recession-watch

The Mortgage Bankers Association has announced that 9.64% of all mortgages are now delinquent, and this delinquency rate breaks the record set last quarter. The records are based on MBA data dating back to 1972.  More »

35 years ago, taxpayers paid $55.7 million to build the Pontiac Silverdome, former home of the Detroit Lions. The city of Pontiac has been itching to be free of the stadium's $1.5 million umaintenence bill, so it sold the property at auction. For $583,000.  More »

Are you doing laundry this weekend? Are you running fewer loads than you used to, going longer between washes, or even using a friend or relative's equipment in order to avoid unloading a pocketful of quarters at the laundromat? If so, you're not alone. Laundromats, once thought to be a recession-proof business, are surprisingly vulnerable to economic downturns.  More »

The pace of job losses has slowed significantly, but the economy still divested itself of 190,000 jobs in October, sending the national unemployment rate to 10.2%, says the Bureau of Labor Statistics. It should be noted that the unemployment rate only tracks people actively seeking work.  More »

Blockbuster must be a very unpleasant place to work, because police say a Colorado man stabbed himself and blamed "three skinheads or Hispanic males dressed in black." (Really.) According to the cops, the guy eventually admitted that he stabbed himself so he wouldn't have to go to work.  More »

Well this guy is doing it wrong: We've been alerted to a report from Haverstraw, NY where police say a man entered a Taco Bell, waved a gun around, demanded money — then asked for a job application.  More »

Americans love steak. Now, in a recession, we still love it, but we've shifted to buying and cooking delicious high-end steaks at home instead of eating them in restaurants, thanks to greater availability of fancy cuts of meat to consumers.  More »

No, just kidding. We know you still don't have a job. The Commerce Department announced that the economy grew 3.5% in the third quarter — snapping the longest streak of economic contraction since 1947.  More »

The old adage about booze being recession-proof may have some truth to it: alcohol sales are up 2% over the past year. Not surprisingly, the cheap stuff is leading the way, with sales of private-label wine — no, that's not the stuff you brew in your backyard — up 20%. And more people are shunning bars and restaurants, opting instead for the comfort of a brown paper bag and the neighborhood stoop.  More »

In its latest effort to take the burger experience to a higher level — and win back consumers who've migrated to "fast casual" restaurants — Burger King is remodeling more of its eateries to include what His Highness describes as a "contemporary industrial palette of metallic and black accents, complemented by finishes that resemble brick and concrete." But will the fancy new look, which was relaunched this week in Amsterdam, get customers to eat more Whoppers? And how does a creepy guy in a plastic mask sell what the company calls an "intimate and engaging dining" experience?  More »

Don't look now, but some restaurants seem to be cutting back on that staple of the family dining experience: crayons and paper for kids. NPR's Planet Money blog reports that the Red Robin chain has gone from four crayons per customer to two. How long before they drop them completely, forcing parents to — gasp — hold conversations with their children instead of letting them color images of popular menu items while mom and dad knock down their pre-meal cocktails.  More »

If you've been out of work for months, and still don't have any leads on your next job, you've got a lot of company. According to the latest government job report, the average job search now takes over six months, the longest average since the government started tracking unemployment in 1948.  More »

Bad news for any kids expecting a big haul this Halloween. The National Retail Federation is out with its spending projections for the holiday, and they're grim. Total spending for Halloween is expected to drop from $66.54 per family last year to $56.31 this year. The numbers include candy, costumes and decorations — but not shaving cream, eggs or toilet paper.  More »

On Tuesday, the House voted to extend unemployment benefits for Americans who live in states where the unemployment rate is greater than 8.5 percent. 400,000 people were set to run out of benefits at the end of September, and will now continue to receive them until the end of the year if the bill passes.  More »

Forget GDP growth, the unemployment rate and even the Big Mac Index. If you want to know how the economy is really doing, and you're male, just open your fly. (Note: We don't recommend doing this at work.) According to the Men's Underwear Index, if your underwear is relatively new, the recovery is on the way. If not, well, we really don't want to know about it.  More »

We've been talking about the next wave of the mortgage crisis for quite some time now, and it seems that, as predicted, it's cresting and about to hit. We are, of course, speaking of Option-ARM loans — considered the riskiest of all mortgages due to their ability to grow rather than shrink. Yes, there actually exists a mortgage that allows the borrower to pay less than the interest that is accruing on the loan.  More »

If you think 99 cents is a fair price to pay for the latest fart-simulator or "Are You a Moron?" quiz in Apple's App Store, Case-Mate has a deal for you. The company's Recession iPhone case is made from 100% cardboard, and sells for 99 cents — with free shipping included. Case-Mate doesn't claim that the case is actually useful in any traditional sense of that word; the FAQ for the product makes it clear that there's no warranty, it doesn't include any kind of screen protector, and that it's flammable "if you light it on fire."  More »

Good news? Federal Reserve Chairman Ben Bernanke says that the recession is over, but that it won't really stop the rise of unemployment — currently at a 26-year high of 9.7%.  More »

The NFL's blackout rule — which prevents games from being broadcast in home markets if there is no sellout — is coming under fire lately as some teams (ok, let's face it, we're talking about Jacksonville) might not have a single home sellout all season.  More »