Now that economic adviser — and Consumerist pal — Austan Goolsbee has departed the White House, President Obama has a spot to fill. Today he announced the choice of Princeton labor economist Alan Krueger to be chairman of the White House Council of Economic Advisers. [More]
recession watch
Consumers Spent A Bit More Than Expected In July
By 8.29.11
A 0.8% increase in consumer spending may not seem like something to throw a parade over. And really, it’s not. But it is the largest gain in 18 months and the first increase of any sort since April, so it’s a reason to not frown. [More]
County Tells Foreclosed-Upon Homeowners: We May Have Some Money For You
By 8.25.11
The typical image of a foreclosure auction involves a seized house being sold for, at best, the remaining value of the mortgage. But that’s not always so, with some auctions attracting buyers who pay above what’s owed on the home. That money usually belongs to the former owner, but it looks like many aren’t aware of this fact. [More]
Social Security Disability Payments Could Dry Up In 2017
By 8.22.11
The Social Security disability fund may not be able to make payments come 2017, according to a new analysis by the Congressional Budget Office (CBO). [More]
Number Of Delinquent Mortgages Sneaks Back Up
By 8.22.11
After several quarters of decreasing mortgage delinquency rates, that number saw a slight uptick in the second quarter of 2011, according to the Mortgage Bankers Association’s latest survey data. [More]
Bank Of America To Cut 3,500 Jobs, Thousands More Could Also Be Axed
By 8.19.11
The nation’s largest bank is trying to get a wee bit smaller — at least in terms of payroll. A newly uncovered memo reveals that Bank of America plans to cut at least 3,500 jobs in the upcoming months, with the possibility that thousands of additional positions could also be eliminated. [More]
30-Year Mortgage Rates Now Lowest Ever, People Still Aren't Buying
By 8.18.11
It’s like that scene in Groundhog Day, where Chris Elliott’s character enters the Punxsutawney bachelor auction and is greeted by dead silence from the women in the crowd…. Once again, mortgage rates have dropped to record lows while potential home buyers continue to hold off on making a purchase. [More]
Late Credit Card Payments At Lowest Rate Since Mid '90s
By 8.16.11
We mentioned a few weeks ago that more Americans have begun paying down their credit card debt during the last two years rather than maxing out their accounts with stuff they can’t afford. Now comes another sign of more responsible behavior… the rate of late credit card payments is the lowest it’s been in 17 years — .That’s an entire Bieber! [More]
The 10 Best Towns In America That Also Have Affordable Homes
By 8.15.11
Once again, the folks at Money magazine have scoured the map of these fifty, nifty United States (from 13 original colonies) and, factoring in everything from jobs to schools to weather to stuff-to-do, come up with their list of the 100 Best Places To Live. But which of these towns have homes you can afford to buy? [More]
Mortgage Rates Hit Record Low
By 8.12.11
It continues to be a buyer’s market out there — for those with enough money to make a down-payment on a home at least — as mortgage rates continue to sink to historically low levels. [More]
64% Of Americans Can't Pay For $1,000 Emergency
By 8.10.11
If you had to fork over $1,000 right now, would you be able to do so without borrowing money or using your credit card? If so, then a new survey from the National Foundation for Credit Counseling says you’re in the minority. [More]
Stocks Up After Days Of Bleeding
By 8.9.11
After swooning on Monday following S&P’s downgrade of US bonds, stocks posted gains on Tuesday as investors saw the over-reaction as a buying opportunity. Now investors look to see what the Federal Reserve policy board might say after their meeting later today. [More]
Consumer Sentiment Index Hits 20-Month Low
By 8.9.11
Our corporate cousins at Consumer Reports have released their monthly index of overall consumer sentiment, and it looks like all the worrying about the debt ceiling has caused the sharpest month-to-month drop in the index in two years and the lowest result since December 2009. [More]
Record-High 45.8 Millions Americans Using Food Stamps
By 8.5.11
According to the U.S. Dept. of Agriculture’s latest report on its Supplemental Nutrition Assistance Program (aka food stamps), a record 45.8 million Americans received SNAP benefits during the month of May, up 12% from the same month in 2010 and 34% from two years ago. [More]
9 Not So Cheerful Stats About The State Of Unemployment
By 8.2.11
Just in case you were feeling hopeful about our nation’s recovering workforce, those Pulitzer-winning buzzkills at ProPublica had to go and compile a whole host of facts and figures that could turn your upside-down frown back into a regular frown. [More]
The 8 Largest U.S. Retailers With The Worst Sales
By 8.2.11
If we’d told you 10 years ago that Borders and Circuit City would vanish off the face of the planet and Blockbuster Video would be auctioned off to a satellite TV provider for pocket change, many people would have expressed disbelief. But those once-great stores have had their heyday in history, so now it’s time to look into the magic 8 ball to see if doom lies ahead for other major retailers. [More]
South Dakota Town Puts Itself Up For Sale For $800K
By 7.28.11
If you’ve ever dreamed of being some sort of Wild West land baron, or maybe you and your friends want to act out the unmade final season of Deadwood, there is a town in South Dakota that can be all yours for the price of $799,000. [More]
Don't Bother Applying For A Job Unless You Have One, Some Listings Say
By 7.27.11
A disturbing and disheartening trend for job-seekers is the spate of listings out there that say if you don’t have a job, don’t bother applying for this one. It’s a kind of discrimination, and it’s legal. But it may not be for long. [More]
