News

Recession Briefing 6.17

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

New analysis of job market data finds that Phoenix, Ariz., is where college graduates have the best chance of finding work in the current economy. (BusinessWeek)

Even sex is selling for less as a result of the recession: clubs and brothels in Europe have been offering discounts and other special offers to drum up business. (Associated Press)

President Barack Obama yesterday predicted that the unemployment rate would reach 10% this year. (Bloomberg)

The economic downturn is redefining retirement for many baby boomers. After losing jobs during what they thought would be some of their peak earning years, many are struggling to get back into the workforce. (USA Today)

A report from the State Department says the recession is causing a rise in human trafficking around the globe. (USA Today/On Deadline)

Forget about all the fired workers: What we really need to know is how New York’s super-rich hedge fund wives are learning to cope with the recession. (Times of London)

Economists advising the American Bankers Association said the U.S. recession will end in the third quarter, but lingering high unemployment and large federal deficits may pose a longer-term threat. (Reuters) Richmond Federal Reserve President Jeffrey Lacker also said the downturn would end this year. (Recessionwire)

Whither the “American Dream?” Some families discover that cutting back from the boom’s excesses isn’t such a bad thing. (ABC News)

Banks continue to write off credit card debt as consumers hurt by record high unemployment default at an increasing rate. (CNN/Money)

“If our economy picks up too quickly, price cuts for food, real estate, and consumer goods due to the recession will fizzle quickly and be replaced by soaring inflation,” worries Boonie Erbe. (U.S. News & World Report)

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