Econ 101: November 28, 2011

Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section. You can also follow ThinkProgress Economy on Twitter.

  • According to a survey by the National Retail Federation, “total spending over the four-day weekend following Thanksgiving reached a record $52.4 billion.” [CNN Money]
  • Cash-strapped Americans still swallow price hikes during the holidays. [Associated Press]
  • Moody’s Investor Service said in a report today that “Europe’s rapidly escalating sovereign debt crisis may lead multiple countries to default on their debts or exit the euro.” [New York Times]
  • The world’s central banks “are undertaking the broadest reduction in borrowing costs since 2009.” [Bloomberg]
  • The OECD cut its economic forecast today, saying that “the global economic recovery is running out of steam, leaving the euro zone stuck in a mild recession and the United States at risk of following suit.” [Reuters]
  • Congressional Republicans are expressing their desire to “change the configuration” of the automatic spending cuts that are scheduled to take effect now that the supercommittee failed to pass a deficit reduction deal. [Reuters]
  • Graduate students hoping for the National Labor Relations Board to allow them to unionize may be running out of time. [Inside Higher Ed]
  • A new survey shows that “employees at big Wall Street firms could see annual compensation sink 27% to 30% from a year earlier to the lowest level since the 2008 financial crisis.” [Wall Street Journal]