Recession Dispatch from… Asheville, N.C.

ASHEVILLE, N.C.–It can be easy to forget about the economy’s collapse when you live on top of a mountain. But even from a lofty perspective, it’s hard not to see the storm clouds gathering, promising to deliver to rain down some bad news on my adopted hometown of Asheville, NC. Aside from a growing number of “for sale” signs and the more frequent restaurant closings, it’s hard to see any real dramatic impact on the local economy – yet.

Jobless: Our Numbers are Strong…and Growing

The Department of Labor put out some (sort of) good news today: The number of new jobless claims fell last week, from 670,000 to 639,000, and the number of people getting unemployment benefits came down. Meanwhile, ADP Employer Services had a rotten contradiction: private companies cut 697,000 jobs in February—far more than the 610,000 economists had expected.

Our take? It’s going to get worse before it gets better, sadly.

Biological Clocks Don’t Stop for Recession

When Marco got laid off in January, friends who knew of our family-launching plans asked us whether we’d continue or put things on hold. I just turned 40. Marco is seven years older than me. Our biological clocks are not in sync with the dipping of the Dow.

Sure, it occurred to us for half a second that this might not be the wisest time to be spending my grandmother’s inheritance on fertility treatments not covered by health insurance, but it’s expensive to adopt, too. And we really, really want a child.

Screwed: 20,000 at Tyco

A daily review of the employment fallout around the country and the world.

Tyco Electronics announced another 20,000 layoffs by September…Canadian mining company Mosaic is letting go 1,000 workers…ITV, the U.K.’s biggest commercial broadcaster, is cutting 600 jobs… Northrop Grumman will lay off 750, mostly in Southern California…JM Family Enterprise in Florida plans to let 500 go…Maine printer R.R. Donnelly & Sons is laying off 370…First Energy in Ohio is cutting 300 positions…Sony Pictures is also leaving 300 jobless…

Recession Briefing 3.5

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

The U.S. government has begun a program to provide help for distressed homeowners owing as much as $729,750. Mortgage payments for many will be reduced by as much as $1000 a month. (New York Times)

GM is warning that is faces possible bankruptcy if more government funds are not forthcoming. In order to get more, the company needs to convince the Treasury Department that it has a viable business plan. (Wall Street Journal)

February’s job loss numbers are expected to confirm fears of a deepening and prolonged recession. “Consumers and businesses are locked into a dysfunctional relationship, dragging each other down.” (BusinessWeek)

Borderline Personality Disorder – Illness for Uncertain Times?

The postwar trauma of the 50s brought on widespread anxiety. The suspicion and paranoia of the ‘60s and ‘70s caused schizophrenia to capture the public imagination. In the ‘90s, patients were popping Prozac to cure what seemed to be an epidemic outbreak of chronic depression. In the 2000s recession? It might be Borderline Personality Disorder.

If the Recession era and BDP are finding each other, we Americans shouldn’t be surprised. We identify so completely with work that when we lose our jobs, we don’t know who we are. We leave little time in our busy lives for the things that can guard against emotional shocks, like maintaining social bonds, exercising, playing, and just having some downtime. We are transient and often unsure of our place in the scheme of things….

From Your Wallet to…Where?

Okay, okay, so you already knew that you’re spending less—or trying to. And that half your friends are preaching pocketbook prudence while the other half are pleading poverty.

But the folks at Chase, one of the few banks in the country still making money (just) have kindly cobbled together some stats to show how we’re spending ours—and how we’re not. (Download the document here.)

Supermarket Shopping, Recession-style

Inflation on a pair of kitten heels or yet another black jacket is annoying, yes. But I find inflation at the supermarket particularly galling. We all need food. And if it’s getting harder to afford eating out, it certainly doesn’t help that it’s getting more expensive to eat at home: The consumer price index for all food in January 2009 was up 5.3% from January 2008.

Still, buying and preparing your own food is the smarter choice. And it may be getting better: Food, like all consumer retail items, is subject to increasing price-cutting competition and the “everyone’s a discounter” trend.

Screwed: 30,000 in Puerto Rico

A daily review of the employment fallout around the country and the world.

Puerto Rico may eliminate 30,000 government jobs…GM’s Opel said it might can 3,500…Flextronics International in Malaysia will lay off 1,382…Macy’s will shut its Florida headquarters, leaving 375 out of work…Yale University plans to lay off 300…Body Shop will cut its work force by 275, with most of the jobs lost in the U.K….Scottsdale Unified School District in Arizona has proposed laying off 221 teachers…

Recession Briefing 3.4

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

The recession is hitting almost every part of the U.S., and job loss disproportionately harsh on those without a college degree. An interactive map shows county-by-county unemployment figures. (New York Times)

Loan Do-Overs?: The Obama administration will begin testing a program of mortgage modifications to let struggling homeowners pay less each month. (CNN/Money)

A new report finds that 19.8% of homeowners in the U.S. owe more than their home is now worth. (Time)