Rather than layoffs, a number of employers are turning to furloughs – forced unpaid time off – to meet their budgets. According to a NYT article, employees are handling them in different ways. Some use it as chill time. Others keep working anyway without pay, either out of guilt, routine, or fear of an actual layoff. Has your company been hit with furloughs? How are you dealing? Take our poll inside.
economy
By 6.10.09
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Bond traders say stock traders are wrong, the Fed will not increase interest rates this year. [Bloomberg]
Dirty Credit Report Scuttles Job Prospects
By 6.9.09
Dan Denton was about to get a much-needed job. Then the recruiters saw his blemished credit report and took away their offer.
Hopelessness Hit 9.4% In May
By 6.5.09
Hopelessness hit 9.4% in May. Oh wait, we meant joblessness. Actually, with jobless claims about half the average loss of the past six months, could hope poised for a comeback? [NYT] (Photo: joshuahoffmanphoto)
Good News? United States Shed 532,000 Jobs In May
By 6.3.09
A report from a private employment service says that US employers shed 532,000 jobs in May, less than in April, but not much less. It’s also less than expected.
Consumerist And Consumer Reports Will Crap All Over Your Holiday Weekend
By 5.22.09
It’s Memorial Day weekend, the weather is looking nice, and people are leaving work early to hit the pool, fire up the grill, play golf, or enjoy our national pastime. We’re doing none of those things, so we thought we’d ruin it for everyone else.
Should A First Officer Make More Than $23,900 A Year?
By 5.18.09
BusinessWeek has an interesting article about the economics of regional airlines — the smaller companies that are subcontracted to operate the less profitable routes for major airlines. Some were stunned to find out that first officer on the flight that crashed in Buffalo, NY only made $23,900 a year. Is this too little?
Consumer Prices Have Fallen And They Can't Get Up
By 5.15.09
Ok, so we’re running out of ways to say that consumer prices have fallen — again. This time its the steepest drop since 1955.
Foreclosures Hit Another Record High, Up 34% From 2008
By 5.13.09
One in every 324 households in this country received a foreclosure filing last month, according to RealtyTrac. This marks the all time high since the firm started tracking filings in 2005. Foreclosure filings are up 34% since last year.
GM: Bankruptcy Is "Probable"
By 5.11.09
The New York Times DealBlog liveblogged the GM conference call. We’re glad they did, because just reading their recap is depressing enough for us.
Out-Of-Work Adults Try To Nab Summer Lifeguard Positions
By 5.8.09
Some adults who are out of work are now going after classic teen jobs, says ABC News. In Florida, which has the fourth-highest unemployment rate of the nation, men in their 30s and 40s “have pulled on swim trunks in hopes of beating out the teenagers for a few choice positions as $9.37 an hour lifeguards.” The report also says adults are trying out for jobs at places like Six Flags. All of this reminds us a little of this Kids In The Hall Sketch (see below) where a young boy finds a stray businessman and brings him home.
About 10 Banks May Need More $ After Gov Stress Test
By 5.5.09
The number of banks that will need more capital has grown. Now it looks more like 10 banks that underwent the government stress-tests are undercapitalized, possibly among them Wells Fargo, Bank of America, Citigroup and some regional banks, reports WSJ. The good news seems to be that the problems the stress tests are revealing aren’t as bad as analysts had been saying. Clearing out some of that fear contributed to Monday market gains and the S&P 500 entered positive territory for the year for the first time in months.
By 5.1.09
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It looks like greeting cards are another thing we’re cutting back on lately; American Greetings has announced that sales fell 14 percent in the last quarter. [Associated Press]
Not Everyone Is Having a Financial Meltdown
By 5.1.09
For all the financial news of doom and gloom, the Money Crashers blog reminds us that not everyone is hit hard. In fact, they say that for every person struggling right now, there are a majority of people who are doing just fine in this economic climate (note: no data is presented for this claim, but it does sound at least directionally correct). As such, they list five money-related tips for those out there who are not struggling in this recession as follows:
Economy: GDP Down 6.1% Worst Performance In 50 Years
By 4.29.09
Hey, guess what? The economy really sucks. The GDP dropped 6.1% annually, after plunging more than expected in the past few months. How much more than expected? Well, it’s the worst six month drop since 1957-58.
6 Major Banks Fail Initial Stress Tests
By 4.29.09
6 of the major 19 banks failed the Treasury’s “stress tests” and need more cash as a buffer against losses, according to leaked preliminary results.
Home Prices Down More Than 30% From 2006 Peak
By 4.28.09
There’s good news in the housing market… sort of. For the first time in 25 months, housing price declines failed to set a new record. Whether or not this means that we’re reaching the bottom — no one can really say.
Two Guys In A Garage Invent Bacon Salt, Quit Their Day Jobs
By 4.23.09
They say recessions are good times for innovation and a time to start your own business, and Justin Esch and Dave Lefkow are proving both true with their invention, Bacon Salt. Building from the simple idea that “everything should taste like bacon,” these two entrepreneurs quit their successful tech jobs and started their alchemical project out of their garage. By showing up at sporting events dressed as bacon and using Facebook and Twitter, they racked up 800 orders in the first week and sold out of Bacon Salt in 6 days. An inspiration for anyone with the entrepreneurial desire sizzling inside them.
