Streams

Charlie Herman

Business and Economics Editor

Charlie Herman appears in the following:

August Job Losses: 54,000, Unemployment Rises to 9.6%

Friday, September 03, 2010

While large portions of the East Coast breathed a sigh of relief as Hurricane Earl lost strength overnight, another storm, this one economic, was also less damaging than expected.

Comment

Silver Lining in the Unemployment Numbers

Friday, September 03, 2010

Private employers hired more workers during the past three months than previously thought, adding 67,00 workers in August. However, this was not enough to keep unemployment from growing. The latest jobless numbers shows that unemployment hit 9.6 percent last month. Charlie Herman, The Takeaway and WNYC's economics editor explains what this means for the economy and for the workers who still have jobs.

Comment

Unemployment Rises, But Jobs Report Better than Expected

Friday, September 03, 2010

As large portions of the East Coast breathed a sigh of relief as Hurricane Earl lost strength overnight, another storm, this one economic, was also less damaging than expected. 

The government reports that employers cut fewer jobs than expected in August. The nation’s payrolls shrunk by 54,000.  

This was not a great report but it was "better than many thought it would be,” wrote Joel Naroff, chief economist with Naroff Advisors in a note to clients.

Read More

Comment

Barnes & Noble Closing Lincoln Center Location

Monday, August 30, 2010

Barnes & Noble is closing the chapter on its four-story superstore at Lincoln Center. The 66th Street store will close at the end of January after more than 15 years of selling books and holding readings and performances.

Comments [2]

Agenda: Peace Talks, Jobs, Auto Sales

Monday, August 30, 2010

We look ahead to this week of Middle East peace talks, a new jobs report, and auto sales numbers. On Tuesday, President Obama will address the nation from the Oval Office as combat operations in Iraq officially end. On Wednesday, we'll hear about auto sales numbers for August, and on Thursday, a new round of Middle East peace talks will begin. Friday brings the anticipated jobs report from the Labor Department.

Comment

GDP Numbers Show Drop, But Better Than Expected

Friday, August 27, 2010

U.S. economic growth slowed in the second quarter of this year as the government revised downwards the gross domestic product (GDP) to 1.6 percent from a previous estimate of 2.4 percent. The news caps a week of bad news about the nation’s economy, in particular, reports that housing sales fell to record lows in July.

Comment

New Disappointing GDP Numbers

Friday, August 27, 2010

Revised GDP numbers for the second quarter — a key indicator of financial health for the country — have just come out, and they are disappointing for those who hoped the U.S. was improving economically. Growth was cut sharply to 1.6 percent in the second quarter, and though the drop isn't as bad as some economists feared, many are wondering if a double-dip recession is becoming a reality. What do the new numbers mean, and what can we do to improve our situation?

Comment

GDP Numbers Show Drop, But Better Than Expected

Friday, August 27, 2010

U.S. economic growth slowed in the second quarter of this year as the government revised downwards the gross domestic product (GDP) to 1.6 percent from a previous estimate of 2.4 percent. The news caps a week of bad news about the nation’s economy, in particular, reports that housing sales fell to record lows in July.

Read More

Comment

New Home Sales Drop to Record Lows

Wednesday, August 25, 2010

A day after disappointing sales results for existing homes in July, sales of new homes sold last month fell to the lowest rate on record, alarming economists.

“The potential for the housing market to drag the economy back into recession is…rising,” said Celia Chen, senior director at Moody’s Economy.com.

Comment

Home Sales Continue to Fall as Tax Credit for Home Buyers Expires

Wednesday, August 25, 2010

A day after disappointing sales results for existing homes in July, sales of new homes sold last month fell the lowest rate on record, alarming economists. “The potential for the housing market to drag the economy back into recession is… rising,” said Celia Chen, senior director at Moody’s Economy.com.

According to the Commerce Department, new homes sales fell 12.4 percent from June to July to an annual rate of 276,000.  That is 32.4 percent lower than a year ago. At the current sales rate, there is a nine month supply of homes. Economists had expected an annual sales pace of 333,000.

Read More

Comment

Home Sales Drop to Lowest Level in a Decade

Tuesday, August 24, 2010

Sales of existing homes in July fell to the lowest level in 15 years, significantly worse than expected. Stocks fell after the news as it added to the growing concerns of investors about the pace of the nation’s economic recovery.

According to data collected by the National Association of Realtors, existing homes sold at an annual rate of 3.83 million units — 27.2 percent lower than the June level. Compared to a year ago, sales were off 25.2 percent.

Read More

Comment

Existing Home Sales Plunge to Lowest Level in 15 Years

Tuesday, August 24, 2010

Sales of existing homes in fell in July to the lowest level in 15 years, significantly worse than expected. Stocks fell after the news as it added the growing concerns of investors about the pace of the nation’s economic recovery.

Comment

The Agenda: Housing and GDP Numbers, Midterm Primaries, Remembering Ted Kennedy's Death

Monday, August 23, 2010

A number of economic indicators are due out this week, including existing and new home sales, and 2nd quarter GDP figures — all are expected to plummet. Charlie Herman, economics editor for The Takeaway and WNYC Radio, is describing this as a "slowdown" this week: "Right now, we're in the slow days of summer. The president is on vacation and Congress is in recess," he says.

Comment

Agenda: Shrimping, Housing, Deficits

Monday, August 16, 2010

We look ahead at this week in news. It's the official beginning of shrimping season in Louisiana; Russia's grain embargo has just taken effect; the Obama administration tries to figure out how to approach mortgage giants Fannie Mae and Freddie Mac; a judge's ruling effectively bans planting genetically modified sugar beets; and the Congressional Budget Office will release its budget outlook.

Comments [1]

The Economy on Friday the 13th

Friday, August 13, 2010

WNYC business and economics editor Charles Herman looks at the good, and the scary, economic news. And Sharon Terlep, a reporter covering the auto industry for The Wall Street Journal, talks about the change in leadership at G.M.

Comments [14]

Financial 411: Shifting Gears at GM, and Trouble for a Slice of Brooklyn History

Thursday, August 12, 2010

Change comes to two businesses: The executive who steered General Motors out of bankruptcy is stepping down, and a Brooklyn pizzeria some say is the best in the city faces eviction. It's WNYC's Financial 411 -- our take on the economic news of the day.

Comment

Foreclosures Rise In July But Down from Last Year

Thursday, August 12, 2010

The number of homeowners receiving a notice of foreclosure increased nearly 4 percent from June to July according to the online foreclosure tracking company RealtyTrac. One in every 397 U.S. housing units received a foreclosure filing last month. “Filings” covers default notices, home auctions and bank repossessions.

Comments [1]

Financial 411: Stress in the Workplace

Wednesday, August 11, 2010

How do you explain the behavior of Steven Slater, the ticked off JetBlue flight attendant who literally slid off the job on Monday at Kennedy Airport?

Comment

Financial 411: Fed to Continue Economic Stimulus

Tuesday, August 10, 2010

The Federal Reserve took action Tuesday, in an attempt to keep the economic recovery from slowing down any further.

Comment

Financial 411: Cultural Institutions in a Struggling Economy

Monday, August 09, 2010

The American Folk Art Museum in Manhattan can't pay its debts, and is struggling to survive. It's one of many cultural institutions facing challenges in a tough economy when it comes to getting access to credit.

Comment