economy

WBUR reports that yesterday's announced drop in statewide unemployment numbers - the first in two years - actually masks a record number of underemployed people, i.e., people who have taken part-time jobs because they can't find full-time work.

And that's not a good thing, the Boston Business Journal reports.

Sarah Schweitzer of the Globe reports how the depressed economy of Lawrence is affecting people there.

EastBoston.com posts a statement from Italia Unita that it's calling off the annual festival because of the current economic climate:

... Due to the current economic climate locally and nationally, Italia Unita has been unable to secure financial commitments from corporate sponsors, grant funding and donations. In addition, the expenses associated with operating the three (3) day festival have also increased, averaging between $80,000 - $90,000. Italia Unita also has outstanding financial commitments from 2008 that have not been fulfilled. ...

The group hopes to bring the event back for 2010.

Via Jimbo.

Dunkin Donuts has launched a $10 million marketing campaign to promote donuts as affordable comfort food in this economic climate, the Herald reports.

Jeff Darcy reports that he and pretty much everyone else who worked at SiCortex in Maynard was laid off yesterday:

... Right now I’ll just say this: in many of the ways that are important to me as an engineer, SiCortex succeeded. Yeah, that's right. We set out to do something very difficult and risky - to place a bet on computing that's characterized by energy efficiency, high density, fast communication and high processor counts instead of raw single-thread performance - and we made it work. We made it work technically, and we made it work in the market. ...

The only failure that mattered was not technical, nor in any area of customer-oriented execution: it was purely a matter of finance and timing. There is every reason to believe that our next system based on our next chip was going to be awesome, pushing our flagship system well into the Top 500 even before we talk about linking them together, and development was well along. Unfortunately, such development is not cheap and that put us in a high-burn-rate phase right when the economy turned sour and capital became very scarce. That's like a "perfect storm" combination of circumstances. ...

The Fenway Community Development Corp. ponders that question at its annual meeting on Monday, May 11.

Barry Bluestone from Northeastern, Beth Israel Deaconess COO Eric Buehrens and Amaad Rivera, the racial wealth divide initiative leader at United For a Fair Economy, will discuss.

It's 6 to 8:30 p.m. at the new Fenway Health Center, 1340 Boylston St.

Folio reports that Boston/Framingham-based IDG today cut 8% of its US staff and smushed all of its business-to-business publications into a single unit. This comes atop 10% pay cuts for B2B employees last month.

Paul Conley (who actually broke the story), discusses.

Ed note: If anybody needs to hire an outstanding online video and audio editor suddenly free of his previous responsibilities, let me know.

The Crimson reports on preparations for faculty buyout offers at Harvard.

Wicked Local Brookline has built a map now that you're probably too busy to drive around town chronicling them all.

Rich photographs the new signs for a "credit repair" company in what used to be a mortgage broker's office at Morton Street and Blue Hill Avenue.

Paul Levy reports medical department chiefs at the hospital have started a Physicians Support BIDMC Fund and that, to date, senior docs have agreed to forego more than $350,000 in salaries as the hospital tries to cut a projected budget deficit.

Aaron Donovan covered dual protests this morning in the Financial District against AIG and Bank of America.

Copyright Aaron Donovan.

32 people in classified sales and advertising, the Herald reports.

One of those people promptly went over to Davis Square to try to cadge a drink off Bono.

The Boston Business Journal posts some numbers - Boston residents reported a 7.4% unemployment rate in January, compared to 4.7% in January, 2008. Some 11 cities and towns reported double-digit unemployment numbers in January.

There's C.C. Chapman right in the second paragraph of the Globe's big story on how the recession is particularly hurting 30somethings; in fact, it calls them the least hopeful generation. Chapman reports mixed feelings on his above-the-foldness:

... What bothers me is while the article got all the facts right, it feels to me as if it is an overly negative article. Just look at the sub-headline which in my mind is completely false. Yes, me and my roommates (and others our age) have all been through some rough times and are going through them right now along with everyone else, but all of us were very optimistic and up beat when we did the interviews. All four of us in the article are actually very hopeful. ...

The Globe reports on his speech this morning.

Beth Israel Deaconess CEO Paul Levy explains why: Basically, the shrinking economy is now affecting even hospitals.

Most city unions are refusing to accept wage freezes, so Tom Menino plans to announce specific layoff and service cutback plans next week, the Globe reports.

Aside from that tiny voice inside her head warning the money's going to run out fairly soon, Sassy Sundry reports she's just like those people in that Globe story: She's enjoying her forced time off:

... My life has a natural rhythm to it these days. I get up without an alarm clock. I stay in my jammies long past when it is proper. The Great American Novel this blog ain't, but these scribbles represent the first writing I have done in over a year. I've been cooking real food again, with joy instead of begrudging necessity. I made bread this week! Last week I cooked dinner for Date, and yesterday I had my sister and nephew over for lunch. Sure I also spent Tuesday working on my resume and sending out applications (I can't be completely impractical), but I've also spent a lot of time imagining how my life could be. Because if I am really honest with myself, if I could get away with it, I would never work in an office again. ...

The foundation today announced it's committing $4.5 million to help preserve affordable housing in Massachusetts.

Part of the money will go to the Community Economic Development Assistance Corporation to coordinate federal and state aid for affordable-housing projects, and part will go into the Masschusetts Preservation Loan Fund, which will loan out money to developers who agree to keep their rents down for at least 30 years. The foundation sees preservation of existing housing stock as critical, because it costs a lot less than building new units.

The Boston Business Journal reports on staggering losses at the parent companies of Massachusetts's second-largest retail bank and big hits to Fidelity's bottom line.

The Boston Finance Commission thinks the city can save money by offering early retirement to workers getting up in years - and forcing workers on extended leave to either quit or go back to work, the Herald reports.