Teens Are Spending Again at the Mall

Managing the expectations of your free-spending kids

(NEWSER) - What to do with a 10-year-old daughter who insists—insists!—on designer 'jeggings' for fall? "Manage expectations," advises the Wall Street Journal in a feature on suddenly cash-strapped middle income parents and their "costly" kids. Today's children face a real drop in their standard of living, writes Sue Shellengarger, and it's up to their parents to guide them through this "painful" shift. More»

Data don't support hysterical headlines

(NEWSER) - Fears of a double-dip recession is running high, but economic data suggest that they are unfounded. Writing in the Wall Street Journal , Milton Ezrati of the money management firm Lord Abbett explains:

1. The consumer is regaining strength: A 1.4% decline in retail sales for May gave rise to double-dip fears, but that was after 10% advance over the past 12 months. Meanwhile, household income is on the rise, and Americans are saving more—suggesting they can keep up current spending while paying down debt.

From food to handbags, high-cost items are suffering

(NEWSER) - Hundred-dollar melons and pricey designer handbags used to sell so well in Japan that companies considered luxury goods a mass-market sector. But while the Japanese kept on shopping through previous recessions, this one has produced a sea change. The luxury industry has been hard hit, and the change may be permanent, the New York Times reports. The local version of Wal-Mart, in the red for seven years, is finally on track to turn a profit this year. More»

Expert sees teenagers jobless for a 'long, long, long, long time'

(NEWSER) - The teen jobless picture is the bleakest since the government started tracking the statistic 60 years ago, the New York Times reports. The rate hit 25.5% last month, nearly triple the rate among other workers. Analysts say teens are getting squeezed out of the workplace by college graduates, unable to find more lucrative work, taking jobs they might otherwise have shunned, and by older workers hanging onto their jobs instead of retiring. More»

Recession isn't over as far as consumers are concerned

(NEWSER) - If the recession is indeed waning, nobody told consumers. Retailers of every kind reported lousy sales for the quarter ended Aug. 1, the Wall Street Journal reports. Target’s same-store sales fell 6.2%, Home Depot’s dropped 9.1% and Saks’ plummeted a whopping 15.5%. And with unemployment, stagnant wages, and tight credit squeezing shoppers, executives don’t expect to see improvement until next spring. More»