News

Recession Briefing 10.14: The Military’s Own Upside to the Downturn

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

Aided by a bleak job market, the U.S. military met all of its recruitment goals in the past year for the first time since it became an all-volunteer force in 1973. (Reuters)

The nation’s census chief said Tuesday that the housing crisis, economic recession and waves of new immigrants pose enormous challenges that could make an accurate 2010 count more difficult and expensive than a decade ago. (Los Angeles Times)

“The recession … has fundamentally changed the traditional business travel paradigm,” said Charles Petruccelli, the president of the American Express Global Travel Services division. In the last year, he added, “we have seen some companies cutting their travel expenses by 70 percent.” (New York Times)

American consumers can no longer borrow madly to buy so many goods from abroad. Shoppers in emerging nations must be the next engine of growth, some argue. (Christian Science Monitor)

As the Cuban government struggles through a deep recession, its leaders have begun picking away at socialism in order to save it. (Miami Herald)

Just over one-quarter of Americans (27%) say advertisements which mention the economic troubles and the recession make the brand seem more manipulative while just under one-quarter (23%) say the advertisements make the brand seem more realistic. (BusinessWire)

Despite sub-5% mortgage rates and signs that home prices have bottomed out in some places, executives and economists are decidedly downbeat about the future of the country’s mortgage industry as well as the housing market it depends on. (Los Angeles Times)

Pay cuts, sometimes the result of downgrades in rank or shortened workweeks, are occurring more frequently than at any time since the Great Depression. (New York Times)

The recession has ended, but weak household spending as the labor market struggles to create jobs will slow the pace of the economy’s recovery, according to a survey. (Reuters)

Major U.S. banks and securities firms are on pace to pay their employees about $140 billion this year — a record high that shows compensation is rebounding despite regulatory scrutiny of Wall Street’s pay culture. (Wall Street Journal)

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.