Wal-Mart’s management is watching their customers during the recession. What have they learned? More shoppers now make lists, instead of buying on impulse. Sales of frozen vegetables are up; sales of Angus beef are down. And mysteriously, $5 white toilet seats are a hot item near Denver.
recession watch
By 5.5.09
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“We are hopeful that the very sharp decline we saw beginning last fall through early this year will moderate considerably in the near term and we will see positive growth by the end of the year,” Bernanke told the Joint Economic Committee.
Yankees Cut Premium Ticket Prices From "Exorbitant" To "Expensive"
By 4.30.09
For some reason, the New York Yankees are having trouble selling the most expensive seats in the new Yankee Stadium. Especially the ones in the front rows that are noticeably empty on TV. The New York Times has a rundown of the pricing changes.
It's Tough Being The Only Popeye's In Minnesota
By 4.30.09
What happens when you mix a chicken promotion, a national ad buy, and a franchisee not taking part in the promotion? You get a lot of hungry and annoyed people. And, last Thursday in Minneapolis, you have to call the police.
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.
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.
Impoverished High School Seniors No Longer Able To Finance Gaudy Proms
By 4.26.09
The recession continues to rot America’s cultural core, this time by attacking one of our most cherished traditions: prom. Gone are the ice sculptures and $1,000 dresses. America’s children are now buying dresses off racks and trading limos for the family car. Imagine!
$4.99 Popeye's Chicken Deal Causes Police Intervention, Chicken Shortages
By 4.24.09
Several Popeyes Chicken restaurants in the Rochester, NY area were overrun with customers responding to an offer of eight pieces for $4.99. The restaurants actually ran out of chicken and had to turn hungry customers away.
Chicago Tribune Fires Reporter Covering The Recession
By 4.23.09
Let’s pause a moment to consider this sentence from Crain’s Chicago Business. “On the same day the Chicago Tribune cut 53 jobs from its newsroom, its parent Tribune Co. asked a Bankruptcy Court to approve of $13.3 million in bonuses and other incentive payments to 703 employees.”
General Motors Defaults, Idles Plants
By 4.22.09
General Motors is projected to default on its next bond payment—the last before the June 1st government-imposed restructuring deadline. Next freeway exit: bankruptcy.
Report: Best Buy Demoting 8,000 Senior Sales Associates
By 4.17.09
A report from New York investment firm Sanford Bernstein says that Best Buy will be eliminating 1,000 assistant manager positions and demoting 8,000 senior sales associates to regular sales positions that would pay 25 percent to 50 percent less than their current salary — causing some to compare them to Circuit City.
Payment Late? Lenders Can Remotely Disable Your Car
By 4.17.09
Repossessing cars is so old-fashioned. All that driving, locating people’s houses, towing the cars away… with the mess credit markets are currently in, who has time for that? Car lenders don’t.
Consumer Prices Fall For The First Time Since 1955
By 4.15.09
Grab your nearest economist and hold them tight, prices are falling. The Labor Department says that the obsessed-over Consumer Price Index fell 0.4 percent for the year — the first annual drop since 1955.
Never Mind, People Still Aren't Buying Anything
By 4.14.09
Just when we thought we saw a light at the end of the tunnel, retail sales dropped “unexpectedly” in March after a three month period of growth. Why is this bad? Because it makes economists worry about deflation.
By 4.2.09
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Mortgage rates are at a record low of 4.78%, according to Freddie Mac. [Bloomberg]
1 In 10 Americans Are On Food Stamps
By 4.2.09
32.2 million people, about 1 in 10 Americans, are now on food stamps according to the latest government report. The number is a new record.
Airlines Having A "Worldwide Distress Sale"? Time For A Vacation?
By 3.18.09
You know, we hesitate to use the term “fire sale” to describe airline prices but there are apparently some insane deals to be had right now according to the San Francisco Chronicle
By 3.17.09
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Newspaper Death Watch:The 146-year-old Seattle Post-Intelligencer will stop publishing after today and will become an online only publication with about 20 reporters and editors. [MSNBC]
