AmEx to Ax 4K Jobs in $800M Chop

'Boomerang kids' have trouble finding well-paying work

(NEWSER) - As many as three out of 10 young adults are moving back in with their parents—resulting in the highest share of 18- to 34-year-olds living with multiple generations since the 1950s—after finding themselves unable to find lucrative employment in this dismal economy. They're dubbed "boomerang kids" because they depart for school or work only to return to the nest, but surprisingly, reports the Christian Science Monitor , 78% say they're happy living at home and 24% say it's positive for their relationship with their parents. More»

363K job cuts predicted

(AP) - Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5% and suggesting that the economy's road to recovery will be bumpy. The Labor Department report released today, which shows 100,000 more jobs shed than expected, indicates that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground. More»

Non-traditional measurement based on employment, other statistics

(NEWSER) - The US economy has been in a recession since employment peaked in December 2007, a committee of economists declared today. However, MarketWatch notes, the private National Bureau of Economic Research rejects the traditional metric that recession is defined as consecutive quarters of GDP decline, opting instead to look at four key monthly indicators, including employment, industrial output, and sales. More»

(NEWSER) - Avon's cosmetic-toting army is growing as troubled economic times make door-knocking more attractive to women struggling to make ends meet, reports the Wall Street Journal. Incentives including price cuts, gas vouchers, and advice from celebrity financier Suze Orman, helped attract 5% more sales reps in the second quarter of this year, after years of thinning ranks. More»

Index drops far below expectations on job, economy fears

(NEWSER) - Consumer confidence hasn’t been this low since 1982, according to the Reuters/University of Michigan index, which reported a slide to 63.2 from March’s 69.5. That was lower than even the lowest estimates in a Bloomberg analyst poll. “The consumer’s feeling increasingly hemmed in,” said one economist. “The economy is in a recession.” More»