Word: recessional
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Lee's right to be worried. The debacle in Greece could be a harbinger of a new stage of the financial crisis, one in which irresponsible politicians, not bankers, are the main source of economic turmoil. Across the developed world, sovereign states have amassed potentially unsustainable mountains of debt. The...
"It looks like this recession is finally over," declared Scott Davis, CEO of UPS, earlier this month while announcing 2009 earnings that were better than expected for the world's largest package carrier. Speaking to analysts on Feb. 2, Davis added, "Believe it or not, that makes 21 that UPS...
UPS has not escaped this recession unscathed. Revenue last year shrank by about $6 billion from 2008, forcing widespread belt-tightening. Just last month, despite the improved outlook, Davis revealed a major restructuring that included 1,800 management and administrative layoffs. Two weeks later, on Feb. 8, he announced plans...
Since December 2007, around the start of the recession, employment has fallen by 8.4 million jobs. The unemployment rate continued to rise during 2009 despite a stabilization of the job opening rate, according to Katz’s report.
The recession has disproportionately affected “men, workers from goods producing industries, young workers, and non-college workers,” according to Economics Professor Lawrence F. Katz’s prepared testimony for a Congressional hearing about the road to economic recovery.