recession

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In Recession, Sales of Sex Toys Boom

People have 'more time on their hands'

(Newser) - The recession is good news for at least one retail segment: Sales of so-called sexual enhancement devices are through the roof, Advertising Age reports. Lubricant sales jumped 32% in the first quarter, and sales of “marital aids” sold in food, drug, and mass-market stores have soared 74%. “When...

US Trading Partners See Huge GDP Falls

Mexico contracts 21.5% as American demand dries up

(Newser) - Yesterday Mexico became the latest country to disclose a sharp economic contraction as a result of the slowdown in US consumption of imported goods. Mexican GDP fell at an annualized rate of 21.5% in the first quarter, following Germany, down 14.4%, and Japan, 15.2%—its worst performance...

Cramer Ain't That Bad a Stock Picker, Actually

(Newser) - Jon Stewart, take note: Jim Cramer is not that bad at picking stocks, the New York Times reports. A study of Cramer’s televised market advice shows that the former hedge fund manager beat the market in 2005-07. The raw numbers from the fictional “Cramer portfolio” outperformed the S&...

Fed's Fears Push Dow Off 53
 Fed's Fears Push Dow Off 53 
MARKETS
May 20, 2009 3:11 PM CDT

Fed's Fears Push Dow Off 53

(Newser) - Markets fell today after the Federal Reserve warned of a more prolonged recession than it previously expected, the Wall Street Journal reports. Financials and tech contributed to the plunge, which even a 6-month high in oil prices could not stop. “We’re just dealing with a stock market that...

Ahead, the Summer of the Furlough

(Newser) - Already-downsized companies seeking to cut costs further will likely increase temporary layoffs this summer, hoping the season will ease the pain of a missed paycheck, Fortune reports. A recent poll found that 44% of US companies are considering or have already implemented furloughs. But some institutions and employees are getting...

AmEx to Ax 4K Jobs in $800M Chop
AmEx to Ax 4K Jobs in $800M Chop 
May 18, 2009 5:48 PM CDT

AmEx to Ax 4K Jobs in $800M Chop

Cuts are in addition to 7K workers laid off last fall

(Newser) - American Express said today it plans to slash 4,000 jobs as part of an $800 million cost-cutting plan, CNNMoney reports. The cuts are in addition to 7,000 workers slated last fall to be laid off. Amex also plans to reduce operating costs and investment spending. The company "...

Dow Up 235 on Housing Hopes
 Dow Up 235 on Housing Hopes 
MARKETS
May 18, 2009 3:11 PM CDT

Dow Up 235 on Housing Hopes

(Newser) - Markets rose significantly today on indications of a turnaround in the housing sector, the Wall Street Journal reports, with an industry confidence metric at its highest since September 2008. Financials—Bank of America was up 9.8%—led the S&P to a symbolic close above 900. The Dow was...

From Ashes of Recession, a Reshaped Fed Will Rise

The Fed stands to gain some powers and lose others

(Newser) - Among the myriad things that will be reshaped by the current economic crisis is the Federal Reserve, the Wall Street Journal reports. The steps the Fed has taken to stave off further economic turmoil have made it more vulnerable than it has been in years: If a lasting recovery takes...

Maestro Wages May Sink US Orchestras
 Maestro Wages 
 May Sink US 
 Orchestras 
analysis
May 16, 2009 7:54 PM CDT

Maestro Wages May Sink US Orchestras

(Newser) - Overpaid maestros had better accept slimmer paychecks before America's great orchestras sink into silence, John von Rhein writes in the Chicago Tribune. With the Great Recession raging and musicians accepting pay cuts, big-name conductors like Lorin Maazel and James Levine still rake in millions. Welcome to "the dirty little...

Thrift Is Expensive in the Hamptons

Wave goodbye to conspicuous consumption in the playground of decadence

(Newser) - Keeping up with the Joneses means downplaying wealth in the Hamptons this summer, Allen Salkin writes in the New York Times. Conspicuous consumption is out, conspicuous thrift is in as Hamptonites try very hard to match the economic malaise in the rest of the country. “Low-key” and “beachy”...

Mexican Migration Plummets
 Mexican Migration Plummets 
May 15, 2009 1:44 AM CDT

Mexican Migration Plummets

Would-be migrants wary of paying smugglers' fees as jobs dry up

(Newser) - The number of Mexicans heading to the US has plunged as the American job market continues to tank, the New York Times reports. Census data from the Mexican government shows that emigration—with the vast majority to America—was down 25% in the year ending August 2008, and there has...

Revamped Dollar Stores Cash In on Recession

More food, cleaner aisles lure shoppers

(Newser) - When the recession sent pinched consumers hunting for bargains, dollar stores were ready. Cluttered aisles of cheap treasures have been replaced with stocked fridges and neat rows of mustard and canned beans. Half of US households now shop at dollar stores monthly, and 18% more $100,000-plus households started frequenting...

Businessmen Strip Off the Power Suit

As bankers fall out of fashion, so do their stodgy duds

(Newser) - To the list of casualties of the economic crisis, add the three-button power suit. And don't cry for the fashion industry—men are investing in replacements for their cookie-cutter wool security blankets, making men's clothing priced over $100 one of the few bright spots in the bleak retail landscape, reports...

Cash-Strapped Adults Back Home With Prickly Parents

Experts advise on how to avoid resentment when kids have to return to the nest

(Newser) - Tempers are fraying in households across America as tough times force a growing number of adults to move back in with their parents, the New York Times reports. The move is difficult for both sides, experts say, as the offspring chafe at new restrictions and struggle with feelings of failure,...

Stocks Hit Sales Record in Recovery Harbinger

(Newser) - May has already been the busiest month ever in new share offers from publicly traded companies, the Wall Street Journal reports. The $54.9 billion in sales this year put the market at a level of activity not seen since 2000. “It’s an indication that the healing process...

Medicare, Social Security Will Go Bust Sooner

(Newser) - The recession has hurt the already-shaky finances of Medicare and Social Security, the Washington Post reports. Medicare is now projected to run out of money in 2017, two years earlier than the last projection. Social Security, meanwhile, is expected to be insolvent in 2037, four years earlier. The annual report...

Brits Offer Free Rehearsal Space to Tune Up Music Biz

Government gives cash-strapped young bands a helping hand

(Newser) - The British are hoping to give the next Beatles a helping hand by offering free rehearsal space, the Guardian reports. A government program spearheaded by former Undertones singer Feargal Sharkey is opening centers around the country to assist cash-strapped young bands who could potentially blossom into big names—and lucrative...

Recession Dims Lights on Solar Sales

Banks, government cut funding for industry

(Newser) - After a bright 2008, things are looking gloomy for the solar power industry amid the recession, the Wall Street Journal reports. Banks have cut funds for some projects, and the government of Spain, the second-biggest solar power market, has shrunk subsidies. Solar-cell sales are expected to fall by some 20%,...

Fall Enrollment Defies Economy

Freshman commitments hold steady, but at a cost of increased financial aid

(Newser) - Despite the recession, colleges aren't seeing the dip in freshman commitments they anticipated, reports the New York Times. The percentage of accepted students who have confirmed their enrollment at places like Yale, Harvard, and the University of Virginia and Wisconsin is about the same as last year. But it hasn't...

No Recovery In Sight for Small Business

(Newser) - Wall Street and Washington financial gurus may be seeing “green shoots” of economic recovery, but small businesses are still stuck in the mud, Kevin Kelly writes in Newsweek. Kelly, the CEO of a bag manufacturing company, says too many colleagues' businesses are losing sales, laying off workers, or shutting...

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