Wednesday, 10/7 Consumer News and Economic Recap

More links on the Consumer and the Economic Recovery

Can’t Find A Job Because You Lost A Job?
Some of the scariest words I’ve read all day appeared in Above the Law. The blog writes that law firms looking to hire won’t give laid-off associates a chance:

Can China Lead a Recovery? BEIJING — Chen Zizheng wheeled his shopping cart down one of the aisles at the Carrefour store near his house and paused in front of the bottles of Remy Martin, Johnnie Walker and Hennessy, each selling for an amount about equal to the annual salary he earned when he was a young government employee.

Fed Frets About Commercial Real Estate Banks in the U.S. “are slow” to take losses on their commercial real-estate loans being battered by slumping property values and rental payments, according to a Federal Reserve presentation to banking regulators last month.

Consumer Credit Declines Sharply in August U.S. consumers reduced their debt for the seventh straight month in August, the Federal Reserve reported Wednesday. Total seasonally adjusted consumer debt fell $11.98 billion, or at a 5.8% annual rate …

EMPLOYMENT WOES TO KEEP A LID ON HOUSING RECOVERY Despite the robust recovery in many asset prices due to Ben “get to da chopper” Bernanke’s liquidity injections, housing prices remain near their lows.

Americans Slow to Cut Spending on Kids During the worst recession in decades consumers refused to cut back on one thing: their kids.


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