U.S. economy contracts for first time since recession
New York (CNNMoney) - Uncle Sam cut spending in the fourth quarter of 2012, causing the U.S. economy to contract for the first time in more than three years.
Gross domestic product, the broadest measure of the nation's economic growth, contracted at an annual rate of 0.1% from October to December, the Commerce Department said Wednesday. It was the first quarterly contraction since the second quarter of 2009, amid the Great Recession.
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Forget discouraged, 3 million workers hopelessly unemployed
New York (CNNMoney) - Employers may be hiring, but there's another big problem with the job market that isn't being tracked as closely: the hopelessly unemployed.
An often overlooked number calculated by the Labor Department shows millions of Americans want a job but haven't searched for one in at least a year. They've simply given up hope.
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What a new inflation measure would mean for your wallet
New York (CNNMoney) - President Obama put a new offer on the table in the fiscal cliff negotiations, and it includes a wonky change that may raise your taxes and reduce your Social Security benefits ... a little.
The proposal centers around how the U.S. government calculates inflation.
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Majority of Americans have received government aid
New York (CNNMoney) - More than half of Americans have received benefits from government entitlement programs during their lifetimes, according to a Pew Research Center report released Tuesday.
The study found that 55% of Americans have been on at least one of the six largest government safety net programs: unemployment benefits, Social Security, Medicare, food stamps, Medicaid and Welfare.
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Jobless claims fall to pre-Sandy levels
New York (CNNMoney) - First-time claims for unemployment benefits fell last week, and are now back to pre-hurricane levels.
About 343,000 people filed initial jobless claims last week, 29,000 fewer than those who sought help in the previous week, the Labor Department reported Thursday.
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Newark Mayor Cory Booker to live on food stamp budget
New York (CNNMoney) - Newark Mayor Cory Booker rescued a neighbor from a burning building, invited Hurricane Sandy victims to his home, and rushed to the aid of a pedestrian hit by a car. Now he's going to live on a food stamp budget for a week in solidarity with Americans who feed their families on the government assistance program.
The mayor's office has yet to announce the full details of his plan, but the budget should amount to about $4.44 a day for food, based on data from the United States Department of Agriculture.
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