The good news: the national unemployment rate hasn’t gone above 10%. The bad news: it’s because hundreds of thousands of people are giving up hope and dropping out of the labor force entirely. The percentage of Americans taking part in the labor force is the lowest it’s been since the mid-’80s, and over 900,000 people are no longer looking for work because they don’t think any is available. [More]
recession
Move Your Money From Big Banks To Small Ones
By 1.4.10
The canaille likes to bitch that big banks haven’t been punished enough, so why not put your money where your mouth is? That’s the premise behind “Move Your Money” which encourages everyone to withdraw their savings from the pockets of the pimps of Wall Street and redeposit with well-rated community banks. [More]
Consumers Permanently Downgrading Brands They Buy
By 12.9.09
A new McKinsey report says that a large number of consumers who are switching to cheaper brands during the recession are switching for good. Of those surveyed, 34% said they no longer preferred the costlier products. 41% said that although the liked the better stuff, it wasn’t worth it anymore. Have you downgraded during the recession? Is the switch for good? Leave your thoughts in the comments. [More]
Pontiac Silverdome Sells For Only $583,000
By 11.18.09
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.
Newly Frugal Behavior Is Permanent, Say Some Consumers
By 11.12.09
A new study says that 26% of US consumers “have no plans to return to their free-spending ways,” which probably doesn’t sound like good news to retailers. Even worse (for retailers), about a third say they’ve become less loyal.
Laundromats Enter Underfilled Recession Cycle
By 11.7.09
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.
Problem Solved! GDP Shows 3.5% Growth
By 10.29.09
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.
Nobody Wants To Buy (Four Fifths Of) Detroit
By 10.26.09
Detroit tried to auction off almost 9,000 homes and lots last week—enough property to fill Central Park—but Reuters says less than 1/5th of what went on the block actually sold. Unfortunately, it sounds like speculators snatched up few decent properties, leaving actual Detroit residents looking for new homes out in the cold.
Being Unemployed In A Downturn Will Damage Your Career Forever
By 10.18.09
If you’re just starting out in your career, BusinessWeek has some sobering news for you. Statistics show that people who come of age and spend the early years of their careers un- or underemployed will fall behind their always-employed peers in both earnings and career status, and most will never recover the lost ground.
Unemployment Visualized As A Zombie Outbreak
By 10.12.09 — Updated: 2.28.13
At some point, we’re going to have to stop referring to every red-hued outbreak map as being zombie-like, but this is not that point. It’s nearly Halloween, the #2 movie in the nation is Zombieland, and yesterday the president of the Federal Reserve Bank of St. Louis warned that unemployment may exceed 10% before the end of the year. This is the appropriate way to view unemployment today.
Christmas This Year Will Be Less Tacky
By 10.7.09
Because retailers plan their Christmas offerings so far in advance, most were too far along with trendy or ostentatious Christmas merchandise to change course last year, reports the Associated Press. This year they’re prepared to pursue the fiscally conservative consumer, which means everyone is selling the holiday decor equivalent of comfort food.
How To Buy A Foreclosed House (That You Might Actually Want To Live In)
By 9.28.09
Buying a foreclosed home may seem like a great deal, since the bank that’s selling it would rather unload it at a loss than stay on as owner. But foreclosures come with a lot of risks — including vandalism by former owners or theives who strip vacant homes of just about anything that isn’t bolted down — and even things that are (you know, like toilets).
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.
Insurer To 17-Year-Old: Your Parents Lied On Application, Good Luck Paying Your Bills
By 9.21.09
The Chicago Tribune says that when 17-year-old Brianna Rice was diagnosed with celiac disease in February — she had insurance. Her insurance company, however, has rescinded that coverage because her parents allegdly lied on her application — by neglecting to mention her troubling medical history of dizziness, elevated cholesterol levels, ongoing fatigue and a persistent cough.
Chrysler Executive Has Fallen On Hard Times, Too
By 9.20.09
Are you struggling financially these days? You’re certainly not alone, and you even have something in common with Jim Press, one of Chrysler’s top executives. Press, hit hard by the housing market collapse and the lack of bonuses from Chrysler as the company failed, faces debts including a $800,000 unsecured personal loan and a $947,000 federal tax lien on his home.
Survey Says: If You're Not Eating Cat Food Tonight, You're Lucky
By 9.18.09
A new survey from employment site CareerBuilder has some cheery news: About 61% of employees live paycheck-to-paycheck, and 21% of workers are stealing from their retirement funds to make ends meet. And these are the lucky folks who still have jobs.
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.
