July 19, 2009 |
It might be small consolation to the 82,000 Philadelphia area residents who have lost their jobs in the last 18 months, but this region is faring better in the Great Recession than many other parts of the country, according to data from Moody's Economy.com. In fact, the region appears - at least this far into the current slump - to have entered a new era. "This is the first recession since World War II that Philadelphia's economy has done better than the nation's," said Mark Zandi, chief economist at Moody's Economy.
April 21, 2013
How the 99% Live in the Great Recession By Barbara Garson Doubleday. 288 pp. $26.95 Reviewed by Hector Tobar 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.
June 13, 2012 |
WASHINGTON — A new survey of U.S. family finances released by the Federal Reserve on Monday documents in painful detail just how deeply the Great Recession and its aftermath has been felt in household budgets across America. The Survey of Consumer Finances, conducted every three years and covering a span from 2007 to 2010, documents steep declines in family income that correspond to what many Americans already know about their own declining net worth. It also shows how the South and West have felt more pain than the rest of the country because of the severity of the housing sector's downturn there, and provides evidence that the self-employed and business owners have taken it on the chin in recent years.
July 23, 2011 |
WASHINGTON - Strong second-quarter earnings from McDonald's and General Electric on Friday are just the latest proof that booming profits have allowed Corporate America to leave the Great Recession far behind. But millions of ordinary Americans are stranded in a labor market that looks as if it's still in recession. Unemployment nationally is stuck at 9.2 percent, and the rate is rising in 28 states, including Pennsylvania and New Jersey. "I've never seen labor markets this weak in 35 years of research," said Andrew Sum, director of the Center for Labor Market Studies at Northeastern University in Boston.
September 2, 2014 |
When the phone call came, Anthony Reynolds, a big man with a ready laugh, cried like a baby. His ex-wife, living in Texas, had taken their son, 7, to a hospital for an important but minor procedure, and the hospital had turned them away. No insurance. She called. He cried. "When I lost my job, I didn't have the heart to tell her that my benefits had been cut," he said. "I was so ashamed," he said. "I'm 1,800 miles from my kids, and I can't do anything for them. " By the statistics economists gather, the recession officially ended five years ago, in June 2009.
September 26, 2010 |
The recession is over. Or maybe not. Tracking the economy, and the course of the Great Recession, is more art than science. Look to these sites to sort things out, then decide for yourself. The global economy. The Federal Reserve Bank of St. Louis organizes snapshots of the economy in charts that look by country, by indicators (employment, production, and the like), and by gross domestic product. Of the eight major economies it lists by country, the St. Louis Fed says only Australia is in recession, based on the latest numbers.
June 28, 2011 |
Most times, the questions I'm asked as an economist are as wide-ranging as the groups I speak to. But these days, everyone asks the same questions: When will we get more jobs? Why aren't businesses hiring more? Where are the jobs going to come from? Can policymakers do anything to help? Beneath these questions, of course, is the fear that more jobs aren't coming, ever. This is understandable. The recovery is two years old and the U.S. economy has added back fewer than 2 million of the almost 9 million jobs lost in the Great Recession.
October 28, 2012
To state the obvious, the economic recovery has been disappointing. The United States is growing and creating jobs, but growth has been slow and joblessness remains painfully high. Given the approaching election, it isn't surprising that each political party blames the other for the economy's problems, but in reality they largely reflect fallout from the Great Recession. The housing crash is most clearly to blame. Housing normally leads the economy out of recession. It is the part of the economy most sensitive to interest rates: Home sales, construction, and prices generally perk up quickly after the Federal Reserve begins to ease monetary policy and mortgage rates fall.
August 14, 2015 |
I GOT THE reaction I expected from my daughter when I suggested that for graduate school, to save money, she live at home. She shuddered. I understand her reservation. But for her greater good, my recommendation makes more financial sense. My husband and I have enough saved to pay for her undergraduate studies at the University of Maryland, including room and board. And because we saved, we were OK with her living on campus even though we live only about a half-hour away.
December 23, 2011 |
WASHINGTON - In in the latest sign that the economy is surging at year's end, unemployment claims have dropped to the lowest level since April 2008, long before anyone realized that the nation was in a recession. Claims fell by 4,000 last week to 364,000, the Labor Department said Thursday. It was the third straight weekly drop. The four-week average of claims, a less volatile gauge, fell for the 11th time in 13 weeks and stands at the lowest since June 2008. While the economy remains vulnerable to threats, particularly a recession in Europe, the steady improvement in the job market is unquestionable.