The XX Factor

Recession Briefing 7.13

Nearly a quarter of the homes listed for sale in the U.S. have had at least one price reduction , with an average discount of 10% off the original asking price. ( TIME )

“I don’t think the worst is over,” said Larry Summers, director of the National Economic Council. “It’s very likely that more jobs will be lost. It would not be surprising if GDP has not yet reached its low.” ( Financial Times )

Katty Kay and Claire Shipman cite new research that says a healthy dose of estrogen may be the key not only to our fiscal recovery, but also to economic strength worldwide. ( Washington Post )

The economic recession, with its associated decline in global commodity prices, has created an unexpected byproduct: Demand for recyclables has all but dried up. ( The Daily Beast )

In New York, job losses are showing a widening racial gap, as unemployment is rising faster for African-Americans than for whites . ( New York Times )

Unwinding the ties of matrimony is rarely simple or inexpensive, but for many couples, the sour economy is complicating the process further. ( Wall Street Journal )

The recession is driving an upsurge in the rent-to-own business. Those who pay the rent for a set period, typically ranging from seven to 30 months, own the merchandise. If they don’t keep up payments, the store reclaims the item. ( Houston Chronicle )

Barbara Ehrenreich writes: “The recession has done for the government safety net pretty much what Hurricane Katrina did for FEMA: it’s demonstrated that you can be clinging to your roof with the water rising, and no one may come to helicopter you out. ( New York Times )

The Obama administration is developing an initiative to take money from the $700 billion rescue program for the banking system and make it available to millions of small businesses. ( Washington Post )

Some Americans are swapping homes for motels as the ranks of the homeless swell during the recession , crowding out shelters and forcing cities and states across the country to find new types of housing. ( Reuters )