News

Recession Briefing 11.25: Be Thankful, But Spend Less

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

The 25-pound turkey, the office party, the year-end bonus, the family reunion, the second (or third) Christmas tree — all are threatened by what employment consultant John Challenger calls “a culture of frugality” and the need to refocus an alluring American dream: a happy holiday. (USA Today)

The Unemployment League, an ongoing bowling event in Battle Creek, Mich., is an attempt lift the spirits and prospects of unemployed residents in a state leveled by the economic downturn. A local alley partnered with a employment organization to hold weekly job fairs at the bowling alley — while job seekers are throwing strikes or picking up spares. (Wall Street Journal)

The Humane Society of the United States doesn’t have comprehensive numbers on animals abandoned, but there is anecdotal reporting of increases since the recession started. And press reports on overloaded shelters across the U.S. suggest a broader trend. (MSNBC)

New GDP figures released Tuesday suggest that the U.S. economy is growing more slowly than initially thought. President Obama warns that loss of confidence could lead to a “double-dip” recession. (Christian Science Monitor)

Top Federal Reserve officials expect unemployment to remain elevated for years to come, according to new projections released Tuesday, suggesting that the economic recovery will be too gradual to create rapid improvement in the job market. (Los Angeles Times)

As the U.S. economy shows glimmers of improvement, there is not much that cities can do to take advantage of it quickly. Los Angeles, the second-largest U.S. city, has a jobless rate of 13.9 percent. Like other big U.S. cities, it has few tools to spur jobs as the economy picks up again. (Reuters)

A significant minority of resilient small businesses have been able to do the seemingly impossible and increase revenue in these troubled times. According to a recent survey of 300 small-business clients, about 30 percent of respondents said their sales increased over the last year. (New York Times)

Evocative recession-themed photographs collected from around the country. (Huffington Post)

Lending by U.S. banks plunged by 2.8 percent in the third quarter, the largest drop since at least 1984 and the fifth consecutive quarter in which banks have reduced lending. (Washington Post)

Britain’s economy remains stuck in recession, with its GDP having contracted 0.3% in the third quarter of this year. (Guardian)

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.