Spanish Minister of employment and Social Security Fatima Banez (C) chats with delegates during the family photo of a meeting for employment of European countries in Madrid on June 19, 2013. Spain's economy, still reeling from a 2008 property market crash, fell into a double-dip recession in 2011 and the unemployment rate has soared to more than 27 percent.
We've had the worst, by far -- not by a little bit, by far -- the worst recovery from a recession since the Great Depression.
It's hard not to see the continued sell-off on Wall Street and the growing fear on Main Street as a product, at least in part, of the realization that our new president's policies are designed to radically re-engineer the market-based U.S. economy, not just mitigate the recession and financial crisis.
We are not seeing the usual upward move of an economy going through a recovery ... There is not the super-robust growth like we had in the past after a recession. It's just not happening that way, and if you invested as if it were, you've probably ended up losing out.More quotes »
European car sales hit 20-year low for May
-- European car sales have hit their lowest level for the month of May in 20 years as the continent's recession continues to deepen.The European automaker's association said Tuesday that passenger car sale demand dropped by 5.9 percent in the European Union Read more »
N.Y.'s GDP growth lags U.S.; ranks 37th among states
York State's economy edged up a bit last year after rapid growth in the wake of the 2007-09 recession, according to federal statistics.The U.S. Bureau of Economic Analysis reported Thursday that the state's gross domestic product increased 1.3 percent in 2012. Read more »
LI's post-recession job market fueled by lower-wage jobs
Goldstein, an economist at The Conference Board, a Manhattan business-research group. "That is continuing to change the economic climate on the Island."Long Island had 1.28 million jobs in April, up from 1.27 million reached in April 2008, before the recession Read more »
Around the web
'Negative growth isn't recession'
While the "cappuccino crisis" continues to be a sign of state's high cost of living and despite claims that the mining boom is over, Western Australia is not heading for a recession, according to a leading Perth economist. Logic dictated that at the end 50 m ago from WAToday Read more »
Report forecasts employment growth in Virginia, but at a slower pace than U.S.
percent in 2015. The rate stood at 7.6 percent in May. In many ways, Virginia has done much better in recovering from the economic recession than the nation, the report says. That includes having a lower unemployment rate and recovering a larger percentage 12:24 AM from Richmond Times-Dispatch Read more »
Subprime mortgage scandal continues to make Miami headlines
several years have passed since the 2007 housing crisis and subsequent economic recession, litigation involving subprime mortgages is still making news in Miami and around the country. The latest story involves former directors of mutual funds offered by Regions 12:22 AM from FindLaw: Attorney Blog Read more »
California Gov. Jerry Brown, legislators granted 5.2% raises
had reduced the salaries of the governor, 120 legislators and 11 other state officers by 23% during the last four years as the recession forced deep cuts in state spending, including furloughs for rank-and-file workers. The cuts for elected officials included 6/19/13 from Los Angeles Times Read more »
Federal Reserve boosts outlook as U.S. recovery picks up speed
Fed chairman Ben Bernanke pointed to the housing sector – whose implosion helped trigger the recession – as a key source of economic strength. Mr. Bernanke said the resulting increased household wealth is boosting consumption and consumer sentiment. That is 6/19/13 from Globe and Mail Read more »