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Movement for Happiness Launches in Britain
By not in system - AOL NewsLONDON -- Is there a science of happiness? A growing band of economists, politicians and academics thinks so -- and is putting theory into practice by starting a "mass movement for a happier society." Action for Happiness launched today in London, encouraging hugging, meditation and random acts of kindness. It is getting under way as the British government asks statisticians to measure the economically battered nation's well-being. The nonprofit group's founders include a former Downing Street policy chief, Tony Blair's biographer and an eminent economist. They say happiness -- long ...
China Surpasses Japan as World's No. 2 Economy
By Theunis Bates - AOL NewsFor the past three years, China has boasted that it was the world's second-largest economy -- a title held by Japan since 1968. Japanese economists normally downplay such claims but finally accepted today that their country had been eclipsed by its fast-growing neighbor. According to official figures from Japan's Cabinet office, the country's gross domestic product grew 3.9 percent to $5.47 trillion in 2010. China, meanwhile, saw its GDP expand by about 10 percent last year to $5.88 trillion. That's still small compared to the U.S., whose GDP measured $14 trillion in 2009. But after zooming ...
Retail Sales Rise 1.2 Percent in October
By not in system - AOL NewsWASHINGTON (Nov. 15) -- Retail sales, helped by strong demand for autos, increased in October by the largest amount in seven months. The Commerce Department reported Monday that retail sales rose 1.2 percent last month. That was nearly double the gain that had been expected and the largest increase since March. Much of the strength came from a big rise in auto sales. Excluding autos, retail sales rose a more modest 0.4 percent. October represented the fourth straight increase in retail sales after sales had fallen in May and June. Those declines had raised worries about the economic ...
Obama Seeks Small Biz Aid as Recovery Inches Along
By Joseph Schuman - AOL News
(Oct. 29) -- American economic growth picked up over the summer but not enough to substantially improve the jobs market, and President Barack Obama used the news to push a program aimed at getting small businesses to hire and invest. U.S. gross domestic product, the broadest measure of goods and services produced within the country, grew at an annual rate of 2 percent in the third quarter, up from a 1.7 percent pace in the spring, the Commerce Department said today. Consumer spending -- by far the most important engine of U.S. economic growth -- also grew faster and more rapidly than it has ...
Dementia's Costs Pegged at More Than $600 Billion
By Katie Drummond - AOL News
(Sept. 21) -- The cost of diagnosing dementia and caring for its sufferers will spike to $604 billion this year, according to new findings. That figure represents 1 percent of the world's gross domestic product. A report issued today by Alzheimer's Disease International, a consortium of 73 organizations worldwide, warns that Alzheimer's and related dementias are a growing financial burden for families and health care systems. And unless governments take major steps toward thwarting the illness, its prevalence is expected to increase by 85 percent within the next two decades -- with costs ...
Why Hasn't the Economy Recovered Yet?
By Paul Wachter - AOL News(Sept. 13) -- In the current issue of the New York Review of Books, there's a good primer on the roots of the 2008 economic crises and explanations for its lingering impact by Robin Wells and Paul Krugman. While the United States and Europe have, for now, avoided a Great Depression-like crash and GDP is rising again, other indicators are not as reassuring. The writers point out: Yet unemployment has hardly fallen in either the United States or Europe -- which means that the plight of the unemployed, especially in America with its minimal safety net, has grown steadily worse as benefits run ...
Fed Chairman: Recovery 'Far From Complete'
By Joseph Schuman - AOL News(Aug. 27) -- With lingering anxiety plaguing the economy, Federal Reserve Chairman Ben Bernanke today outlined an arsenal of tools that could still be applied to restore confidence amid a weak recovery and the sorry state of the job market. "I think we would all agree that, for much of the world, the task of economic recovery and repair remains far from complete," Bernanke told an annual gathering of central bankers in Jackson Hole, Wyo., in a speech that was highly anticipated by financial players around the world. The Fed "is prepared to provide additional monetary accommodation through ...
Economy: Still Going Down . . . Except for This
By Robert and Donna Trussell - Politics Daily...
Economic Growth: GDP Estimate for First Quarter Was Too High
By Tom Diemer - Politics DailyTaking a closer look, the government said Friday that economic growth during the first quarter of 2010 wasn't as strong as analysts first thought, as spending by consumers was lower than earlier estimates. The Commerce Department pushed down the previously reported 3 percent growth in the gross domestic product to 2.7 percent, a disappointment when compared to the 5.6 percent increase in GDP during the last quarter of 2009. A slowdown in business investment in inventory and fewer exports were partly responsible for the adjustment. Even so, the U.S. economy has expanded for three consecutive ...
Treasury's Geithner Says Unemployment to Stay High, Even as Economy Grows.
By Tom Diemer - Politics DailyIn diplomatic speak, it's called "cautious optimism." That was the tone set by President Barack Obama's top economic advisers Tuesday as they briefed lawmakers on the nation's economic outlook this year and next. In a joint statement, Treasury Secretary Timothy Geithner and two other top White House aides said the nation's 9.7 percent jobless rate is "unacceptable by any metric" and could even rise a little in the coming months, CNN Money reported. But they also said the economy will add 100,000 jobs per month during the remainder of the year, and 200,000 a month in 2011. That should bring the ...
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