economic downturn News

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Photographer Captures Upside of Recession

The recession was hard on a lot of people, but one Los Angeles photographer has found great personal satisfaction documenting the positive effects the recession has had on people. She's Remy Haynes, and the inspiration to show the good things that can happen during bad times came during a downtime in her career doing ads...

Poverty Rate Isn't Only Bad News for US Economy Lately

(Sept. 16) -- As the American economy shows some signs of pulling out of the worst economic downturn since the Great Depression, a host of dire statistics paints a less-than-rosy fiscal portrait for poor and middle-class citizens. Growing Poverty Rate The U.S. Census Bureau announced today that the poverty rate in America...

Meet Austan Goolsbee, Obama's Hilarious New Economic Chair

(Sept. 10) -- Austan Goolsbee, President Barack Obama's pick to replace Council of Economic Advisers Chairwoman Christina Romer, was once described by Washington Post columnist George F. Will as "a masochist with a sense of humor." The description is apt for one of Washington, D.C.'s most colorful personalities, the man...

Background on economic downturn

In economics, a recession is a business cycle contraction, a general slowdown in economic activity. Macroeconomic indicators such as GDP, employment, investment spending, capacity utilization, household income, business profits, and inflation fall, while bankruptcies and the unemployment rate rise.

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