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Recession Briefing 12.18: Christmas Wallets Opening Up

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

The average amount of money Americans predict they will spend on Christmas gifts this season is now $743, up from last month’s estimate and a healthy increase over Americans’ Christmas spending forecast at this time a year ago. (Gallup)

Are you wondering why you’re not getting as many holiday cards this year? The U.S. Postal Service says there was an 11% decline in cancellations of first-class cards and letters from Dec. 1-13 — when most Americans mail holiday cards — compared to 2008. (USA Today)

About 1.7 million homeowners were on the verge of foreclosure in the fall, a looming “shadow inventory” of homes that will be put up for sale in the coming years and weigh down prices, a report said. (Associated Press)

Citigroup and other banks starting to repay the billions of dollars they borrowed from the government are getting another boost as they exit the bailout program: Billions more in tax breaks. (Time)

More than half of U.S. residents who wanted to travel during the holidays have significantly cut back their plans or canceled trips altogether because of the fragile economy, a poll shows. (USA Today)

2009 was extraordinary not just for how output fell, but for how a catastrophe was averted. But the bad news is that today’s stability, however welcome, is worryingly fragile. (Economist)

The U.S. economic recovery probably will extend into the first half of 2010 after the index of leading indicators increased in November for an eighth consecutive month. (Bloomberg)

Even as the biggest banks repay their government debt in what is being heralded as a successful rescue program, four troubled giants of the financial world remain on government life support. (New York Times)

Despite the recession, housing affordability has declined across the nation, according to a study released Thursday. (Washington Post)

An analysis of state data shows that cheating and lying to get unemployment insurance and Medicaid have jumped dramatically in Oregon since the recession went into full swing last year. (Oregonian)

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Tags: financial crisis, gifts, holiday, holidays, housing, recession, spending