The XX Factor

Recession Briefing 6.11

Many strip clubs are shedding their upscale trappings and catering to a thriftier clientele by offering less expensive drinks and waiving cover charges. ( Wall Street Journal )

A Florida man has turned a 77-square-foot closet into his home, thus reducing his rent to $150 per month. ( WPTV )

The Undies Indicator: During a recession, men’s underwear is among the first things that people stop buying. When underwear sales increase, it should signal an uptick in consumer demand. ( CNBC )

Upscale jeweler Tiffany is finding more jewelry buyers trying to bargain in its stores , even though it has a firm policy that it will not cut prices. ( Reuters )

Intern Nation: American workers are better educated than ever - yet increasing numbers are accepting nonwage work. ( The Big Money )

The ongoing economic downturn is proving to be a boom for fraudsters who offer financial services, collect upfront payments for them and then don’t deliver. ( Forbes )

New data indicates that the recession is likely to end in September , with a mild recovery starting in October. See more recession-end predictions on Recessionwire . ( USA Today )

HSBC Insurance said a tenth of all people have stopped paying into their pension accounts as a result of the global financial downturn. ( Reuters )

Many House lawmakers lost money last year and several held large investments in financial-services firms and auto makers that turned to the federal government for financial help . ( Wall Street Journal )

Foreclosure filings fell 6% in May compared with the previous month , but they were still up 18% year-over-year. ( Washington Post )