U.s. Economy | featured news

The European meltdown is weighing heavily on the U.S. economy, with states that rely heavily on exports most at risk from the deepening crisis overseas. An analysis by Wells Fargo estimates that Utah and West Virginia economies face the biggest risk from the problems in the eurozone, while many Western states including Wyoming and Colorado are unlikely to see much impact.

Nationally, the economic picture is decidedly dismal — a sullen state of affairs that has led many political observers to conclude that President Obama is an underdog in his bid for a second term.
But in the 12 (or so) swing states — where Democrats and Republicans will spend the lion’s share of their time and money in the 100 or so days between now and Nov. 6 — the economic picture is considerably sunnier.

The global economy is in the worst shape since the dark days of 2009. Six of the 17 countries that use the euro currency are in recession. The U.S. economy is struggling again. And the economic superstars of the developing world - China, India and Brazil - are in no position to come to the rescue. They're slowing, too.

The ranks of America's poor are on track to climb to levels unseen in nearly half a century, erasing gains from the war on poverty in the 1960s amid a weak economy and fraying government safety net....

Factory activity in the U.S. Mid-Atlantic region in July contracted for a third straight month and the number of Americans filing new claims for jobless aid surged last week, heightening worries about the economy's health.

Federal Reserve Chairman Ben S. Bernanke gave no indication Tuesday that the central bank was about to launch new economic stimulus, even as the Fed chief painted a worrisome picture of an economy losing momentum on a wide scale.

President Barack Obama blasted Mitt Romney's economic plan during a stop in the pivotal swing state of Ohio on Monday, saying the blueprint will create 800,000 jobs — just not in America. "Today, we found out, there's a new study out by a non-partisan economist that says Governor Romney's economic plan would in fact create 800,000 jobs," Obama said at a town hall-style event in Cincinnati. "There's only one problem. The jobs wouldn't be in America."

Consumers have caught a break from the slowing economy as gasoline prices extended their steep three-month decline, but the cost of filling the tank may soon head back up, a widely followed survey said on Sunday.

American companies are scaling back plans to hire workers and a rising share of firms feel the European debt crisis is taking a bite out of their sales, a survey showed on Monday.

Since the recession ended in June 2009, men have gained 80% of the 2.6 million net jobs created in the U.S., including 61% in the last year. Even as women have moved up the economic ladder and outpaced men in earnings growth over the last decade, they are lagging behind in a crucial area — getting new jobs.