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Recession Briefing: Big Boost for GDP

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

The U.S. economy grew at the fastest pace in more than six years during the fourth quarter of 2009, according to a government report Friday. The nation’s gross domestic product, the broadest measure of economic activity, rose at a 5.7% annual rate in the fourth quarter. (CNN/Money)

Shoppers are taking haggling to new heights in the recession. A recent study found that 66 percent of American consumers had haggled at least once in the preceding six months, with an 88 percent ka-ching rate on gadgets, clothes, furniture and steak. (Washington Post)

Ben Bernanke won the backing of the Senate for a second four-year term as chairman of the Federal Reserve by a comfortable margin Thursday. Even with that storm behind him, Mr. Bernanke faces formidable political and economic challenges. (Wall Street Journal)

In his State of the Union Address, President Obama talked about the need to put people back to work, calling job growth the “No. 1 focus in 2010.” But one major obstacle to that goal  is that many of the jobs slashed during this recession are not coming back. (New York Times/Economix)

President Barack Obama’s proposals to rein in the US banking sector and its practices could be enacted into law within six months, according to Rep. Barney Frank, chairman of the House of Representatives finance services committee. (Financial Times)

Only one in 10 Americans (9%) believe now is a “good time” to find a “quality job” — a situation that has persisted over the past year, and a huge deterioration in job-market conditions from January 2007, when nearly half of Americans (48%) expressed optimism about finding a quality job. (Gallup)

Homeowners applying for mortgage modifications will soon have to provide paperwork upfront showing that they qualify. The new documentation process is aimed at getting homeowners more rapidly into permanent modifications with lower monthly payments. (USA Today)

In an effort to spur job creation, President Obama plans Friday to unveil a $33 billion package of tax breaks aimed at encouraging businesses to hire workers and give employees raises. (Washington Post)

The number of suicides in the U.K. has risen for the first time in a decade as the recession took hold. Meanwhile, the number of divorces fell to the lowest level since 1975, suggesting that more couples may be staying together because the economic crisis left them unable to afford to split. (Independent)

Is it crazy to enter a profession that’s been trounced by the recession? Yes, passion for one’s work is a beautiful thing, but it won’t pay the bills. Do career idealists need to take off their rose-colored glasses, or do they know something the rest of us don’t? (ABC News)

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Tags: Bernanke, Federal Reserve, financial crisis, gdp, recession, State of the Union