Recessionwire Wants YOU

Well, it’s been nearly four months to the day, and Recessionwire has seen amazing growth and heard from amazing readers who have shared stories and helped us spread the word about the website. We’re thankful for all the help — and of course now we’re asking for more as we continue to chronicle these tough times.

Recessionwire is looking for contributors and interns to help with writing, design, production and PR and marketing. Not your skill? Got something better? Let us know—we may need that, too…

Out on the Street: The Hardest Yard

Joe the Trader chronicles his experiences with life after Wall Street.

Sports is full of clichés about scoring or winning, and fans and analysts are obsessed with the notion of being clutch. In baseball the relief pitcher who comes in the ninth inning to seal the victory is the closer. In football quarterbacks are measured by their ability to negotiate the last twenty yards and how well they can guide their team in the last two minutes of a game. In soccer the forward who can score the goals is called a finisher.

I have never been any of those.

In soccer I played midfield and when I played rugby I was the fullback, the last line of defense.

Recession Briefing 6.8

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

Budget weddings are in vogue this recession. The average cost of a wedding in the U.S. was $19,212 in the first quarter, down from $21,814 last year and $26,450 in 2005. (Wall Street Journal) Tips to recession-proof your wedding here.

Evidently the recession means that some semi-employed hipsters in their mid-20s can no longer rely on a monthly check from their parents. (New York Times)

“Motorists unable to afford payments on pricey cars and gas-guzzling sport utility vehicles in this recession are turning to a time-tested financing solution: matches.” (Los Angeles Times)

The recession’s grip loosened slightly this spring as seasonal hiring picked up and helped offset rising bankruptcies and foreclosures. But predictions on when the recession will end continue to vary. (Associated Press, Recessionwire)…

Screwed: 461 at Fort Wayne Foundry Corp.

A daily review of the employment fallout around the country and the world.

Today’s partial total: 1,116

Fort Wayne Foundry Corp. will close its Fort Wayne and Columbia City locations, resulting in 461 layoffs… Trane Inc. will layoff 320 workers at its Pueblo plant by August… Volvo will cut its Shippensburg workforce by 135 employees towards the end of July… Turner Industries has laid off nearly 100 workers from a vinyl manufacturing plant in Plaquemine, LA… In another round of layoffs, Lockheed Martin lays off 100 employees…

Up, Down or Sideways? How to Price in a Recession

The downturn has forced businesses large, small and in-between to rethink their pricing strategies. High-end designers like Badgley Mischka and Alberta Ferretti are lowering their prices. Monster Cable did the same. Restaurants around the country are reducing what they charge.

While slashing prices seems like an obvious way to hang on to revenue, it’s not necessarily the smartest one. Colgate-Palmolive and Procter & Gamble actually raised prices in the first quarter of 2009, betting that the increases would more than offset the loss in sales—and saw P&G saw its sales go up.

So which direction should you go in? There’s no one-size-fits-all strategy for pricing, even in a downturn. However, there’s one principle that applies to everybody, says Rob Docters, partner at Abbey Road Associates, a Connecticut-based boutique strategy consulting firm: “You need to be able to understand how the decision-making processes of your customers have changed,” he says. “If you don’t think, ‘What would I do in their shoes?’ you’re going to lose.”…

At the End of Your Robe: Beachwear Bargains

As if getting in shape for summer weren’t enough pressure—now you have to figure out how do you pull together warm-weather looks that are fashionable, flattering, and affordable. If last year’s bikini is too stretched out or your swim trunks are faded beyond recognition, consider these 10 resources for finding a perfect beach wardrobe while still staying financially afloat.

Old Navy: The ultimate resource for beach items that are fresh, bright and, most of all, cheap. Their men’s swim trunks in solids and prints are only $15. Mix and match separates and one-piece swimsuits for women are all under $20; kids’ swimwear is a steal for less than $10 an item. And who can beat flip-flops for five bucks?

Swimoutlet.com: Prefer doing laps in the pool to lounging the beach? This site has more athletic-style swimsuits…

Cheap Date: Learning a Language

Sometimes the stock market increases 15% year over year. Sometimes we bump up interest rates because growth and inflation and moving too quickly. And sometimes ordinary people buy unaffordable houses with strange loan products because the home is guaranteed to double in value (in a short, short time). That sometime is not today. While the country’s fiscal vitality is showing signs of a perk up (except for a certain symbolic flagship auto manufacturer, that is), us ordinary Toms are having a tough go of it.

Rather than cry in our Mad Dog 20/20, we can make our own fun. We don’t have to drop ducats on theater tickets, surf-and-turf specials, trips to St. Bartholomew’s or season passes to Six Flags to have a great time on a date. You can get creative and do something much better. This time around, learn a language together…

Recession Briefing 6.5

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

The recession has sparked a growing phenomenon of people dressing up as superheroes to perform community service, help the homeless and even fight crime. Superheroes also emerged as figures in the Great Depression. (CNN, Recessionwire)

Instead of feeling self-conscious about spending less, people are flaunting their frugality. Both those who have lost income and those who simply fear they may become at risk are part of the new discourse. (Washington Post)

The official unemployment rate doesn’t include millions of “involuntary part-time workers,” or those who grew discouraged and stopped looking for work. Once they are added to the unemployment mix, the April rate would be 15.8 percent. (Associated Press) Are you among the “Screwed” by the economy? See our Laid-Off 101 guide...

Screwed: Possibly 5,000 at Satyam Computer

A daily review of the employment fallout around the country and the world.

Today’s partial total: 5,734

As many as 5,000 workers at Satyam Computer in India may be laid off, depending on a June 11 board meeting. … Principal Financial Group plans to cut 220 jobs. … Emerson Electric in Minnesota laid off 176 workers. … Reynolds Packaging Group in Virginia will lay off 158 plant workers. … Pipe maker Paragon Industries plans to lay off 105 employees. … More than 100 workers, mainly mechanical engineers, were laid off from Harris Corp. … The University of Colorado will cut 75 faculty and staff positions. … And the U.S. unemployment level hit 9.4%, a 26-year high…

Recession Lexicon: New Words for a New Era

The world has turned truly upside down. The Dow used to be way up, now it’s down (climbing back, but still down). Your house used to be a source of pride — and value. Now it’s underwater. Job security? Forget about it. And all that shopping and spending — now, saving’s the name of the day.

As we navigate this new, sometimes foreign turf, we’re learning to speak a new language. Here are a few of the terms you’ll need to know:

Pre-Fired
n. Being dismissed from a new position before you even start. Usually because the company folds between the offer and your start date.

Bleakonomics
n. The dire forecasts, depressing warnings, and otherwise gloomy chatter that’s still brewing beneath the recent round of cheerier economic predictions…