News

Recession Briefing 6.24

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

The recession-driven shift to eating at home more often is giving new life to grocery stores’ most basic offerings. (Wall Street Journal)

Nationally, 27 percent of about 1.6 million graduating college seniors plan to work for nonprofit groups or governments, an increase from 23 percent from 2008. (Bloomberg)

A growing number of American homeowners are falling into financial limbo: They’re badly behind on payments, but their banks have not yet foreclosed. (Washington Post)

While defaulted consumer debt is much tougher to recover in a recession, some collection firms have managed to squeeze more revenue from bad debt this year. (Wall Street Journal)

President Obama said yesterday  his administration needs to push money out faster to initiate a recovery and conceded that unemployment would rise above 10 percent. (Associated Press)

Between May 1999 and May 2009, employment in the private sector sector only rose by 1.1%, by far the lowest 10-year increase in the post-depression period. (BusinessWeek)

Existing home sales rose in May, as increasingly affordable home prices and a first-time tax credit attracted hesitant buyers. The median price of homes sold in May was just $173,000, a 16.8% year-over-year drop. (CNN/Money)

Another recession term enters the lexicon: Poorgeoisie: Those who conceal their affluence with a (carefully crafted) down-at-heel look. See more new terms in the Recession Lexicon. (New York Times/Schott’s Vocab)

Some tips for coping with the fallout from “recession depression.” (Daily Mail)

While the government’s standard employment data shows plenty of pain, many employers are begging for qualified applicants for certain occupations. Most of the jobs involve skills that take years to attain. (New York Times)

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Tags: eating, foreclosures, groceries, lexicon, obama, The Unemployed Life