July 30, 2011 |
The economic recovery faltered dramatically in the first half of the year, and that means more trouble ahead. The latest Commerce Department figures show that the nation's economic output was gasping for breath long before the debilitating debt-ceiling debate took center stage, further dimming prospects for 14 million unemployed Americans. The nation's total economic output grew at an anemic annual rate of 1.3% from April through June, below already weak expectations. And the government sharply scaled back its estimate of first-quarter growth to a feeble 0.4%, the lowest figure since the recession technically ended two years ago. "These are disastrous numbers for the economy," said Bernard Baumohl, chief global economist at the Economic Outlook Group.
August 9, 2011 |
Anthony Rodriguez is in austerity mode. The 38-year-old Van Nuys resident recently trimmed his family's cable package, canceled his gym membership and is "second-guessing every purchase," even though he still has a job. "I am taking in the same amount, but we're just a little nervous," said Rodriguez, an account executive at an advertising agency. For months, consumers have held off on spending as they waited for a clear sign that the nation's economy was out of the woods. Businesses have been cautious to hire, unsure that the fragile recovery was going to stick.
August 4, 1991 |
The Fat Lady may finally have sung for this recession. The government did, after all, report a 0.4% jump in gross national product for the April-June period, the first such rise in three quarters. It's not too early to start mapping out your mutual fund strategy for the upcoming recovery. Of course, your game plan will depend on how strong you believe the rebound will be. And at the moment, the consensus calls for a prolonged period of sluggishness, perhaps punctuated by occasional downdrafts.
September 8, 2010 |
House Republican Minority Leader John Boehner and President Obama will go toe to toe Wednesday over economic issues and whether to allow the Bush-era tax cuts for the rich to expire. With about eight weeks to go before the midterm elections, Boehner took to the airwaves to call for extending the tax cuts, due to expire in months. Obama, who will insist the cuts for the rich should end, travels to Cleveland to deliver his latest speech on how his administration will deal with the nation's economic ills, the top electoral issue that the GOP hopes will catapult it into control of the House.
January 22, 2011 |
President Obama's decision to tap General Electric Co. Chief Executive Jeffrey Immelt to lead an initiative on jobs and U.S. competitiveness highlights two key White House focuses: Obama wants to convince corporate America that his administration is not anti-business, and he wants to show average citizens that the economy is no longer on life support. Immelt will replace former Federal Reserve Chairman Paul Volcker as head of a reconstructed White House panel of business, labor and academic leaders that has offered periodic economic advice to Obama since early in his presidency.
June 22, 2011 |
The global financial system avoided a potential train wreck as Greece's government won a confidence vote in Parliament, the first step toward another European bailout of the debt-hobbled nation. Yet even as stock markets rallied worldwide Tuesday, analysts warned of a summer that's likely to be dominated by continuing investor jitters over government debt levels in Europe, the U.S. and Japan. The central issue: Two years into the global economic rebound, big bills that governments and central banks racked up to buttress the recovery are coming due — figuratively if not literally.
March 29, 2002 |
Three days after Federal Reserve Chairman Alan Greenspan told Congress that an economic recovery was underway, Eric Saca was back at work full time for the first time since October. For the 34-year-old Bellflower resident, who started working two weeks ago as a computer network administrator for a telecommunications engineering firm, the economic recovery is as tangible as the pay in his pocket.
January 10, 1995 |
At long last, we've begun to see the blooming of a vibrant economic recovery across California. Hand-wringing has been replaced by the ringing of cash registers. As sales and payrolls grow, so do revenues to state government. In last year's State of the State message, I asked a distinguished Californian--former Secretary of State George Shultz--to investigate how and when California might best achieve the tax relief to sharpen our advantage in the global competition for jobs. . . .
January 26, 1992 |
Lately, it has become fashionable to bad-mouth the economy. It's not too difficult to see why: Hardly a day goes by without one company or another announcing sizable layoffs. Some of this is due to long-term restructuring strategies, as business seeks to reduce costs and become more competitive. However, some traces to shorter-term objectives, such as boosting the next quarter's profit. This has resulted in an unusually large number of relatively "visible" people losing their jobs.
July 13, 1991 |
The government published fresh economic statistics Friday that analysts said suggested that the recovery will be a weak one and that the economy may well turn down again later this year. In separate reports, the Labor Department said inflation at the wholesale level declined 0.3% in June--indicating that price pressures are easing in the face of continued sluggishness in the economy--while the Commerce Department reported that retail sales levels declined 0.2%.