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Recession Briefing 9.10: Income Gap Shrinking

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

The downturn may finally shrink the gap between the very best-off Americans and everyone else. But if so, it won’t be by lifting up the bottom. It will be by pulling down the top. (Wall Street Journal)

Can cheap really be sexy? Laura Miller makes the case that it can. (Salon)

The recession is pushing more despondent people to call suicide hotlines. (Canadian Press)

Americans’ retreat into thriftiness is teaching retailers a new lesson: How to survive when consumers are focused on “needs” rather than “wants.” (Associated Press)

In this new era of frugality, well-to-do shoppers have gone into hiding and stowed away their splashy logos. But they may hold the key to a consumer recovery. (Washington Post)

The U.S. employment picture will stay bleak well into next year but the worst of the labor market crisis is over, economists said on Thursday.(Reuters)

The Muppets and their human friends and neighbors will talk about how to deal with the impact of the recession in an upcoming PBS primetime special, Families Stand Together: Feeling Secure in Tough Times. (NPR)

The U.S. had a record low 2.4 million job openings in July, the Labor Department said Wednesday, the fewest since the department started tracking the figure in 2000, and half the peak of 4.8 million in mid-2007. (Wall Street Journal)

U.S. consumers cut their debt by a record $21.6 billion in July. The drop in the amount Americans owe on credit cards and loans shows that they are concerned about continued job losses and uncertain about the economic recovery. (Los Angeles Times)

Banks score big as consumers increasingly use — and overspend on — debit cards. (New York Times)

(If you come across a good article or blog post about the recession pass it on. To receive Recession Briefing in your inbox, subscribe to our daily email.)

Tags: banks, economy, entertainment, health, jobs, new frugal, spending, The Unemployed Life