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Recession Briefing 6.11

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

Many strip clubs are shedding their upscale trappings and catering to a thriftier clientele by offering less expensive drinks and waiving cover charges. (Wall Street Journal)

A Florida man has turned a 77-square-foot closet into his home, thus reducing his rent to $150 per month. (WPTV)

The Undies Indicator: During a recession, men’s underwear is among the first things that people stop buying. When underwear sales increase, it should signal an uptick in consumer demand. (CNBC)

Upscale jeweler Tiffany is finding more jewelry buyers trying to bargain in its stores, even though it has a firm policy that it will not cut prices. (Reuters)

Intern Nation: American workers are better educated than ever — yet increasing numbers are accepting nonwage work. (The Big Money)

The ongoing economic downturn is proving to be a boom for fraudsters who offer financial services, collect upfront payments for them and then don’t deliver. (Forbes)

New data indicates that the recession is likely to end in September, with a mild recovery starting in October. See more recession-end predictions on Recessionwire. (USA Today)

HSBC Insurance said a tenth of all people have stopped paying into their pension accounts as a result of the global financial downturn. (Reuters)

Many House lawmakers lost money last year and several held large investments in financial-services firms and auto makers that turned to the federal government for financial help. (Wall Street Journal)

Foreclosure filings fell 6% in May compared with the previous month, but they were still up 18% year-over-year. (Washington Post)

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Tags: economic indicators, foreclosures, interns, real estate, strip clubs