recession

Usually at this time of year, there is a little flutter of excitement as one confronts one’s closet: all those layers and accessories necessitated by the slight snap in the air; the contemplation of the long party season begetting a kind of dream shopping space that doesn’t end till January. But in fall 2008?

“You’re going to be a little more sensible with how you use your money,” said the model Helena Christensen—hello, understatement!—at a glitzy West Chelsea auction benefiting Food Bank for New York City, several days after the implosion of Lehman Brothers.

Clad in a timeless black Stella Mc-Cartney gown, Ms.  read more »

From a report released earlier this week by the city's Independent Budget Office:

Although the recent economic data for New York City are ambiguous, IBO is forecasting that a local recession is imminent, if it has not begun already. While we expect the city to enter the recession later than the rest of the country, the local downturn is expected to be longer, with recovery not occurring until the second half of 2009.

Full report here in PDF.