same as the federal minimum. The cut is required by a law that ties the wage to inflation. But employment experts say companies are unlikely to cut the minimum for existing workers.

Recession Drives Women Into Role Of Breadwinner
More and more women have had to become their family's primary source of income. But women still don't make as much money as men. When a woman becomes the breadwinner, her family must survive on less than half of their previous income.

How Do You Find A Job? Ask The Algorithm
The state of New York is looking for ways to reduce the time the unemployed spend looking for jobs, and it's turning to a mathematical formula for help. Using an algorithm developed by a Boston technology company, the program directs resumes to the employers most likely to make a hire.

Homebuyers Credit, Jobless Benefits To Be Extended
The White House says President Obama on Friday will sign a bill that expands a popular homebuyers tax credit and extends unemployment benefits. Congress on Thursday completed work on the $24 billion economic package that seeks to help out the millions who have lost jobs and have been unable to rejoin the workforce.

NPR Topics: Economy
NPR news on the U.S. and world economy, the World Bank, and Federal Reserve. Commentary on economic trends. Subscribe to NPR Economy podcasts and RSS feeds.

 

Personal Income and Outlays, September 2009
Personal income decreased $0.1 billion, or less than 0.1 percent, and disposable personal income (DPI) decreased $0.2 billion, or less than 0.1 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) decreased $47.2 billion, or 0.5 percent. In August, personal income increased $17.4 billion, or 0.1 percent, DPI increased $14.1 billion, or 0.1 percent, and PCE increased $139.8 billion, or 1.4 percent, based on revised estimates. Full Text

Gross Domestic Product, 3rd quarter 2009 (advance estimate)
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 3.5 percent in the third quarter of 2009, (that is, from the second quarter to the third quarter), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.7 percent.

State Quarterly Personal Income, 1st quarter 2006-2nd quarter 2009; Revised Annual State Personal Income, 2006-2008
U.S. personal income grew 0.2 percent in the second quarter of 2009, the first growth in a year for the U.S. and for 15 states, according to estimates released today by the U.S. Bureau of Economic Analysis. In the first quarter, U.S. personal income fell 2.3 percent.

U.S. International Trade in Goods and Services, August 2009
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total August exports of $128.2 billion and imports of $158.9 billion resulted in a goods and services deficit of $30.7 billion, down from $31.9 billion in July, revised. August exports were $0.2 billion more than July exports of $128.0 billion. August imports were $0.9 billion less than July imports of $159.8 billion.

GDP by Metropolitan Area, Accelerated 2008, 2007, and Revised 2005-2006
New statistics released today by the U.S. Bureau of Economic Analysis show that the slowdown in U.S. economic growth was widespread: 60 percent of metropolitan areas saw economic growth slow down or reverse. Real GDP growth slowed in 220 of the nation's 366 metropolitan statistical areas (MSAs) in 2008 with downturns in construction, manufacturing, and finance and insurance restraining growth in many metropolitan areas. Growth in real U.S. GDP by metropolitan area slowed from 2.0 percent in 2007 to 0.8 percent in 2008.

Travel and Tourism Satellite Accounts, 2nd quarter 2009
Real spending on travel and tourism declined at an annual rate of 1.4 percent in 2009:2 (that is, from the first quarter to the second quarter) after declining 8.9 percent (revised) in 2009:1. By comparison, real gross domestic product (GDP) decreased 1.0 percent (second estimate) in 2009:2 after decreasing 6.4 percent in 2009:1. Travel and tourism prices continued to decline but at a slower rate-decreasing 3.5 percent in 2009:2 after decreasing 10.6 percent (revised) in 2009:1. Transportation and traveler accommodations made the largest contributions to the decrease in real spending in 2009:1 despite price declines for both.

U.S. International Transactions, 2nd Quarter 2009
The U.S. current-account deficit-the combined balances on trade in goods and services, income, and net unilateral current transfers-decreased to $98.8 billion (preliminary) in the second quarter of 2009, the smallest deficit since the fourth quarter of 2001, from $104.5 billion (revised) in the first quarter. The decrease was more than accounted for by a decrease in the deficit on goods. A small increase in the surplus on services also contributed to the lower current-account deficit. An increase in net unilateral current transfers to foreigners and a decrease in the surplus on income were partly offsetting.

Personal Income for Metropolitan Areas, 2008
Personal income growth slowed in 2008 in most of the nation's metropolitan statistical areas (MSAs), according to estimates released today by the U.S. Bureau of Economic Analysis. Personal income growth slowed in 322 MSAs, increased in 42, and remained unchanged in 2 MSAs. On average, MSA personal income grew 3.3 percent in 2008, down from 6.0 percent in 2007.

U.S. Net International Investment Position at Yearend 2008
The U.S. net international investment position at yearend 2008 was -$3,469.2 billion (preliminary), as the value of foreign investments in the United States continued to exceed the value of U.S. investments abroad (table 1). At yearend 2007, the U.S. net international investment position was -$2,139.9 billion (revised).

Foreign Investors Spending, 2008
Outlays by foreign direct investors to acquire or establish U.S. businesses increased 3 percent in 2008, to $260.4 billion. Outlays in 2008 were the third-largest on record and the sixth consecutive increase since a falloff in outlays in 2001-2002.

Gross Domestic Product by State, advance 2008 and revised 2005-2007
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 5.7 percent in the first quarter of 2009, (that is, from the fourth quarter to the first quarter), according to preliminary estimates released by the Bureau of Economic Analysis. In the fourth quarter, real GDP decreased 6.3 percent.

Advance Gross Domestic Product by Industry, 2008
Downturns in manufacturing, retail trade, and finance and insurance industries were the leading contributors to the slowdown in U.S. economic growth in 2008, according to preliminary statistics on the breakout of real gross domestic product (GDP) by industry from the Bureau of Economic Analysis. The economic slowdown was widespread: nearly two-thirds of private industries contributed to the deceleration in real GDP growth.

Local Area Personal Income, 2007
Today, the Bureau of Economic Analysis (BEA) released estimates of personal income at the county level for 2007 based on newly available source data. The percent change from 2006 to 2007 in county personal income ranged from -11 percent in McPherson County, Nebraska to 88 percent in Campbell County, South Dakota. For the nation, personal income grew 6.0 percent. A surge in farm income accounted for the bulk of the growth in 29 of the 31 fastest growing counties (the top 1 percent of the nation's counties) as they rebounded from sharp declines in farm income in 2006.

County Compensation by Industry, 2007
Total compensation of U.S. workers grew 5.2% in 2007 and most counties shared in that growth, according to statistics released today by the Bureau of Economic Analysis (BEA). Compensation grew in over 90% of the 3,111 counties in the U.S., as the average annual compensation per job in the U.S. grew by 4.1% to $53,892. Inflation, as measured by the national price index for personal consumption expenditures, grew 2.6% in 2007.

Revised Statistics for the Annual Industry Accounts, 2005-2007
A sharp slowdown in finance and insurance, a further contraction in construction, and a deceleration in durable-goods manufacturing were the leading contributors to the economic slowdown in 2007, according to revised statistics of real gross domestic product (GDP) by industry.

U.S. International Trade in Goods and Services: Annual Revision for 2007
In this release and the accompanying U.S. International Trade in Goods and Services: April 2008, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA) are jointly publishing revised data on U.S. trade in goods for 2005-2007 and the first three months of 2008 and revised data on services for 2004-2007 and the first three months of 2008.

Revised Statistics of Gross Domestic Product by Industry, 2004-2006
Revised statistics on the industry distribution of real gross domestic product (GDP), released today by the U.S. Bureau of Economic Analysis, show that the private services-producing sector continued to lead overall GDP growth in 2006, increasing 4.2 percent, while growth in the private goods-producing sector slowed to 0.8 percent. Overall growth of the U.S. economy decelerated slightly in 2006 to 2.9 percent from 3.1 percent in 2005. These statistics for 2006 incorporate more accurate and more detailed information on the industry composition of GDP growth than was available for preparing the advance GDP-by-industry estimates released on April 24, 2007.

Benchmark Input-Output Accounts of the U.S. Economy, 2002
The Bureau of Economic Analysis released today the 2002 benchmark input-output (I-O) accounts. These are the latest in a series of accounts that provide the most detailed information available on the structure of the U.S. economy and its industries, and cover over 400 industries.

Release Dates for 2009
A complete listing of our upcoming news releases can be found on our detailed schedule for 2009. All news releases shown on our schedule are made available as RSS feeds.

U.S. Bureau of Economic Analysis
U.S. Bureau of Economic Analysis

 

Ranks of Millionaire Households at Record 9.3 Million 
The ranks of households with a net worth of at least $1 million grew 5% to an all-time high of 9.3 million, according to a report released Monday by TNS. he report covers the year through mid-2006; the value of primary residences was not included.

Consumer Spending Weakest in 8 Months Despite Solid Income Growth
Consumer spending grew at the weakest pace in 6 months in March, despite solid income growth and good news on a key inflation reading in the government's latest measure of the U.S. economy. The weak spending came even as the report showed individual incomes jumped 0.7% in March. 

Overheating Worries: China Economy Sizzles with 11.1% Growth in Q1 07
China's economy surged 11.1% in the first quarter, causing the country's Cabinet to declare Thursday it will take steps to keep the economy from overheating, reports AP. It was the highest growth rate since Q2 2006's 11.5% growth, the fastest in a decade.

China Trade Surplus Falls Sharply to $6.9 billion in March 
China's trade surplus in March fell to $6.9 billion, well below forecasts and down sharply from February's $23.7 billion surplus, reports AP. It was not clear whether the drop in March was the result of government efforts or would have a lasting impact.

U.S. Service Sector Expands at a Slower Rate in March: ISM Report
Business activity in the service sector increased at a slower rate in March 2007, according to the latest ISM report by the nation's purchasing and supply executives. The index of business activity in the non-manufacturing sector registered 52.4 in March, down from 54.3 in February. Wall Street was expecting a reading of 54.7. The index is at its lowest level since April 2003.

Consumer Spending, Personal Incomes Rise; Inflation Rises Fastest in 6 Months
Personal income increased $65.4 billion, or 0.6% in February while , consumer spending also rose by 0.6% or $55.5 billion, according to the Bureau of Economic Analysis. Private wage and salary increased $19.3 billion in February, compared with an increase of $64.9 billion in January because of bonus payments in January.

Q4 GDP Growth Better Revised Upwards to 2.5%
US GDP, a measure of total goods and services output within U.S. borders, grew at a 2.5% annual rate during Q4 2006, higher than the 2.2% reported a month ago, and up from 2% in the third quarter, according to the Commerce Department, reports Reuters. 

Metrics 2.0- Economic Indicators
Economic Calendar and Leading Indicators

 

Fact sheet: Double-digit unemployment

At 10.2%, October’s unemployment is a wake-up call

Mishel on double-digit unemployment

Unemployment up sharply despite GDP growth

Mishel weighs in on White House Middle Class Task Force

VP Biden consults Mishel, other experts, to discuss middle class challenges

Segregation and the Subprime Lending Crisis

Minorities, less-educated workers see staggering rates of underemployment

How tax policy could help promote prosperity

EPI launches Economy Track

New proof that the Recovery Act is working

Building a Sound Health Care Bill

Recovery Act spurs genuine growth

Recovery.gov recipient reporting on jobs—Problems and recommendations

GDP Picture, October 29, 2009

How we know the recovery package is helping

Recovery Act crucial to GDP growth this quarter

A new way to pay teachers

Money to spare for health care

Employer-sponsored health insurance erosion continues

Economic Policy Institute

 

Business Economics Online
The October issue of Business Economics is online, with articles on mortgage lending, fiscal stimulus and debt, the long-run demand for housing, the financial crisis and monetary policy, oil price shocks, health care statistics, and more.

NABE News Online: Annual Meeting Wrap-up
Even as they agree that the economy has turned the corner out of recession, policymakers and private analysts tell the 51st Annual Meeting in St. Louis that they doubt the recovery will be robust enough to create many new jobs well into 2010

Graph of the Week 11/1/09: Employment NRI
The NABE Graph of the Week looks at the Employment Net Rising Index from the NABE Industry Survey

NABE Meetings This Week
NABE and its chapters will be having meetings this week in San Francisco, Washington, and Dallas-Fort Worth

NABE Industry Survey: Improving Business Conditions, with Pickup in Hiring and Capital Spending Planned over Next Six Months
NABE’s October 2009 Industry Survey provides new evidence that the U.S. recovery is underway

NABE Annual Meeting Materials
NABE members can find links to slideshows, speech texts and more on the Annual Meeting Session pages. Find meeting news here and on Twitter at #amnabe

While Washington Fiddles - How the nation's hospitalsΒ are coping withΒ the financial crisis
Purchase a podcast of this Health Economics Roundtable teleconference, held Sept. 29. How hospitals will respond to this financial crisisΒ could possibly shape medical care delivery and access for a decade or more.

Teleconference: A Regional Perspective on Economic Recovery: How is Recovery Progressing in Different Regions of the Country?
This Regional Utility Roundtable teleconference recording is now available for purchase as a podcast. It looks at how the economic recovery is progressing in different areas of the country. Speakers are Dan Levine, Founder, MetroCompare LLC, moderator; Jason Bram, Senior Economist, New York Federal Reserve Bank; Sieb Hoogstra, Director, OCO Global; Scott Pattison, Executive Director, National Association of State Budget Officers

National Association for Business Economics
NABE is an association of professionals who have an interest in business economics and who want to use the latest economic data and trends to enhance their ability to make sound business decisions.

 

Working Women Inspired Toward "Life Simplication" in 2005: Turn Off The Phone...
Rugged Elegant Living: Baileys reported the results of a recent survey today regarding British working women. Their findings revealed that "information overload" is a major cause of stress in women's lives. In 2005, "Life Simplification" will be the key to...

Internet Sites Allow Gift Card Exchanges
Yahoo! News: The gift card -- often viewed as the little, plastic solution for keeping friends and family out of the return lines -- doesn't always serve as the ideal present. Responding to consumers who don't want to buy themselves...

Iranian Researcher Invents New Technique for Refining Paper Industry Wastewater
MerhrNews.com An Iranian researcher for the first time in the world came up with a new technique for refining the wastewater resulted from paper industries by making use of the minerals, news reports said on December 29th, 2004. By the...

Philadelphia Considers Wireless Access For All
Yahoo! News: City officials believe they can turn all 135 square miles of Philadelphia into the world's largest wireless Internet hot spot. The ambitious plan, now under discussion, would involve placing thousands of small transmitters around the city -- probably...

Spinning A Yarn With Carbon Nanotubes
BBC News: A method to continuously spin a wonder material, which is worth more per kg than gold, has been developed by Cambridge-MIT Institute scientists. Discovered in 1991, carbon nanotubes are just a few billionths of a metre across, but...

Destination Wi-Fi, by Rail, Bus or Boat
The New York Times: In the United States, nearly six million people commute daily by public transportation, according to the Department of Transportation. Few operators offer wireless Internet access in their stations and terminals - much less on board -...

Study Signals Promise for New HIV Therapy
Yahoo! News: Researchers may finally be on track to fight the AIDS virus by blocking a long-elusive target, an HIV enzyme called integrase. An experimental drug that inhibits the enzyme helped to keep the infection in check in monkeys. Far...

Singapore TV Show Encourages Baby-Making
Boston.com: Baby-short Singapore was to get a glimpse of the highs and lows of pregnancy and childbirth Saturday with the premiere of a television series that follows a couple through the entire baby-making process. The show -- dubbed "Here's Looking...

Literary Reading in Dramatic Decline
New York Times: [A] new survey to be released today by the National Endowment for the Arts, which describes a precipitous downward trend in book consumption by Americans and a particular decline in the reading of fiction, poetry and drama....

The Chinese Century
Interesting tidbits from cover story of The New York Times Magazine cover story, The Chinese Century: Because 12 percent of China's exports to the U.S. end up on Wal-Mart's shelves, and because Wal-Mart's trade with China accounts for 1 percent...

Mobile Phones Exceed Fixed Line Phones
Financial Times: The number of people attracted to voice calls continues to grow. Throughout 2004, around 800,000 new subscribers have joined the mobile world every day, driven by strong growth in emerging markets such as China, India and Brazil. There...

Real Estate Drive Coastal 'Brain Drain'
Yahoo! News: Soaring property values in California have made many homeowners there rich -- and many real estate agents here delighted. In an exodus that some demographers say could reshape the American landscape, young professional families are increasingly fleeing the...

Cancer Survivorship in The U.S. Triples
RuggedElegantLiving.com: More and more Americans are surviving cancer, a disease that was previously perceived as a death sentence for those diagnosed with it. Cancer is the second leading cause of death in the U.S. after heart disease. The four top...

Digital Impact: Television Advertising
Yahoo! News: With TiVo's fast-forward, viewers' shrinking attention spans and new media choices, the 30-second TV ad has more rivals for consumers' attention. That is pushing marketers' thinking increasingly outside the TV box for ways to make the costly but...

Compound In Breast Milk Treats Warts
BBC News: A cream containing an ingredient of human breast milk appears to be an effective treatment for warts. The preparation, nicknamed Hamlet by is Swedish creators, has been shown to dramatically reduce, and often completely banish, stubborn warts. It...

The Change Mariner
A Tool For Forecasting Investment, Business, and Career Opportunities By Identifying Long-Term Secular Change