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Recession Briefing: Americans Have Money for Gifts, But Not Food

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

Nearly one in five Americans said they lacked the money to buy the food they needed at some point in the last year, according to a survey co-sponsored by the Gallup organization and released Tuesday by an anti-hunger group. (New York Times)

Consumers spent an average of $811 on holiday gifts, significantly more than the $699 they initially planned to spend, according to a survey. About 4 in 5 consumers bought gifts, and many shoppers bought for themselves, the poll found. (Los Angeles Times)

“How do I know when the next recession will occur? All I have to do is ask my wife,” writes Gene Marks. “That’s because women know this answer. Not men.” (Bloomberg BusinessWeek)

Even as the housing market shows signs of improvement, economists warn that it could take up to a decade for many homeowners to regain equity in their homes, while some people in the hardest-hit regions of the country may not see a recovery during their lifetime. (Washington Post)

A growing number of employers have hired trainers who draw on psychological research, ancient religious traditions or both to inspire workers to take a more positive attitude. Critics say that pushing positive thinking is just a way for companies to improve morale while they continue to burden employees with the threat of layoffs and an ever-increasing workload. (Wall Street Journal)

“What’s most striking about the world isn’t how much things have changed as a result of the crisis but how little,” writes Zachary Karabell. “First of all, it’s a stretch to rank the recent meltdown in the top five worst downturns in American history.” (The Atlantic/Global Watch)

“Aspirational shoppers” — middle-class consumers with luxury tastes — have disappeared during the Great Recession. Their newfound frugality has contributed to an estimated 16 percent plunge in luxury spending over the past year. (Boston Globe)

A new report finds that more Americans, especially women, are volunteering their time and energy for good causes — likely as a result of the recession. (USA Today)

Amid all the commotion over the large bonuses that many bankers are collecting, what stands out is not only how much the stars are making. It is also how much of the profits lesser lights are taking home. (New York Times)

Emerging-market economies will continue to outpace the world’s biggest industrial powers as they deal with rising deficits, weak labor markets and political uncertainty, a panel of high-profile economists and investors told the World Economic Forum’s annual meeting on Wednesday. (Marketwatch)

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Tags: business, economy, personal finance, real estate, recession, Spending and Saving, Wall Street