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WASHINGTON (AP) -- The U.S. economy went into reverse in the first three months of this year as a severe winter and a widening trade deficit took a harsher toll than initially estimated. The Commerce Department says the overall economy as measured by the gross domestic product contracted at an annual rate of 0.7 percent in the January-March period. The revised figure, even weaker than the government's initial estimate of a 0.2 percent growth rate, reflects a bigger trade gap and slower consumer spending. It marked the first decline since a 2.1 percent contraction in the first three months of...

One of America’s most astute businessmen, known for having expanded the Las Vegas strip of resort hotels and casinos in the 1990s, says the U.S. remains mired in an economic funk and any talk of a broad recovery is “pure fiction. A lie.” Steve Wynn, the 73-year-old founder and CEO of Wynn Resorts, made the comments in a televised interview with Jon Ralston of PBS’ “Ralston Live.” He opened the Wynn Hotel and casino in Macao, China, in 2006, and is known as an international gaming and casino magnate. Wynn’s Macao operation recently reported a 28 percent quarterly loss in...

When you combine Variety's story about a 19% drop in entertainment industry jobs, and The Hollywood Reporter's story about the 2014 box office already being written off as a "disaster," things look pretty glum in the business of show. And probably for good reason. No one expected Summer 2014 to tank. No one. Everyone's saying "wait till next year," but this year there was a Spider-Man, some X-Men, a bunch of Apes, more Transformers, ..., this past Labor Day weekend was the worst since the post- 9/11 Labor Day weekend. No one knows why. No one can explain it. And...

Just out from Macy's, which first said the following: "The 2013 holiday season was successful for Macy’s and Bloomingdale’s as we offered fresh and distinctive merchandise, delivered great value to the customer and provided a robust omnichannel shopping experience... Even in a questionable macroeconomic environment with challenging weather in multiple states, the positive response from our customers during the holiday season is yet another vote of confidence that our well-established strategies continue to work for us." What well-established strategies one may ask? Why the following of course, which was also just disclosed in a separate news release "outlining cost reduction...

U.S. job growth accelerated in June thanks to a big jump in hospitality and service workers, according to a report that is likely to trigger more debate about how aggressively the Federal Reserve will begin pulling back on monetary easing. -snip- Moreover, the quality of jobs was weak. The bulk of the gains—75,000—came in the hospitality industry of bartending and waiters.

Newsroom layoffs at The Oregonian have topped 35 reporters, editors and photographers today as the paper reduces home-delivery days and cuts staff. Among the more prominent names WW has confirmed The Oregonian has laid off are editorial columnist David Sarasohn, environmental reporter Scott Learn, and Multnomah County reporter Dana Tims. Many staffers have begun posting their own layoff announcements on the web. Sports reporter John Hunt wrote this morning on Twitter that he is flying home after being laid off with a phone call in Omaha, Neb., where he was covering the Oregon State Beavers baseball team in the College...

Factory output in China weakened to a nine-month low in June while U.S. manufacturing closed out its worst quarter in the last four, suggesting the road to recovery for the world economy remained an uneven one. A day earlier, the Federal Reserve said the U.S. economy was expanding strongly enough for the central bank to begin slowing the pace of its stimulative bond purchases later this year. Other major economies are lagging America's, however, which could limit the strength of global growth. China, the world's second largest economy, grew at its slowest pace in 13 years in 2012 and incoming...

Chris Wallace, "FOX News Sunday" host: Didn't this White House badly misjudge this recovery? I remember in 2010, two summers ago, you and Vice President Biden were running around talking about 'Recovery Summer.' That was the summer of 2010 and the fact is the White House said if you got the stimulus, the $800 billion that unemployment would stay under 8%. In fact, with the stimulus, unemployment has stayed over 8% for the last 42 months. That's three and a half years. David Axelrod: Chris, first of all, I wasn't running around saying anything other than that we were going...

Faced with no growth in two of its key medical-device markets, Fridley-based Medtronic said it would eliminate about 1,000 jobs, including 250 positions in the Twin Cities. Most of the local job cuts -- which were first disclosed by the company earlier this month -- are in Medtronic's heart rhythm device unit, which is based in Mounds View and makes pacemakers and implantable cardiac defibrillators. But Medtronic officials also said on Tuesday, May 22, that the company plans to hire 1,500 workers over the next 11 months. Many of the new hires will work in faster-growing markets overseas, but there...

A day after clashing with a tea party activist, President Obama Tuesday told crowds here that it was “a faction in Congress” that was to blame for blocking economic progress. At a rural jobs forum, Mr. Obama ticked off a list of pending bills that he said would create jobs. “The only thing that’s preventing us from passing the bills I just mentioned is the refusal of a faction in Congress to put country ahead of party,” the president said in a thinly veiled reference to House Republicans backed by the tea party. “That has to stop.” ... Mr. Obama...

The economy grew less than expected in the second quarter as consumer spending barely rose amid higher gasoline prices, and growth braked sharply in the prior quarter, a government report showed on Friday. Growth in gross domestic product -- a measure of all goods and services produced within U.S. borders - rose at a 1.3 percent annual rate, the Commerce Department said. First-quarter output was sharply revised down to a 0.4 percent pace from 1.9 percent. Economists had expected the economy to expand at a 1.8 percent rate in the second quarter. In addition, fourth-quarter growth was revised down to...

Folks, I just went to have my oil changed(5 qts pennzoil) and get an inspection at the Kwik Lube. I also had them put on two wiper blades. The sum was $77 The place was empty other than one fellow getting a company truck done. At anyrate we got to discussing the near doubling of prices and it appears that the patronage of the service station is so low that they are about to go out of business. The other place in town is in the same position. How's that Hope and "Change" working out for everyone? In this town...

When it comes to measuring the combination of unemployment and inflation, it doesn’t get much more miserable than this. In fa Stressed out man ct, misery, as measured in the unofficial Misery Index that simply totals the unemployment and inflation rates, is at a 28-year high, reflective of how weak the economic recovery has been and how far there is to go. The index, first compiled during the soaring inflation days of the 1970s by economist Arthur Okun, is registering a nausea-inducing 12.7—9.1 percent for unemployment and 3.6 percent for annualized inflation—a number not seen since 1983. The index has...

Another regional survey of manufacturers confirms the rapid turn in the economy. Analysts had been expecting a reading of 7.0 in the survey. Instead we got -7.7 Markets are heading lower Read more: http://www.businessinsider.com/philly-fed-index-june-2011-6#ixzz1PRsAYVST

No American president since Franklin Delano Roosevelt has won a second term in office when the unemployment rate on Election Day topped 7.2 percent. Seventeen months before the next election, it is increasingly clear that President Obama must defy that trend to keep his job. Roughly 9 percent of Americans who want to go to work cannot find an employer. Companies are firing fewer people, but hiring remains anemic. And the vast majority of economic forecasters, including the president’s own advisers, predict only modest progress by November 2012. The latest job numbers, due Friday, are expected to provide new cause...

Link only due to copyright issues: http://www.huffingtonpost.com/sheldon-filger/what-if-sarah-palin-was-e_b_784443.html

Americans from coast to coast got burned this summer, but they aren't reaching for the aloe vera. Instead, 14.6 million unemployed Americans have been burned by the "Recovery Summer" that never was. And if Congress doesn't renew the Bush tax cuts soon, the problems will only get worse. On June 17 the Obama administration kicked off its "recovery summer" public-relations campaign to promote the anticipated successes of Congress's use of Keynesian economic strategy -- translated: more government spending -- to reboot the economy.

Cessna's announcement regarding 700 layoffs comes after months of tapering unemployment in Wichita. The regional Workforce Center says it hasn't recorded layoffs in the hundreds for months, and didn't expect anymore bulk job cuts as a result of this recession. But now, the center's gearing up to assist hundreds who are about to need help finding jobs. "It's draining emotionally, you know," said one Cessna worker who was recently called back to work after getting laid off months ago. "I had to make a whole lot of changes in my life and my family."

NEW YORK (CNNMoney.com) -- The nation's top automakers reported disappointing sales Wednesday, resulting in the worst August for industrywide auto sales in 27 years. According to sales tracker Autodata, U.S. new vehicle sales fell just short of 1 million vehicles, a drop of 21% from a year ago, which included Cash for Clunkers. That federal program created a sugar rush of sales by dangling an incentive of up to $4,500 in cash for buyers who traded in older gas guzzlers for more efficient models.

Men’s Wearhouse will host a national suit drive throughout the month of September at over 1,000 store locations to help unemployed men look their best for potential job interviews. People are encouraged to bring old suits, dress shirts, slacks, coats, ties and other accessories to any Men’s Wearhouse location. According to the company, since the beginning of the recession roughly 82 percent of all job losses have been men, leaving almost one in 10 working-age men unemployed due to the hit on male-dominated industries such as construction and manufacturing. "By collecting and donating professional clothing, Men's Wearhouse aims to help...