Word: recessional
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Russia's leaders are getting used to cutting budgets this year. As the country sinks deeper into recession - unemployment, according to some estimates, is as high as 12% and the economy is predicted to shrink by about 4.5% in 2009 - the government is slashing spending at most of its ministries...
Less optimistically, firms might be realizing they've let go of so many already, more cuts would hit bone. Also, reducing paychecks during a recession can provide cover for companies that had been looking to trim labor costs anyway. But maybe we should hope for purer intentions. And that the...
Instead, Wynn announced that everyone at his company's two Las Vegas properties, Wynn and Encore, would take a pay cut. Salaried workers earning $150,000 or more would see a 15% drop in their paychecks; those making less would take a 10% hit. Hourly employees would go from a...
That shift - and a drop in the number of companies telling Watson Wyatt they're planning layoffs - could lead a person to take a rosier view of the economy. "At some point, we're going to emerge from this recession, and companies know they need to emerge with some sort...
For thousands of years, dogs were drones in the human economy: hunters, herders, security guards, pest-control specialists. But unlike blacksmiths and journalists, dogs have made the most of a changing economy. By finding a truly recession-proof niche--unconditional-love provider--they've gone from eating scraps and sleeping...