News

Recession Briefing: 1 in 6 Blue-Collar Workers Laid Off

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

A new report says one of six U.S. blue collar-workers lost their jobs in the recession. The statistics for construction and manufacturing workers mirror those of the Great Depression, when one in six workers lost a job. (United Press International)

Singer Billy Bragg has threatened to stop paying taxes, and called on others to follow suit, unless the British government acts to limit bonuses paid by the Royal Bank of Scotland. (Reuters)

The suburbs are home to America’s largest and fastest growing poor population, according to a Brookings Institution report. The increase reflects continued population growth in the suburbs in addition to the aftermath of the housing bust and the longstanding woes in the manufacturing sector. (WSJ/Real Time Economics)

The Federal Housing Administration plans to increase the amount of up-front cash paid by all new borrowers and to require higher down payments from those with the poorest credit, according to agency officials. (Washington Post)

The gap in productivity growth between the United States and Europe widened sharply as U.S. businesses were more aggressive in laying off workers and pushing their remaining employees to be more efficient, according to a business research group. Growth in productivity is the key factor in rising living standards. (Associated Press)

The latest dwelling from minimalist home designer Marianne Cusato is dubbed, appropriately it seems, “The New Economy Home.” Unveiled this week at a builders conference the three-bedroom, three-bath home is 1,800 square feet — quite a bit smaller than the behemoths that characterized the past decade. (Walletpop)

Can a bank be too big? There is a loud chorus of people arguing that the sheer size of the big banks — and worries about the effect of any of them failing — helped bring about the financial crisis. (New York Times/DealBook)

Because job losses have been concentrated in manufacturing and construction, about 75 percent of this recession’s lost jobs have come from men. Brad Wilcox of the University of Virginia says, “Working-class men … have seen their real wages fall and their rates of unemployment rise. Consequently, working-class men are less attractive to the women in their lives as husbands and providers, and they are less likely to see themselves as capable of being good husbands and providers.”(Washington Post)

New research shows 48% of black people between the age of 16 and 24 in the U.K. are now out of work. (Politics.co.uk)

The springtime spurt in home buying may hit before the snow melts this year as buyers scramble to meet a tax credit deadline. Buyers who want to claim this year’s tax credit — up to $8,000 for first-time buyers and up to $6,500 for repeat buyers — must have signed purchase contracts by April 30. (USA Today)

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.