The Recession is Coming...The Recession is Coming...Oops, It's Here!
Much like Paul Revere back in the day, there have been repeated, urgent warnings about the impending recession that will strike the US economy. Not surprisingly, the Bush administration has done its best to deny the notion that the moribund US economy is actually in recession.
Today, it was reported that the US unemployment rate hit 5.5% and nearly 49,000 people lost their jobs last month. This is the biggest monthly rise in the unemployment rate since 1986. So far this year, the Unemployed people grew by 861,000 in May rising to 8.5 million. To keep things in perspective, a year ago, the number of unemployed stood at 6.9 million and the jobless rate was 4.5 percent
Last month employers sharply cut jobs in manufacturing, construction, retailing and professional and businesses services. The recent and highly publicized meltdown of the airline industry insures that as many as 10,000 others or more will lose their jobs in the coming weeks. These layoffs, coupled with $4.00 per gallon gasoline, will undoubtedly have a substantial and lasting ripple effect on the American travel and leisure industries. Can anyone still believe that the US economy isn’t in recession (I can think of at least one!).
Until very recently, many of my disgruntled corporate colleagues (who I eat lunch with from time to time) indicated that they were actively seeking new employment. At lunch the other day, a soft spoken but vocal woman who previously said that “she couldn’t take it anymore and was outta here the first chance that she got” quipped; “What’s with all the complaining. We should all consider ourselves lucky that we even have jobs!” I think that says it all….
Until next time….
Good Luck and Good Job Holding!!!!!!
