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.
recession watch
Burger King's Swank New Look Will Make You Crave Whoppers
By 10.7.09
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?
Red Robin Cuts Crayons, Forces You To Talk To Kids
By 10.6.09
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.
It Will Take You Six Months To Find A New Job
By 10.2.09
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 Kids Getting Rocks This Halloween
By 9.29.09
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.
13 More Weeks Of Unemployment Benefits For Some Americans
By 9.24.09
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.
Underwear Index Shows Economy Not Bulging Just Yet
By 9.21.09
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.
Newsflash: The Next Tsunami Of Aggressively Irresponsible Loans Didn't Magically Disappear
By 9.18.09
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.
99-Cent Cardboard iPhone Case Won't Make You Awesome
By 9.17.09
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.”
Bernanke Says The Recession Is "Likely Over"
By 9.15.09
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%.
NFL Not Going To Budge On Blackouts — Will Post Games Online
By 9.15.09
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.
Consumers Cut Spending, Save Money, Pay Down Debt, Ruin Economy
By 9.10.09
Good work, consumers of America! You’ve collectively reduced your outstanding debt by $21.5 billion during the month of July. We’re so proud. Except, oops, that’s not so great for the economy.
Prepare Yourself: The Cupcake Bubble Is About To Burst
By 9.9.09
One industry that has grown in the recession is set for a fall. No, not vehicle repossessions or shoe repair. I’m talking about the mid-decade cupcake boom. According to Slate, the industry is due for a bust.
Consumers Reevaluating Their Decision To Pay To Store A Bunch of Junk
By 9.8.09
The NYT has a 6-page story about the self-storage phenomenon, the effect of which was to make us grateful for the internet because were we to have to physically store these NYT Magazine features we’d be destitute. In any case, its an interesting article. If you’ve ever wondered what people were doing with all the crap they were buying in the last decade — well, a lot of it ended up in storage.
Bank Of America Wants To Begin Paying Back Bailout Money, Avoid Government "Fee"
By 9.1.09
The Wall Street Journal says that Bank of America is interested in paying back a portion of the bailout money it received, with the goal of getting out from under the purview of the salary czar and reduce a “layer of federal involvement in its affairs.”
Bottled Water Price War Is Heating Up
By 8.31.09
What do you stop buying when you are broke? Bottled water. After a decade of rising consumption, bottled water sales are starting to trickle off — and companies are responding by dropping their prices.
Government Has Made $4 Billion On The Bailout, So Far
By 8.31.09
The NYT says a little less than a year after the economic meltdown, the government is starting to see a profit from banks repaying bailout money.
