SLIDE SHOWS
JANUARY 25, 2010
The U.S. stock market's short-interest ratio—a measure of how many investors are betting on a fall—has increased by almost 50% since March. The ratio is calculated by taking the number of shares borrowed and sold short and dividing it by the average daily trading volume.
JANUARY 18, 2010
Most major commodity groups rallied in 2009, completing a decade in which both commodities and bonds outperformed stocks. Economists see further gains in 2010 for natural gas, but not for oil.
JANUARY 11, 2010
The U.S. unemployment rate hit a 26-year high in 2009, and most economists aren't expecting joblessness to return to its long-term average of 6% until well past 2011.
DECEMBER 28, 2009
The total return on the S&P 500 from the end of 1999 through
Dec. 14, including dividends, was minus 9%. The U.S. economy is on track to have grown by less than 2% a year over the decade.
DECEMBER 21, 2009
Residential real estate prices have increased by about 5%, adjusted for inflation, since the end of the first quarter.
DECEMBER 14, 2009
Companies have issued more than $2.8 trillion in bonds this year, a clear sign credit conditions have eased. And as risk has fallen, banks are again willing to do business with each other. But credit is still contracting for consumers, albeit at a moderating pace.
NOVEMBER 24, 2009
Global dealmaking is recovering, with the pace of announced mergers and acquisitions now almost double the lows earlier this year. North American companies have been the biggest targets. Morgan Stanley has surged into first place among deal advisers.
NOVEMBER 30, 2009
The downturn has pummeled U.S. tourism, with airlines and hotels suffering the greatest damage. And despite the dollar's decline against most other world currencies, fewer travelers are visiting. Sales at publicly traded travel companies in the U.S. are way down, while those in China have seen gains.
NOVEMBER 23, 2009
Companies in the Standard & Poor's 500-stock index have come a long way since reporting a collective loss at the end of 2008. Third-quarter numbers so far indicate operating profits of about $137 billion, and more companies are beating analysts' estimates. But net income is still well off peaks in most industries.
NOVEMBER 16, 2009
Downsize the Trade Deficit The U.S. trade deficit narrowed in August to $31 billion, or about half the size of a year earlier, as the downturn continued to depress demand for imported goods. Meanwhile, emerging markets, including those in Asia and South America posted trade surpluses.
NOVEMBER 9, 2009
The U.S. spent an estimated $2.4 trillion on health care in 2008, about 16.5% of gross domestic product and a 6% increase from a year earlier. Medical care prices are rising faster than overall inflation, and the burden on consumers continues to grow
NOVEMBER 2, 2009
New data from the Labor Dept. show that after ramping up their spending by an average 5% a year during 2003-07, Americans slowed the pace to 2% in 2008. As the holidays approach, outlays may remain depressed, because household debt levels are still high
OCTOBER 26, 2009
About half of the global economies are reporting double-digit drops in industrial production from a year ago. U.S. manufacturing, however, is showing signs of recovering.
OCTOBER 19, 2009
The U.S. stock market posted sterling gains in the third quarter, and consumers' economic expectations are the highest since the downturn began. But some investors are betting on a market pullback.
OCTOBER 12, 2009
Americans are using less renewable energy as a share of their total energy consumption than they did in the early 1980s. And the oldest forms of renewable energy, water and wood, are in decline. Since 2000, alternative-energy companies' shares have risen far less than those of traditional energy companies.
OCTOBER 5, 2009
Despite jumps in commodity prices and central banks' easy money policies, inflation remains tame so far. Prices of goods and services in August were lower than a year earlier. Price increases for non-energy services are the lowest on record. Among major cities, only San Francisco saw prices rise over the past year.
SEPTEMBER 21, 2009
The financial health of U.S. states overall is expected to continue to decline in fiscal year 2010 because of revenue losses. Spending cuts in seven states, including Nevada and West Virginia, could exceed 10%. But areas that have felt less of the downturn's impact already are beginning to recover.
SEPTEMBER 14, 2009
Despite a big drop since Aug. 4, the Shanghai Composite Index has seen a double-digit increase over the last year. Moreover, its movements seem to be influencing the U.S. stock market recently, as China's economy continues to grow
SEPTEMBER 7, 2009
Companies in the Standard & Poor's 500-stock index reported operating profits of $122 billion in the second quarter—much better than the inflation-adjusted losses of $800 million reported for the fourth quarter of 2008. But earnings remain down from a year earlier, and many sectors have yet to see profit margins improve.
AUGUST 24, 2009
Going to school pays off, and earnings for U.S. adults with college degrees have held up well during the downturn. That might explain why more people are getting higher degrees than ever before. Nevertheless, a surprisingly large number of Americans lack even a high school diploma
AUGUST 17, 2009
Productivity growth since the end of 2007, which previously looked solid, now has virtually disappeared. That's according to the big revision to the economic stats, released by the Bureau of Economic Analysis on July 31. The U.S. recession now looks worse compared with other industrialized countries. The savings rate, though, was a bit better in the new data.
AUGUST 10, 2009
Cheaper gasoline is one of the few positives of the global recession. Prices of all varieties of crude oil, from Canadian to Nigerian, have fallen sharply because supply is exceeding weak demand.
AUGUST 3, 2009
An 11% bump, effective July 24, brings the federal minimum wage up to $7.25 an hour. Adjusted for inflation, the new rate is at its highest level in more than two decades. In real terms, however, it's still 25% less than in the late 1960s. But last year only 3% of workers age 16 and older were paid the minimum.
JULY 27, 2009
The Standard & Poor's 500-stock index rose by 15% in the second quarter. Three sectors are cheaper now than they were a year ago, as measured by the ratio of their stock prices to expected earnings. But performance in the U.S. is dwarfed by some markets overseas.
JULY 13, 2009
The share of Americans who rate the economy as poor has declined since March. And although the stock market has rallied, the number of those who approve of how President Barack Obama is handling his job is lower than when he took office
JULY 6, 2009
Even after a savage bear market, 34 companies worldwide (down from 63 a year earlier) have market capitalizations exceeding $100 billion. Of those, 16 are U.S.-based. Energy and financial companies make up about half of the $100 Billion Club
JUNE 29, 2009
As the U.S. enters its sixth month with a target short-term interest rate of 0% to 0.25%, Treasury yields remain near historic lows. But longer-term U.S. government bond yields now top those in Europe. In many emerging markets, short-term rates are higher
JUNE 22, 2009
Motor vehicle production now makes up less than 2% of U.S. gross domestic product, vs. as much as 5.1% in the early 1970s. Americans buy more cars from Japanese and European manufacturers than from the Big Three, and U.S. automakers' market cap now ranks fourth in the world.
JUNE 15, 2009
The gambling industry, once seen as recession-proof, is hurting. Real expenditures at casinos dropped last year for the first time this decade, and gambling stocks have fallen by two-thirds since the start of 2008, vs. a one-third drop in the Standard & Poor's 500-stock index.
JUNE 8, 2009
The great American retrenchment is hammering retailers. Retail sales slipped 10% overall in April over the previous year. Bars, restaurants, pharmacies, and personal-care stores experienced a slight sales bump, but that trend may not continue if consumers keep paying down credit-card debt.
JUNE 1, 2009
U.S. business investment dropped at a 38% annual rate in the first quarter. Among the sectors in the Standard & Poor's 500-stock index, tech companies have seen the deepest cuts in global capital expenditures. Government spending—so far—isn't filling the gap.
MAY 25, 2009
Profits per share for the Standard & Poor's 500-stock index have fallen 23% over the past year and are expected to continue dropping. Still, declines have been steeper in other countries, and some positive surprises from U.S. companies have raised investor spirits, pushing up the price-earnings ratio.
MAY 18, 2009
The first quarter's estimated 6.1% drop in gross domestic product was bigger than expected, but there are some signs of economic improvement. Equities have seen double-digit gains, home-price declines slowed in February, and consumer confidence jumped in April.
MAY 11, 2009
State budget deficits are swelling because of falling tax revenue and rising spending on social programs, such as unemployment insurance. The estimated gap for all states for the fiscal year ending June 30, 2009 is more than twice the estimate from last fall.
MAY 4, 2009
Alarmed by the recession, U.S. households are scaling back on debt. The credit extended to consumers has shrunk since late 2008. Two top issuers experienced year-over-year declines in unpaid balances on credit cards. But the share of aftertax income going to service debt hasn't fallen much because income growth has also weakened.
APRIL 27, 2009
The recession has doled out equal-opportunity punishment, hitting small companies, such as those in the Russell 2000 index, as hard as the larger ones in the Standard & Poor's 500. But some small outfits have defied the bear with big revenue gains.
APRIL 20, 2009
Despite a late March rally, the Standard & Poor's 500-stock index posted its sixth consecutive quarterly loss last month, a streak that occurred only once before in the past 80 years, in 1969-70.
APRIL 13, 2009
Businesses have cut information technology spending, with semiconductor sales down 29% over last year. U.S. companies' tech spending as a share of GDP is now below that of the 2001-02 tech bust. The good news: Tech companies have a lot of cash, and per-share profits remain lofty.
APRIL 6, 2009
Global air traffic has been hammered, with many U.S. carriers hit especially hard. These airlines posted losses in 2008, and their stocks have been in a long-term dive—with little hope of pulling out soon
MARCH 23, 2009
In 2008, U.S. companies collected fewer than half of the 182,556 patents issued to businesses by the U.S., according to research firm IFI Patent Intelligence. Among companies, IBM claimed the No. 1 spot, with 4,186 patents for inventions, also known as utility patents. But six Asian information technology companies, including Samsung, placed in the top 10.
MARCH 16, 2009
The problems that began slowing the U.S. economy in 2007 keep spreading, with Europe and Japan following America into recession. Still, many emerging nations have yet to take as hard a hit.
MARCH 9, 2009
The Federal Reserve recently released the 2007 Survey of Consumer Finances, a detailed financial picture of American households. The new data show that before real estate took a sharp plunge in 2008, it rose 18% from 2004 to 2007. Young households carried the heaviest debt burden in 2007, as they borrowed for college
MARCH 2, 2009
A quarter to forget and a gloomy forecast
FEBRUARY 23, 2009
Despite the continued credit crunch, interest rates are reasonable in many sectors. High-grade corporate bond yields have fallen since 2007, while issuance has rebounded from its autumn low. In contrast, auto loans and jumbo mortgage loans remain costly.
FEBRUARY 16, 2009
Businesses struggled for years to control the soaring cost of benefits. But the latest data show cost increases for U.S. employers slowing, thanks to lower health-care inflation and less generous benefits for workers.
FEBRUARY 9, 2009
Last year saw the two largest public-company bankruptcies on record, Lehman Brothers and Washington Mutual, with assets together totaling over $1 trillion. Without these two giant failures, the 2008 corporate bankruptcy picture was fairly moderate compared with past recession years. However, Standard & Poor's is forecasting a massive increase in corporate bond defaults in 2009, which likely will be accompanied by a sharp increase in bankruptcies as well.
JANUARY 26, 2009
After a 27-year boom, global trade is predicted to decline by 2.1% in 2009, according to the World Bank. But recent numbers suggest an even bigger drop is possible. Air cargo, which handles high-value items, was down 13.5% in November. August to November, inflation-adjusted U.S. goods exports contracted by 11.9% and imports by 8.3%.
JANUARY 19, 2009
A steep decline in crude-oil consumption, coupled with rising inventories, has pushed prices to a five-year low. But given OPEC's pledge to curb production, traders expect the price of oil to rise in 2009.
JANUARY 12, 2009
The 20 biggest publicly traded businesses boasted a combined global market capitalization of nearly $3.5 trillion in 2008—less than the $5.3 trillion heft of 2007's leaders. Ravaged stock markets are mostly to blame, but companies outside the U.S. also suffered from currency declines against the dollar since yearend 2007.
DECEMBER 29, 2008
About 46 million Americans lacked health insurance in 2007, slightly fewer than in 2006 because of increased federal coverage. In the private sector, many workers don't participate in their employer plans. The good news: Most big companies don't intend to cut back, and price increases have slowed.
DECEMBER 22, 2008
After more than two years of sharply falling housing prices in the U.S., single-family homes in many cities may be selling at or below their "correct" prices, according to one estimate. However, prices are still dropping and the percentage of loans in foreclosure and past due continues to rise.
DECEMBER 15, 2008
U.S. consumers are downright depressed about job prospects, investors have low expectations about short-term stock market performance, and U.S. businesses expect to pull back on capital spending. The outlook for such capital expenditures has dropped at foreign companies as well.
DECEMBER 8, 2008
All major commodity groups—including energy, metals, and agricultural products—have declined over the last year. For some sectors, this brings prices back down to pre-bubble levels.
DECEMBER 1, 2008
Losses in the current market slump, now more than a year old, are approaching the record 54% set in the plunge of 1932. So far, the financial sector has suffered the steepest peak-to-trough decline, while the consumer staples segment has fared best.
NOVEMBER 24, 2008
Federal funding for education and job training is likely to be a big focus of the Obama Administration, prodded by business leaders eager for a more competitive workforce. Adjusted for inflation, such spending is up 45% since 1998. Student-teacher ratios have shrunk. Poorer states tend to have lower graduation rates.
NOVEMBER 17, 2008
Earnings and revenues at many global giants are up this year. But profit expectations for the next quarter at S&P 500 companies have been falling, and more are cutting dividends. Adjusted for inflation, earnings per share have gained little over 10 years.
NOVEMBER 10, 2008
When the going gets tough, the Fed lends, and the loans it makes become assets on its balance sheet.
NOVEMBER 3, 2008
The recession is hurting state budgets by reducing tax revenue while increasing demand for social spending. Meanwhile, state indebtedness has risen—and the credit crunch makes it tough to borrow.
OCTOBER 27, 2008
In times of market turmoil, analysts track volatility for any indication of where the market may be headed. The VIX, which measures the expected volatility of the Standard & Poor's 500-stock index, hit an all-time high on Oct. 10—the same day the S&P hit a 5%-year low—suggesting a chaotic outlook for the next 30 days.
OCTOBER 20, 2008
The Standard & Poor's 500-stock index has skidded tk% since Sept. 1, amid a major housing bust and a dramatic consumer credit freeze. And despite emergency actions from global central banks on Oct. 8, panicked investors have driven world markets into a nosedive as well.
OCTOBER 13, 2008
Consumer sentiment is worsening in the U.S. and Europe, which doesnt bode well for the rest of the world. Economies such as Japan and Italy are slowing to a crawl. A U.S. recession will hit nations that are big exporters to Americasome harder than others.
OCTOBER 6, 2008
The current crisis is often comared with The Great Depression.
SEPTEMBER 29, 2008
Breaking news on Wall Street has roiled the U.S. market in recent weeks
SEPTEMBER 22, 2008
Consumer spending has held up surprisingly well in the U.S., with retail sales growing at an annual rate of 2% or more over the last year
SEPTEMBER 15, 2008
A betting Web site gives Barack Obama the election edge, though John McCain leads in some key states where unemployment has risen since 2004. Stock market performance under previous administrations offers few clues as to how stocks will fare this time
SEPTEMBER 8, 2008
As the U.S. employment picture dims, layoffs are widespread and
hiring is down. Still, the education and health services sector is adding jobs, and government is growing as well.
AUGUST 18, 2008
Companies in the Standard & Poor's 500-stock index appear on track to report their fourth consecutive quarter of falling earnings, mostly because of a decline in domestic profits, particularly in the financial and consumer-discretionary sectors.
AUGUST 4, 2008
Whether the U.S. is currently in a recession or faltering on the brink of one remains anybody's guess.
JULY 14, 2008
Socially responsible investing, such as avoiding tobacco, defense, or other stocks for ethical reasons, is increasing in popularity among individual investors. The assets of these funds hit $202 billion in 2007. In the recent downturn, their returns have declined less than the broader market's.
JULY 7, 2008
Children under the age of 15 make up just 20% of the U.S. population. Still, the country's fertility rate ensures that the population will continue to grow, boosting school enrollment through 2016. Even low-income families spend about $150,000 to raise each child—not counting college tuition.
JUNE 23, 2008
The personal savings rate in the U.S. is near zero, and gross national savings are low, too. Surprisingly—despite a weak stock market and declining yields—data show investors are still putting huge sums of cash into mutual funds
APRIL 7, 2008
The impact of the housing crash and accompanying economic slump is far from uniform. Western states have seen the sharpest declines in sales and prices of existing homes and the most repossessions. The Midwest is suffering pockets of high unemployment.
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