Additional reporting by Ann Saphir. Updated with New York Fed and other details.
What would Main Street America look like without immigrants?
Picture vastly fewer restaurants (37% of the industry’s ownership is foreign-born), hotels and accommodation (43% foreign-born ownership), dry cleaning and laundry facilities (54% foreign-born), and nail salons (37%). It would be that much harder to go out for a treat (bakeries, 32% immigrant-owned), fill up the tank (gas stations, 53%), or grab a bottle of wine on the way to a dinner party (beer, wine and liquor stores, 42%).
Are politicians playing chicken with central bankers? More to the point, if the U.S. Federal Reserve or the European Central Bank step up, yet again, to protect their economies from the global slowdown, will it take U.S., German, Spanish, Italian, Greek and other governments off the hook?
If anything positive can be said to have come out of the global financial crisis of 2008-2009, it may be that the theory arguing major economies could “decouple” from one another in times of stress was roundly disproved. Now that Europe is the world’s troublesome epicenter, economists are already on the lookout for how ructions there will reverberate elsewhere.
Chris Reese contributed to this post.
A barrage of rotten economic news around the world has suddenly and vigorously reawakened the prospect of additional monetary easing by the Federal Reserve – most notably a report on Friday showing job growth slowed sharply in recent months.
By Sarmista Sen and Sumanta Dey
Economists predicting jobs growth in the United States, or rather the lack of it, scored an unfortunate hat-trick on Friday – vastly overestimating the rise in payrolls for three consecutive months.
Moving from one house or apartment to another is mainly onerous, but one of its few pleasures is coming across papers you have not seen for years: the adventure stories your grown son wrote when he was eight years old or the book report he wrote on William Shakespeare’s Richard III when he was 10.
Incumbency, it is often said, confers many advantages.
Sitting U.S. presidents certainly have reaped its benefits – in the past 80 years, only three have been unseated.