Yesterday, the U.S. Labor Department announced the nation added 80,000 jobs in June, and 225,000 jobs the prior quarter. While that may seem like a lot of jobs, these are the worst jobs numbers since 2010, and in the U.S. it takes about 125,000 jobs a month just to keep up with all the people who enter the work force, let alone providing jobs for those out of work.
The official unemployment rate stayed at 8.2% but when all the people who have been out of work too long are counted, and those who cannot find enough work are counted, this is at least 23 million people, most of whom have families who are also affected. Add in many unemployed people no longer have health insurance and are only one serious illness from financial catastrophe and this is a recipe for disaster.
In this weak jobs environment, no wonder consumers are fearful and careful in their spending and businesses are hesitant to hire. America's jobs engine, small businesses, in many cases are struggling to stay afloat.
At some point, the U.S. Fed will likely jump into the fray, and the stock markets will briefly soar, until investors realize the Fed has already used most of its most potent weapons and the economy still hasn't recovered.
In the face of the jobs market growing dim, what can you do to protect
yourself? Plenty.
1) Take care of your health. Without good health, you
can do little to protect yourself and your loved ones at such a crucial time. If
you suffer from diabetes, heart disease and other often preventable but severe
diseases, do something about it, starting today. Begin eating wisely, slashing
junk foods and get some exercise. Your well-being depends on it!
2)
Protect your job. Cross train so you have more to offer your employer, find ways
to help generate revenue or cut costs because that is how nearly every
organization is now focused, be upbeat because no-one wants to be near a
complainer and word about complainers travels far and fast and tackle jobs your
boss feels are essential but doesn't want to personally do. And with a smile,
the more you can do to help others in your organization with their work, the
more support you will receive from them and this is a time when everyone needs
the support of others.
3) Slash your overhead. Sell-off unessential items
such as an extra car, or a motorcycle, boat or other toys you may no longer be
using but cost you money to keep. Pay down or pay-off your credit cards for
those monthly payments are eating your budget alive. If need be, approach those
credit providers to explain the dire nature of your finances and try to get a
forgiveness of some of your debt or better payment terms.
4) Educate
yourself with practical courses. Select online, extension or other courses that
can put money in your pocket such as those related to computers, medical care or
other much needed skills.
5) Make charitable donations. To the extent you
can afford to, please give generously to charities for in the end, all we have
is each other. And the donation you make now may help someone else get back on
his feet and in turn he may later help you get back on your feet.
6) Laugh and have some fun. Life is meant to be enjoyed. All around you are TV sitcoms, YouTube videos of your favorite comedians, movie comedies and other humor that will bring joy to your life and put a smile on your face.
One
final note: Together we will get through the horrors of this financial crisis,
for the world has had many financial crises and after considerable hardship, it
always survives them. During the 1930's Great Depression, people came together
to help one another and as times grow worse that is what we will do
now.
Dick
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