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Recession Briefing 10.16: Fido’s Recession

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

More than 80% of pet shelters have reported taking pets whose owners could not afford to keep them because they lost their home or job. (USA Today)

“Right now, the economy is abundant with innovation — so much so that it might end up saving the day or, at least, paving the way to future prosperity,” writes Daniel Harrison. (The Big Money)

Businesses with federal stimulus contracts have created few jobs in states with the worst unemployment rates, according to data released Thursday. The first report card shows the federal Recovery Act money means hiring more electricians, carpenters, and others across the country. (New York Times, Christian Science Monitor)

Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter. “They were the worst three months of all time,” said Rick Sharga, spokesman for RealtyTrac. (CNN/Money)

“The question is whether the job market will hitch onto the coattails of the stock market, with companies starting to hire as their fortunes improve,” writes Rick Newman. “Or stocks will turn south as the ranks of the unemployed swell.” (U.S. News & World Report)

The nation’s construction industry, nearly paralyzed during the downturn, should see modest gains next year, as a rise in building of single-family houses, apartment buildings, and highways and bridges offsets drops in commercial and manufacturing property. (Wall Street Journal)

Billionaire investor and philanthropist George Soros said yesterday that he thinks the U.S. is going to be a drag on world growth in the recovery. (Reuters)

The falling dollar is stoking fears of inflation and worries about the country’s eroding power in the world. But for now it may be just the tonic that’s needed to help the U.S. economy get back on its feet. (Los Angeles Times)

The number of families selling car leases in order to share one family car has tripled over the last year, according to a survey conducted by LeaseTrader.com. (Forbes)

The Treasury Department’s pay czar pushed outgoing Bank of America Chief Executive Kenneth D. Lewis into giving back about $1 million he received so far this year and forgoing the rest of his $1.5 million salary for 2009. (Wall Street Journal)

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