November 10, 2013 |
When potential employers ask Tracy Blakeley about her personal life, she assumes they're not making idle chit chat. They're trying to figure out how old she is. "They ask if I have kids or grandkids," Blakeley, 53, said. "They won't ask you your birth date, but they'll ask when you graduated from high school. " Blakeley has a rock-solid work ethic, good computer skills and an upbeat personality. What she doesn't have is a permanent job, despite trying her hardest to find one. It's a common story for people in their 50s, 60s and even 70s. Nearly 2 million people ages 55 and older are looking for a job these days, twice as many as before the Great Recession.
July 31, 2013 |
WASHINGTON -- The Great Recession wasn't quite as bad as previously thought and the recovery since 2009 has been a bit stronger, according to a periodic data recalculation designed to better reflect the economic impact of movies, TV shows and other intellectual property. The economy contracted an at average annual rate of 2.9% during the recession, which ran from the fourth quarter of 2007 through the second quarter of 2009, compared to the previous estimate of a 3.2% contraction, the Commerce Department said Wednesday.
June 11, 2010 |
Unemployment remains at near-record levels, and most Americans are struggling to rebuild their battered finances. But the country's wealthy are once again doing just fine, thank you. No group was immune to the downturn. In 2008, as the financial crisis raged, the stock market hit bottom and the Great Recession ate into the economy, the number of millionaires in the United States plunged. But last year the number of millionaires bounced up sharply, new data show. And after that decline and rebound, the millionaire class held a larger percentage of the country's wealth than it did in 2007.
March 22, 2013 |
In the official estimation of government economists, the Great Recession ended in 2009. But in Barbara Garson's new book, it lives on. And for the people whose stories she tells, the Great Recession may never die. "They didn't retire, and they didn't find jobs," Garson writes, describing the four New York professionals whose stories open "Down the Up Escalator: How the 99% Live in the Great Recession. " They call themselves "The Pink Slip Club. " It's a group that never loses any members, because no one ever lands a permanent, full-time work.
March 24, 2010 |
For much of the last decade, the economic relationship between the U.S. and China was like a bartender and his favorite patron. American consumers knocked back flat-panel TVs, laptops and assorted other made-in-China products while Beijing rang up the charges, extending more and more credit so the customer could keep drinking. On paper, the Chinese accumulated hundreds of billions of U.S. dollars. But instead of cashing in its horde, China lent much of it back to Americans to help finance ever-higher consumer borrowing, as well as federal deficits and cheap mortgages.
CALIFORNIA | LOCAL
September 19, 2012 |
People of all income levels across Southern California suffered losses during and after the Great Recession, but the lowest fifth of households took the biggest hit, new census data show. Los Angeles County households whose earnings put them in the lowest fifth for income in 2011 earned 12% less, on average, than the incomes of that same group in 2007, when the recession began. The declines for low-income households in other Southern California counties were even larger, according to a Los Angeles Times analysis of newly released census data.