News

Recession Briefing: 3.10

What you need to know today to survive and thrive in the recession.

A study has found that CEO bonuses are falling sharply. The median total bonus pay for chiefs of 173 large U.S. companies fell 19.1 percent in fiscal 2008 from a year earlier, dropping to $889,715 from $1.1 million (Reuters)

Moody’s has published a list of 283 companies most likely to default on their debts in the coming months. The list includes carmakers, the casino sector, and many retail chains and media companies. (Wall Street Journal)

A survey indicates that the unemployment rate could reach 9.4% in the U.S. this year. “Even if things become less apocalyptic it doesn’t mean the unemployment rate will come down,” said economist Michael Feroli. (Bloomberg)

According to a new study, over 24 million people in the U.S. went from “thriving” in 2008 to “struggling.” West Virginia, Kentucky, and Mississippi have the lowest well-being ratings. (Gallup)

Some say that the recession is putting an end to the ethos of conspicuous consumption. “If the race to have the latest fashions and gadgets was like an endless, ever-faster video game, then someone has pushed the reset button.” (New York Times)

Recent data suggests that the recession is making people better at paying their bills on time. The number of people three months behind on their credit card bills dropped 11% in Q4. (Wall Street Journal)

It turns out that the wedding industry isn’t as recession-proof as advertised. The national average cost of a wedding was $21,814 last year, down 24% compared with $28,704 in 2007. (Marketwatch)

Christina Romer, head of the president’s Council of Economic Advisers, said a lesson of the Great Depression is that the government needs to keep spending until the economy’s recovery is well-established. (USA Today)

So you’ve lost your job. Here are the next steps you should be taking to get everything you can from your employer, and get back on track. (Forbes)

Plenty of freelancers and other underemployed workers have a little more time on their hands lately.  Here are couple of ways to make the slack time more productive. (Seth Godin’s Blog)

How do you sell people stuff when they’re mired in an economic slump? Take a “glass half-full” approach in your advertising. (New York Times)

Like falling dominos, one person’s layoff can set off a chain reaction leading to other job losses. Minor financial decisions and penny pinching can have a ripple effect over a whole community. (Los Angeles Times)

Tags: bailout, business, politics, spending