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Recession

The Takeaway

Slow Hiring For Small Businesses in Down Economy

Thursday, June 16, 2011

Just when things seemed to be looking up for the economy, a new report released Tuesday by the National Federation of Independent Business reveals small businesses across the country are struggling to break even. The report goes also says bleak prospects have forced many small businesses to hold off hiring new employees, as they struggle to maintain their current work force.  

Small businesses employ about half of the American workforce, an important fact when you consider the potential chain reaction of this news: no new hiring means no new spending, no new spending could spell a longer, deeper recession. 

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The Takeaway

Little Help from US Government for Unemployed Homeowners Facing Foreclosure

Monday, June 06, 2011

The Treasury Department was given $46 billion to keep homeowners in their houses in 2009, but has spent less than $2 billion of that money. In April, there were more than four million mortgages in foreclosure or 90 days delinquent. The New York Times' Andrew Martin says that the primary cause of foreclosures is unemployment and that the U.S. government has not focused nearly enough attention on the problem. 

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The Takeaway

Jobs Report Disappoints: Only 54,000 Added, Unemployment Rises to 9.1 Percent

Friday, June 03, 2011

The unemployment rate rose to 9.1 percent from 9 percent and only 54,000 jobs were added in May. What do these numbers mean for the economy? The Dow plummeted this week upon news of declining housing prices. Consumer confidence is in the basement. Interest rates are way down. Are we headed for a double-recession? Joining us is Kelly Evans, "Ahead of the Tape" columnist for The Wall Street Journal.

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The Brian Lehrer Show

Why Is Crime Dropping?

Friday, June 03, 2011

Frank Zimring, professor of law and criminal justice at UC-Berkeley and visiting fellow at NYU, explains why crime rates have continued to drop during the recession, defying conventional wisdom.

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The Takeaway

Bad Economic News Sends Markets Plummeting

Thursday, June 02, 2011

Stocks plummeted Wednesday after reports that the U.S. factory sector experienced its biggest one-month drop off in May since 1984. Weak factory sector figures, combined with dreary manufacturing data from around the world, and continuing high unemployment doesn't just present a political problem for the Obama White House. Some economists worry the economy could face a "double-dip" recession. "Financial crises are followed by slow recoveries," says Kelly Evans, "Ahead of the Tape" columnist for The Wall Street Journal.

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The Takeaway

'Skateboarders Take Over Swimming Pools' as America's Homes Lay Vacant

Wednesday, June 01, 2011

Two years after The Great Recession officially came to a close, housing prices have dropped to their lowest levels since 2006. A Standard & Poor’s/Case-Shiller report showed the home price index dropping 4.2 percent last month, aided in part by the growing number of foreclosures, and a reluctance on the part of new buyers. 

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The Takeaway

Does America Need New Homes?

Wednesday, June 01, 2011

On Tuesday, The Wall Street Journal's Kelly Evans delivered stark news to recent homeowners. She reported that "since house prices peaked in 2006, the average home equity loss is $105,000 per homeowner." Evans was reacting to the latest Case-Shiller report, which showed that between February and March, housing prices dropped in 18 out of 20 major metro areas. Driven in part by foreclosures, a glut of unsold homes and the reluctance of new purchases, many home prices reached their lowest level since the bubble burst in 2006.  

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The Takeaway

Worker Dissatisfaction May Signal More Confidence for Job Seekers

Thursday, January 06, 2011

In what is potentially a sign of good economic news, the number of American workers willing to describe themselves as dissatisfied with their jobs seems to be climbing. This comes from an admittedly unscientific online survey of over 1,400 people, each currently employed, by the management consulting firm “Right Management." 84 percent of respondents said that they plan to actively seek a new job this year. That's up from 60 percent in a similar poll conducted a year earlier. In the poll, only five percent said that they plan to remain in their current positions all year long.

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WNYC News

Newark Mayor Cory Booker on Police Cuts, Municipal Budget Pain

Saturday, December 04, 2010

This week Newark Mayor Cory Booker announced that due to multi-million dollar budget gap and an impasse with the city's police union, he had no choice but to layoff off 167 police officers. Booker is not the only New Jersey mayor facing hard choices.

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The Takeaway

Forecasting the Jobs Cycle

Friday, December 03, 2010

Economists hope to see strong hiring for a second consecutive month in the private sector...but if they don't, and if unemployment remains above nine percent, the U.S. economy will soon break the record for the longest streak of high unemployment since the recession of the 1980's. It's not a record anyone will cheer to see broken.

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The Takeaway

A Small Town Take on The Great Recession

Thursday, November 18, 2010

We’ve all heard about the travails facing cities like Detroit: unemployment, foreclosures, dwindling state pensions. But we haven’t heard much about how small Midwestern towns — cities like Hamtramck, Michigan — are faring. Yesterday Hamtramck announced it might have to declare bankruptcy, or else run out of money by January 31 of next year. How did Hamtramck end up facing bankruptcy? And will the economic downturn force other municipalities across the country to follow suit?

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WNYC News

Comptroller Says City is Emerging from Recession

Friday, October 29, 2010

Despite the recession, New York City balanced its budget and even eked out a $5 million surplus. It helped that the City put aside nearly $3 billion last year to offset expected budget gaps for the fiscal year that ended on June 30.

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The Takeaway

In Recession, Irish Exhibit Stoic Acceptance

Thursday, October 28, 2010

Few countries have been hit harder by the Great Recession than Ireland. But unlike some of their fellow Europeans in Paris or Athens, the Irish have responded to the stringent austerity programs imposed by their government with resignation, as opposed to protests or violence. We take a look at Irish perseverance and stoicism in the face of a global recession.

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The Takeaway

The Recession's Impact on Women

Friday, October 22, 2010

The New York Times' Sewell Chan reports on a new White House study on the impact of the recession on women.

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Features

NY Public Library Names New Leader: Anthony Marx

Wednesday, October 06, 2010

The New York Public Library’s board named Anthony Marx its new president on Wednesday. He'll replace outgoing president Paul LeClerc next summer who was behind the helm of the library system for the past 17 years.

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The Takeaway

JPMorgan Chase Suspends Thousands of Foreclosures

Friday, October 01, 2010

JP Morgan Chase has suspended the legal proceedings around 50,000 foreclosures because the documents involved may have been processed incorrectly.

Overwhelmed by the housing crisis, mortgage companies hired employees to process foreclosure documents as quickly as possible, without ever reading, reviewing or verifying the cases before them. The process is called "robo-signing," and it accounts for an alarming number of seized homes. By some reports, these hired clerks were approving ten thousand foreclosures a month—some of them in error.

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The Takeaway

Your Take: A Leadership Crisis for Obama?

Wednesday, September 22, 2010

With news of a staff shakeup in the Obama White House and revelations that Obama's national security team is deeply, bitterly divided over strategy in the Afghanistan war, is the president having a leadership crisis, or is this just typical midterm angst? How well is the president leading his staff, and the country?

"There is a division within this administration of 'tribes.' There's the Clinton tribe and the Obama campaign tribe. And is a story of an outsider, to some extent, coming to Washington and learning what it's like to be commander-in-chief." — Peter Baker of The New York Times

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The Takeaway

Recession Over, But Are We Headed for an Aftershock?

Wednesday, September 22, 2010

This week economists officially declared the recession over, as of June, 2009.  So now what will the recovery look like?

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The Takeaway

Your Take: What Would Make You Spend Again?

Tuesday, September 21, 2010

I think I now understand why my grandparents have never thrown any food away. The lessons from depressions and recessions are not to be forgotten.
—Jonathan, Columbia, SC (via text)

A job.
—Geneva, NY (by text)

Confidence in the economy
—Mich. (by text)

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The Takeaway

Recession is Officially Over, Small Businesses Still Struggle

Tuesday, September 21, 2010

Stocks surged on Monday, following an announcement from the National Bureau for Economic Research that the recession has been over since June of 2009. 

You can be forgiven if this comes as news to you — it's come as news to many people, not least the small business owners who've been struggling to survive in an economy where credit is tight, health care costs are high, and consumers and investors remain skittish.

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