Economists Pessimistic About the Rest of 2010

From today’s New York Times:

Many economists — concerned about the sluggish pace of job creation, dwindling housing activity and decelerating retail sales — say that slowdown is continuing this summer and have recently downgraded their expectations for the second half of the year.

Read more here.

Recession Briefing: Outlook Bleak for Long-Term Unemployed

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

Economists fear that the nascent recovery will leave more people behind than in past recessions, failing to create jobs in sufficient numbers to absorb the record-setting ranks of the long-term unemployed. (New York Times)

Bernard Madoff’s top lieutenant may get “extraordinary” leniency from prosecutors for his help in unraveling the largest Ponzi scheme on record. In a letter released on Friday, federal prosecutors in New York praised the efforts of Madoff associate Frank DiPascali in providing “substantial assistance to the government in its investigation and prosecution of others.” (Reuters)

Both domestic mobility and immigration were sharply down in 2007 to 2009 from the levels recorded during most of the decade. (The American)…

The American Dream is Dead–Long Live the American Dream

The American Dream is dead– and it ain’t a bad thing.

In a recent survey by Context-Based Research Group, a Baltimore consumer anthropology firm, 78 percent of respondents said they believed the AD was kaput. But they also agreed that it should be, because the dream has become defined by what you can buy, rather than by freedom and ideals.

If there’s one thing we learned in the past few years, it’s that lots of things are more important than money. So here’s some more good news: Those surveyed said they had taken steps to spend less (85 percent) and had de-cluttered their homes (61 percent). Well, now that all that stuff is gone, what’s taken its place? People…

Recession Obsession: Economy Bites

We’re enjoying a new web show, Economy Bites, that just hit our radar screen. Created just last year in the heart of the recession, it’s dedicated to making cooking cheap and easy — perfect for those of us who have less money without out jobs or less time because we’re working so hard to stay employed.

Hosted by Texas native Allie Schwartz, the show’s motto is, “Cook on Sunday, eat til Thursday.” It’s not exactly gourmand fare. If the Food Network is steamy, glistening food porn, then Economy Bites is amateur food porn…

Recession Briefing: Bonuses are Back

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

Goldman Sachs, the world’s richest investment bank, could be about to pay its chief executive Lloyd Blankfein a bumper bonus of up to $100 million in defiance of moves by President Obama to take action against such payouts. (Times of London)

Professional sports teams, concert venues and opera houses may all be seeing drops in attendance as a result of the recession, but suburban community colleges are having the opposite problem. They’re running out of room. (Chicago Daily Herald)

California wine shipments fell in 2009 for the first time in 16 years as purchases in the U.K., the biggest export market, plunged during the global recession. (Bloomberg)…

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)

Recession Briefing: Paulson Defends AIG Rescue

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

In last night’s State of the Union Address, President Obama promised to focus intently on the issue of most immediate concern to the nation: jobs. Obama sought to restore public confidence in his administration and to persuade Americans that he is directing his attention more fully to the economy. (New York Times)

Hit by the recession, Mexican migrants sent home 15.7% less in remittances last year, a record drop, the country’s central bank reports. Although it marked the second straight yearly decline — and the second drop since tracking began in 1996 — migrants still sent home big bucks: about $21.2 billion. (USA Today/On Deadline)

College and university endowments in the United States and Canada collectively lost $93 billion during the 2009 fiscal year, according to a study jointly released Thursday. The average institution lost 18.7% after fees. (Forbes)…

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)

Screwed: A Possible 19,000 in New York City

A daily review of the employment fallout around the country and the world.

Today’s total: up to 19,304

Mayor Bloomberg says New York City may have to lay off a whopping 19,000 workers if the governor cuts $1.3 billion in aid as he plans…ArcelorMittal will can 171 steelworkers at its tin mill in West Virginia…ITT Communication Systems is eliminating 60 jobs in Fort Wayne, Ind….book wholesaler and distributor Ingram Content Group gave 57 Tennessee employees the boot…Tower Tech in Abilene, Texas is cutting 15 jobs…

Recession Briefing: One in Five Men Unemployed

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

The recession and the resulting shortage of good jobs have spurred a jump in applications to law schools and a growing interest in graduate programs. (New York Times)…

One in five working-age American men does not have a job, according to the latest federal employment numbers, an all-time high that illustrates the extraordinary toll this recession has taken on male-dominated professions in particular. (Huffington Post)

The porn industry is wrestling with a recession deeper and more severe than what’s constraining the mainstream entertainment businesses. (Daily Finance)