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.
recession watch
Sorry, 2009's Clothing Discounts Will Be Less Insane
By 5.27.09
Clothing retailers are holding off on their crazy, desperate discounts a bit, and plan to discount less aggressively this summer. Why? Women’s Wear Daily reports that it’s not so much that the economy’s improving (it really isn’t) or unemployment has stopped rising (it hasn’t) but Americans need stuff. Retailers anticipate that they will need to mark down, but not at the desperate levels that have characterized the last six months or so.
Need A Suit? S&K Menswear Closing All 105 Stores
By 5.25.09
The decline in the “work clothing” market continues to take its toll. S&K Menswear are closing all 105 of their retail stores. The liquidation will be handled by Gordon Brothers, so don’t expect any actual deals. Going-out-of-business sales started on Thursday, May 21.
Hormel Making Lots Of Money By Not Lowering Prices?
By 5.21.09
Remember last year when all the food manufacturers were raising prices and shrinking portions because the cost of raw materials had risen dramatically? Now that costs are down, they’re reluctant to lower prices. It’s a good time to be in the food business.
How Do You Stay Entertained In A Recession? Used Video Games.
By 5.21.09
Video games are up, and books are down. GameStop says sales of used games jumped 32%, as the retailer posted a 13% rise in fiscal first-quarter earnings. Why is GameStop doing so well while other retailers suffer? Its used video game program has excellent profit margins.
No, The U.S. Mint Has Not Released $20 Coins Into Circulation
By 5.20.09
I’ve always thought that the U.S. should bring back larger-denomination coins. I like concluding an evening out in Canada or in the Euro zone and discovering that there’s the equivalent of $14 or so in change sitting in my pockets. A man in Pennsylvania apparently feels the same way, and succeeded in buying ice cream with a counterfeit $20 coin.
The Sort-Of Comeback Of CompUSA
By 5.19.09
We previously reported that CompUSA refuses to die, and has reappeared. What I never expected to see was an article in BusinessWeek touting the reborn CompUSA’s success.
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.
Linens ‘N Things Returns From The Dead In Online Form
By 5.13.09 — Updated: 11.21.16
Linens ‘N Things is back. It’s an Internet-only entity for now, and sells higher-end items than the original incarnation. We’re talking $1600 linens and marble cheese-serving things here.
Toyota Posts First Loss In 59 Years
By 5.12.09
Here’s a story that we missed late last week, probably because we were busy having nightmares about snake heads. Toyota lost $7.74 billion this past quarter. That’s more than GM (though less than GM pre-bailout), and much more than predicted. It’s the company’s first annual loss since Elvis was in the Army.
Circuit City Has Left Us, But Its Uniforms Live On
By 5.11.09
The Circuit City death watch is long over, but now there’s a way to preserve those memories forever—maybe even to outfit an entire troupe of Circuit City re-enactors. Reader chainofcommand02 was shopping in a grocery outlet store when he discovered several cases of Circuit City polo shirts. Yours, for only $1.00.
Since When Is Dropping $1600 On A Purse An Investment?
By 5.8.09
How do you turn the purchase of a purse with a four-figure price tag into a sound financial decision in a recession? That’s the task luxury brand marketers and fashion magazines have right now, and their solution is to spin luxury purchases as an “investment.” But is it a good investment? Not really.
KFC Free Grilled Chicken Promotion is Over, Restaurants Will Issue Rainchecks
By 5.8.09
In a move that surprises absolutely no one, KFC has ended its free chicken promotion. If you still have a coupon, visit a participating restaurant for a raincheck.(Side note: The president of KFC is Australian South African?!)
Walmart To Rest Of Planet: "What Recession?"
By 5.7.09
A new survey of American consumers shows something very unusual — they’ve lost their interest in shopping. Is this lack of interest driving them to discount stores like Walmart? Seems so.
Going to KFC For Free Chicken? You've Got A Long Wait
By 5.6.09
It’s the first lunch period since the Oprah-promoted KFC grilled chicken giveaway started. Lines are predictably long.
By 5.6.09
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The Onion Is Killing Their West Coast Print Editions “Unfortunately, despite healthy readership in both Los Angeles and San Francisco (readership has actually risen despite our reduction in copies in recent months) the advertising in both cities has been abysmal,” CEO Steve Hannah said in a memo. [Gothamist]
Moms Don't Want Stuff This Mother's Day
By 5.6.09
An entirely unscientific ABC News poll of mothers shows that they would prefer some nice time with with their families to tangible gifts. I thought this was always the case, but apparently it’s an indicator of the recession or something.
