News

Recession Briefing 6.26

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

U.S. limousine companies are laying off workers and closing offices as the recession cuts into demand for the shiny black symbols of wealth and power. (Reuters)

The income of Americans soared in May because of the government’s economic stimulus, leading them to increase spending modestly and boost the saving rate to the highest in 15 years. (Wall Street Journal)

Over the next three months, more than 3,200 post offices and retail outlets — out of 34,000 — will be reviewed for possible closure or consolidation. (The Big Money)

According to a study, the economic downturn is making Britons mean, with people ignoring friends’ birthdays and refusing to buy rounds of drinks in the pub. (WalesOnline)

Initial claims for jobless benefits clicked higher once again this week, but amidst that grim news there are hopeful signs that the employment picture may soon improve. (TIME)

With the economy making it difficult to persuade consumers to take vacations, airlines and hotels are intensifying attempts to appeal to frugal, worried would-be travelers. (New York Times)

At least 19 states still have to approve their fiscal 2010 budgets before Tuesday. If they don’t, staffers might not be paid and services might shut down. (CNN/Money)

Federal spending meant to jump-start the economy slowed last week, two weeks after President Obama vowed to “ramp up” the pace of that aid. (USA Today)

Rising unemployment is complicating the Obama administration’s effort to reduce foreclosures and stabilize the housing market. (Wall Street Journal)

The Aikman family in upstate New York describes how they’ve had to rethink their finances as a result of the recession. “Everybody is fearful, and everybody is falling like soldiers around me,” Lucy Aikman says. (CNN/Money)

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Tags: frugal travel, income, obama, savings, spending, stimulus