Cityfile: New York's Most Notable and Influential

Recession Not Quite Over, After All | The U.S. unemployment rate hit 10.2 percent in October, which is the highest it's been in 26 years. [NYT]

Holiday Tips Head South | If your doorman or hair stylist look a little grumpy today, it may because they just found out that in lieu of the cash they normally receive from you for Christmas, they're going to be getting a jar of homemade jam instead. According to a new poll, 26 percent of Americans say they planned to spend less on tips than they did last year, although some said they planned to make up the difference (or try to, at least!) by distributing homemade gifts and foodstuffs. [Consumer Reports, Reuters]

Even Recessions Have Fan Clubs | Not everyone is unhappy about the recession, apparently. In a recent poll, one in four people said they were happy that the economic downturn took place because it helped them "realize their priorities in life." [Reuters]

Restaurants, bars, and clubs don't just shut down these days. They "close for renovations" for a few weeks or months. Then they announce that they are not, in fact, planning to reopen and they've been shuttered for good. Below: a few recent examples of what is sometimes the result of a series of unexpected events, but is often a face-saving public relations technique. More

Unemployment Goes Up, Work Week Goes Down | So much for those reports about the economy showing signs of improvement. According to the Labor Department, the unemployment rate climbed to 9.8 percent in September, which is the highest it's been since 1983. Even more depressing: 7.2 million jobs have been lost since the recession began, which represents the biggest decline since the Great Depression. The good news? If you're fortunate enough to have a job, chances are you aren't spending nearly as much time there as you used to. The average work week for American workers—33 hours—now stands at a record low. [Bloomberg, WSJ]

Remember Bill Sonner, the former New York Stock Exchange trader who lost his job last year and has since found work driving a Mister Softee truck on Long Island? He's not the only one who has made that sort of a career transition, it turns out. CNBC reports that one of the guys behind the Schnitzel & Things food cart—which nabbed the "Rookie of the Year" award at this past weekend's illustrious Vendy awards—is a finance industry refugee as well. Before he took to the streets with breaded cutlets of chicken in hand, Oleg Voss worked at a boutique M&A firm in Vienna. Are these two examples enough to make the path from finance to food trucks an official trend? While you ponder that question, you can view a clip from CNBC's segment earlier today below.More

Do you remember Citigroup's "Live Richly" ad campaign from a few years ago? The bank spent more than $100 million plastering American cities with various cheeky sayings from 2001 to 2005. When the campaign was first introduced, it was during the mini-recession of 2001, and since Citi's existence wasn't threatened during that particular downturn, the bank managed to find some humor in the fact many Americans had lost their jobs or weren't earning as much as they had in the past. If you look back at them now, though, you'll see that they contain lots of useful advice for the 53,000 people who have been laid off by the bank over the past year ("Make ends meet. Bend down and touch your toes"), as well as the Citi employees who have managed to hang on, but who won't be collecting fat bonuses now that the federal government owns a third of the bank ("Go on a spending diet, but don't forget to sneak a little dessert"). Click here to experience the irony in all its embarrassing glory.

The Return of the Private Jet? | Another way you can tell the recession has ended (in addition to hearing it from the chairman of the Federal Reserve, of course): When you start seeing articles with headlines like "How to Buy Your Own Private Jet." Too soon for this sort of thing? Maybe, but prices are down 25 to 50 percent, according to Barron's, "so planes are (relatively) cheap!" Emphasis on "relatively." Naturally. [BusinessInsider, photo]

There's lot of financial news to be cheerful about today. According to Federal Reserve Chairman Ben Bernanke, the worst recession since the Great Depression is "probably over" at this point, which is certainly nice to hear even if Bernanke did say that it would be some time before the economy really turned around and new jobs were created. But that's not all!More

America's Only Growth Industry | Are you out of work? Maybe you should consider dealing a little pot to get by. Thousands of Americans are now doing it to make ends meet, according to the AP, which reports that "demand for domestically grown marijuana is at a record high, in part because stricter border control has made it more difficult to import pot from Mexico." The economy isn't putting a damper on sales; on the contrary, "demand appears to be rising with the unemployment rate." Which makes perfect sense. What else are you going to do when you're unemployed and sitting on your couch watching TV all day? [AP via Daily Finance]

Happy Travels! | One more great thing about plunging earnings, rampant unemployment, and the nation's overall economic malaise: If you're traveling this Labor Day weekend, you can expect to find airports and roads a lot less congested! Air travel is expected to fall 20 percent this year compared to last, and the AAA is predicting a 13 percent drop in the number of people taking road trips. [AP, DF]

Unemployment Hits a High | With Labor Day right around the corner, you'd think the federal government could serve up a little positive news as we head into the long weekend, right? Apparently not. The unemployment rate stands at 9.7 percent, the Labor Department reports today, the highest it's been since June 1983. [CNN Money]

The best way to get out of jury duty? Use the recession as an excuse! Kindly explain to the judge that you're already having difficulty making ends meet and if you're forced to take off any additional time, you may very well lose your home. (Mentioning you also happen to be a single parent and you take care of your sick aunt isn't such a bad idea either.) You may just find yourself in front of a judge like the one interviewed in today's Times, who says he's doing his best to "be sensitive to the economic times" and has been dismissing prospective jurors who can't afford to be there. If you're unemployed, however, it's a whole different story.More

• Some luxury fashion companies think (or are hoping, at least) that the recession has "bottomed out," and the tide is "slowly turning." Let's hope so! [WWD]
• Related: Saks is hoping to now "wean wealthy customers from discounts" and "re-educate" them to pay full-price again. Good luck! [NYP]
• How are fashion mags hoping to remain relevant during the turbulent times? By hitching their titles to TV shows, naturally. Not that the strategy always pays off as editors might have hoped, as Elle (Stylista) and Marie Claire (Running in Heels) have discovered. [AdWeek]
• Homelessness is now "having a fashion moment." Make a note of it. [Cut]More

Signs of a Comeback | Things appear to be looking up for the art market. After five months of consecutive falls, prices are finally beginning to rise again as buyers become more confident and auction houses get a bit more realistic about prices. The renewed confidence appears to be having a positive effect on the auction houses themselves: Shares of Sotheby's have nearly tripled over the last five months. And galleries seem to be more bullish, too. Earlier this week, it was reported that Larry Gagosian is planning to add to his chain of eight galleries with a location in Athens. But not every segment of the market is bouncing back. Experts say that areas that became over-inflated in recent years due to "speculative bidding" are still losing value. Steve Cohen isn't out of the woods just yet, in other words. [Wealth Bulletin]