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Recession Briefing 5.20

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

With tightened budgets and layoffs abounding, is it okay to ask for a raise this year? Tread carefully and the request can be both sensitive and successful. (Philadelphia Inquirer)

Welcome to the summer of the furlough. During this recession, everyone from universities to technology companies are using furloughs as a way to cut payroll without further trimming their staffs. (Fortune)

As cash-strapped consumers face escalating food prices, Wal-Mart, Kraft, Unilever and Campbell are using the magical $1 price to appeal to people cooking more at home. (USA Today)

The Obama administration is discussing the creation of a regulatory commission that would have broad authority to protect consumers who use a wide variety of financial products. (Washington Post)

The travel industry is banking on bargains and special deals to spur business this summer, as many consumers hit by the recession are staying put. (National Public Radio)

“It’s hard not to agree with economists who suggest that today’s young Americans are the first generation that will be less well-off than their parents,” writes Nathaniel Loewentheil. (Huffington Post)

Just as optimism began to bloom, U.S. housing starts hit a record low. The homebuilding sector may have to endure a long bottoming process. (BusinessWeek)

With mortgage rates holding below 5%, there has rarely been a better time to refinance your home. But with tighter credit and falling home prices, the process has never been more difficult. (Wall Street Journal)

Video game makers, previously thought to be immune to the recession, are starting to feel some pain. (CNN/Money)

New Orleans and Louisiana, still recovering from Hurricane Katrina, are actually seeing economic growth amid the recession. (Christian Science Monitor)

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Tags: budgets, eating, layoffs, real estate, travel