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t to excel in whatever your responsibilities are in order to save yourself from the ax.It was reported by the Washington Post that employers reduced their payrolls by 80,000 jobs in March, the steepest loss in five years and the third straight month of decline.
This does not come as a surprise due to consumer spending cutbacks.Unfortunately as shoppers decrease, stores demand for employees decreases as well, which is why the number of retail jobs fell by 12,400.
Many working Americans were so anxious for extra income from their tax refunds that President Bush sent out additional tax refund checks to individuals who qualified due to the nations financial troubles.
U.S. Job Woes
- U.S. Job Woes
Alan Greenspan, former head of the Federal Reserve, says the country is "in the throes of recession." His remark comes as he defends his chairmanship of the U.S. central bank, rejecting suggestions that his policies contributed to the current rough times. (Photo by Lauren Victoria Burke/ABC NEWS via Getty Images)
- U.S. Job Woes
Graphic charts monthly unemployment rate for the past 13 months.
- U.S. Job Woes
Commuters climb the stairs from a train station as they head to jobs in New York's financial district on Thursday, April 3, 2008. The Labor Department reported Thursday that the national unemployment rate rose from 4.8 percent to 5.1 percent, the clearest signal yet that the economy might already be shrinking. (AP Photo/Mark Lennihan)
As unemployment rises there are still a number of sectors that are hiring, such as the education and health services, which added 42,000 positions; and leisure and hospitality, which added 18,000 jobs. If you are still unsure of your own job security make sure you discuss different alternates with your supervisor in order for you to be well prepared for your future.
Comments: (17)
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By: JayEll Vaughn on 4/09/2008 12:12PM
The economy is definitely heading into a era of recession, possibly already there. I agree that to secure your job, your may want to venture in new responsibilities within your current job; however that does not guarantee your job either. No money = no money, and truth be told, money makes the world go round! Right now, our world is moving very slowly. It is very unfortunate that during this economic recession, our jobs and people's livelihood are the prime effects. Begin that communication with your supervisor, and find out how this may affect you. I am glad that Bush approved these stimulus refund checks, but I doubt that those checks will speed up the end of these hard times.
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By: Ahmed on 4/09/2008 1:49PM
This article touches on a very important issue the economy, and to be exact job security. The time to beat around the bush is over people, we are in a rescession and it will take many sacrifices for the average American family to outlast it. Thank you Yodit for the article, the following are a few tips that could help you weather the upcoming storm:
1. No more purchases on credit unless you plan on paying the entire balance at the end of the month.
2. If you own a home the time is now to switch your adjustable rate mortgage to a fixed rate, or to refinance your current fixed rate lower. Caution the rates may be coming down but waiting has its risks, primarily as banks and financial institutions suffer lending will constrict and even people with above average credit will have a hard time securing a loan.
3. Make a PLAN for the next month count every expense you have and see where you have room for growth (everyone has room). Some common areas which can be reduced are intrest rates (call your credit card company!), restaurant expenses (no need to starve but eat CHEAP), lower car payments (if you have a new car and are struggling turn it back in or sell it and buy a used car for $3000 a loan on that amount would less than $75 a month (better than $300 a month huh.
4. Consolidate, this is a word which is often thrown around without people knowing how to handle a consolidation. If you have high interest rates on say three credit cards it may be wise to consolidate into on lower fixed payment. Beware though people actually run their credit cards right back up after consolidation, and now they have not only the credit card payments but also a loan payment be careful!
5. MOVE, if renting a three bedroom condo for two people now may be the time to downgrade.
Remember this is not going to last forever, so tightening your belt now could leave you at a great advantage down the road. For example keeping a good credit score and low debt so that when the housing crisis is over and you are ready to purchase rates and prices will be low, and you will be in great shape.
Thanks
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By: Bethel on 4/09/2008 1:21PM
I agree with JayEll, that those refund checks will not help people in these hard times...at all for that matter. I think it is important to make sure that in this time of uneasiness, that we have options for different job fields, specifically for those in the financial sector. I think people such as myself, who work in the nonprofit sector do not have to worry as much, because competition has not really been anything to worry about as opposed to other job markets. Although, as a writer I feel the pressure constantly. I think getting better acquainted with your superiors at work and finding out what you need to do to be recognized and be the best is critical at this time.
Good luck to all!
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By: Ahmed on 4/09/2008 1:43PM
This article touches on a very important issue the economy, and to be exact job security. The time to beat around the bush is over people, we are in a rescession and it will take many sacrifices for the average American family to outlast it. Thank you Yodit for the article, the following are a few tips that could help you weather the upcoming storm:
1. No more purchases on credit unless you plan on paying the entire balance at the end of the month.
2. If you own a home the time is now to switch your adjustable rate mortgage to a fixed rate, or to refinance your current fixed rate lower. Caution the rates may be coming down but waiting has its risks, primarily as banks and financial institutions suffer lending will constrict and even people with above average credit will have a hard time securing a loan.
3. Make a PLAN for the next month count every expense you have and see where you have room for growth (everyone has room). Some common areas which can be reduced are intrest rates (call your credit card company!), restaurant expenses (no need to starve but eat CHEAP), lower car payments (if you have a new car and are struggling turn it back in or sell it and buy a used car for $3000 a loan on that amount would less than $75 a month (better than $300 a month huh.
4. Consolidate, this is a word which is often thrown around without people knowing how to handle a consolidation. If you have high interest rates on say three credit cards it may be wise to consolidate into on lower fixed payment. Beware though people actually run their credit cards right back up after consolidation, and now they have not only the credit card payments but also a loan payment be careful!
5. MOVE, if renting a three bedroom condo for two people now may be the time to downgrade.
Remember this is not going to last forever, so tightening your belt now could leave you at a great advantage down the road. For example keeping a good credit score and low debt so that when the housing crisis is over and you are ready to purchase rates and prices will be low, and you will be in great shape.
Thanks
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By: Kokeb on 4/09/2008 1:31PM
As a Software Engineer in Government with a Top Secret security clearance I have not experienced any pinch whatsoever as far as my employment options are concerned. There is still a huge shortage of experienced security cleared personnel to fill the large demand.
My point is that now is the time to take a step back and assess your skill set. Even during recessions there are certain fields and skills that will still be in high demand. It may take years for our economy to bounce back to what it once was. So, now is an ideal time for all people (especially students) to try developing skills that will allow them to survive this rough economic patch that we are in...
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By: dk on 4/09/2008 3:07PM
Interesting article, allot of good but tough facts. This article’s facts are why many economists believe the US is falling into a recession. Between the housing market crash and the rate of unemployment, it is high time African Americans take time out to save, eliminate credit debt and not accrue debt. Great Article!
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By: Nate Zewdu on 4/09/2008 4:10PM
As the job market becomes tougher, one should take advantage of any possible certifications and or advancements that you can receive from your employer. Staying up to date with the latest achievements will help you in the long run when your position may come into jeopardy. Along with this, your willingness to diversify your expertise by either exploring other fields in the same place of business or professionalizing oneself ina totally unrelated field will help you to maintain an above average status as the job market continues to suffer.
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By: H. Elias on 4/14/2008 10:15AM
Being a college student about to graduate and already having to worry about job security makes the idea of unemployment and recession a difficult thought. Diversifying one's professional attributes to have a foot up on others is one way to go about it but as previous comments have stated I think now is the time to acquire new skills and prepare for the near future, when hopefully the economy will rebound.
Great Article!!
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By: Heran on 4/14/2008 10:15AM
I truly agree with this article. Being a store manager of a jewelry store I can see that the people are not buying as they use to. They are opening more credit account to purhace things and then they are still hesitant to buy.
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By: Natalia on 4/11/2008 10:43AM
I agree. I was laid off as well, so I created my own company Selling Crystallized Tees. Check us out at http://executees.net
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