Recession

CA, MA And CT Rated Best On Implementing Energy Efficiency

WASHINGTON, D.C. (October 21, 2009): The current economic downturn is not sidetracking state-level efforts to make the most of energy efficiency as the cheapest, cleanest and quickest of all energy resources, according to a 50-state scorecard on energy efficiency policies, programs, and practices from the American Council for an Energy-Efficient Economy (ACEEE).

The 2009 State Energy Efficiency Scorecard, which ranks states in six categories, concludes that the 10 states doing the most to implement energy efficiency are: California (1); Massachusetts (2); Connecticut (3); Oregon (4); New York (5); Vermont (6); Washington state (7); Minnesota (8); Rhode Island (9); and Maine (10).    » read more »

Outlook also better for capital spending and credit availability

SAN FRANCISCO -- November 3, 2009 -- Optimism among small business owners improved during October, driven by improved outlook for revenue, capital spending and hiring, according to the latest results of the quarterly Wells Fargo/Gallup Small Business Index.

Concluded October 9, the latest Wells Fargo/Gallup Small Business Index optimism score came in at negative 15 (-15), a net six-point increase from the previous survey (conducted in July, 2009), and 129 points lower than the Index high of 114 (conducted December, 2006). A score of zero indicates that small business owners, as a group, are neutral -- neither optimistic nor pessimistic -- about their companies’ situations.    » read more »

October 30, 2009 -- WASHINGTON, D.C. - Congresswoman Lois Capps released the following statement today after the announcement that GDP rose 3.5% in the third quarter of 2009:

“Today’s announcement that GDP grew by 3.5% in the third quarter of this year is positive news and encouraging, providing another sign that our economy is slowly recovering from the deepest recession in 75 years. This growth is significant, amounting to a turnaround of nearly 10% in just two quarters and it stands in contrast to the beginning of the year when the economy contracted by 6.4%. This is also the largest reversal of GDP since 1980, and the first increase since last year.    » read more »

October 15, 2009 -- World production of fossil fuels-oil, coal, and natural gas-increased 2.9 percent in 2008 to reach 27.4 million tons of oil equivalent (Mtoe) per day, the highest ever recorded. In the first half of the 2008, producers strained to meet global demand, but by year's end the global recession left the market swamped by excess supply, causing oil prices to fall to from $144 per barrel in July to $34 per barrel in December.

According to the latest Vital Signs Update on fossil fuel production:

* Continuing a decade-long trend, most of the growth in fossil fuel production was in the Asia-Pacific region, where production grew 6.3 percent.    » read more »

Double-Dip Recession Fears Fade; Investors See Brighter Corporate Profits on Horizon - Shift from Cash to Equities

NEW YORK and LONDON, Oct. 14 -- Investors' risk appetite has reached its highest point in more than three years amid continued optimism about the prospects for a global economic recovery and rising corporate profits, according to the BofA Merrill Lynch Survey of Fund Managers for October.

Investors are increasingly confident that the threat of a double-dip recession is waning. A net 65 percent of respondents believe a global recession is unlikely in the next 12 months, up from 47 percent a month earlier. A net 72 percent of respondents believe the outlook for corporate profits will improve in the next year, up from 68 percent a month earlier.    » read more »

October 7, 2009 -- (Lincoln, Neb.) - Nebraska Governor Dave Heineman today sent a memo to all state agencies, state boards, state commissions, and state senators expressing his concern about the 11.2 percent downturn in September tax receipts and the preparation for a possible special session to revise the state budget.

The text of the Governor’s memo follows.    » read more »

Oct. 7, 2009 -- Many Colorado state government offices will be closed Friday, Oct. 9, 2009, the second of four closure days in 2009, to help keep the state budget balanced during the economic recession. State offices also will be closed Monday in observance of Columbus Day.

State driver's license offices, the Department of Public Health and Environment's vital records office, state history museums, and administrative offices for executive branch departments will be among the facilities closed Friday, with about 15,500 employees on unpaid furlough.    » read more »

Boomers Skipping Care, Likely Driving Up Future Costs; 1 in 5 People in Medicare Have Experienced Waste, Fraud or Abuse

September 30, 2009 -- WASHINGTON—As AARP continues to fight for health care reforms that will reduce costs and improve access to coverage, new survey data released today find many older Americans—particularly baby boomers—need help more than ever.

The AARP Closer LookSM survey finds more than one-third of boomers (36 percent) and nearly a quarter of people 65-plus (23 percent) are not confident their insurance and savings would cover the costs of a major illness.    » read more »

August 21, 2009 -- MONTGOMERY - Alabama's State General Fund agencies are being told to revise their operating plans for Fiscal Year 2010 because of declines in available revenue.

“Due to the ongoing recession, tax revenues have declined and so state agencies will have to slow down their anticipated spending from the General Fund,” said Acting Director of Finance Bill Newton.

Newton sent a memorandum to General Fund agencies on Friday saying they will have to submit a revised FY2010 operations plan. The adjusted plans will need to reflect quarterly allotments to agencies from the General Fund of 22 percent in the first three quarters of the new fiscal year and 34 percent in the last quarter. State agencies normally receive allotments of 25 percent each quarter.    » read more »

May 7, 2009 -- SEASONALLY ADJUSTED DATA

In the week ending May 2, the advance figure for seasonally adjusted initial claims was 601,000, a decrease of 34,000 from the previous week's revised figure of 635,000. The 4-week moving average was 623,500, a decrease of 14,750 from the previous week's revised average of 638,250.

The advance seasonally adjusted insured unemployment rate was 4.8 percent for the week ending April 25, an increase of 0.1 percentage point from the prior week's unrevised rate of 4.7 percent.    » read more »

Economic Crisis Strike Force working to aid displaced workers and new veterans

April 14, 2009 -- RICHMOND – Virginia Governor Timothy M. Kaine today highlighted the Commonwealth's ongoing efforts to address the impact of the current economic downturn on Virginians. Virginia is continuing to open "Unemployment Express Offices" to serve displaced workers across the Commonwealth, and has formed an Economic Crisis Strike Force to coordinate state-wide response.    » read more »

April 11, 2009 -- WASHINGTON – In his weekly address, President Barack Obama extended his best wishes to everyone celebrating this week’s Passover and Easter holidays and called on nations around the world to come together to solve the current trials facing the world. On the heels of his weeklong trip overseas, the President said he believes it is important to acknowledge no single nation can solve global problems like a recession, international terrorism, climate change, or nuclear proliferation. But, working with other nations, the United States can lead the way in overcoming these challenges.

Remarks of President Barack Obama
Weekly Address
Saturday, April 11, 2009    » read more »

March 23, 2009 -- BAYVILLE – New Jersey Governor Jon S. Corzine sat down today with a group of senior citizens at the Berkeley Municipal Building to give a helping hand in filling out paperwork for Senior Freeze Rebate applications. Representatives from the Division of Taxation’s Taxpayer Services Outreach Bureau were also available to provide assistance.

“So many of our seniors and disabled citizens are struggling to make ends meet during this national recession,” Governor Corzine said. “The expansion of the Senior Freeze program is aimed at providing property tax relief to thousands on fixed incomes who may not have qualified previously. I really encourage our seniors to take advantage of this program and file their rebate applications as soon as possible.”    » read more »

Ford of Europe takes further action to bring production capacity in line with declining industry demand, and adjusts sourcing plans to meet future business needs

COLOGNE, Germany, March 16, 2009 – Ford of Europe today confirmed that, due to the unprecedented decline in the European new car market and the continuing negative economic outlook, it is taking further decisive actions to bring its production capacity in line with significantly decreased industry demand.

In addition, Ford of Europe is realigning its sourcing plans to meet its future business needs, given that demand is unlikely to improve significantly in the European market for some considerable time.    » read more »

March 16, 2009 -- "The Obama Administration firmly believes that economic recovery will be driven in large part by America's small businesses, which have generated about 70 percent of net new jobs annually over the past decade. But as the flow of credit has dried up during this recession, small business owners who were prudent and responsible have been set back by the behavior of others in our financial system who were not.    » read more »