Recession | featured news

European Central Bank Governing Council member Ewald Nowotny does not expect the U.S. economy to enter a double-dip recession and is more concerned about fast-growing developing markets, he told a newspaper.

Double-dip recession or not, people will still pay any price to have lunch with Warren Buffett.

In a healthy recovery, states and localities produce jobs, expand social services and help fuel the nation's economic growth. Then there's the 2011 recovery. The U.S. economy is moving ahead, however fitfully. Yet state and local governments are still stuck in recession. Short of cash, they cut 30,000 jobs in May, the seventh straight month they've shed workers. Rather than add to U.S. economic growth, they're subtracting from it.

Portugal will elect a new government on Sunday which will lead the country through a period of deep austerity and recession after it received a 78-billion-euro ($114 billion) bailout from the European Union and IMF.

But corporate watchdogs are hopeful that the most egregious pay practices can be reined in as new 'say-on-pay' votes and other investor-friendly rules take effect. The $6.4 million that Jacobs Engineering Group Inc. paid Chief Executive Craig Martin last year normally wouldn't have raised many eyebrows.

California's unemployment rate ticked down to 11.9% in April after the state added 8,900 jobs, a relatively small number in a state still suffering from the Great Recession.

A contraction in the first quarter at an annual rate of 3.7 percent was worse than economists had expected.

Treasury Secretary Timothy Geithner warned in a letter to Congress that failure to raise the $14.294 trillion debt ceiling would drive up interest rates, push down household wealth, put more pressure on federal entitlement programs and cause a double-dip recession.

The U.S. economy is not fully recovered from its deep recession with housing still weighing on growth, Federal Reserve Chairman Ben Bernanke said on Friday in a speech on the importance of community development.

Recession-related stress may have triggered an alarming increase in non-accidental head injuries among infants, new research suggests.