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theocat

Port Washington, NY

Member Since 2006

Followers 8 Following 24

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Saturday Feb 07, 2009

Feb 7, 2009
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The Economy (or buddy can you spare a dime?)

This economy is scaring the shit out of me. I've never felt this way before. I worry about my job prospects - both finding a new job and continuing to get steady temp work. My temp agency says they've seen a slowdown in orders coming through Harvard and that more (unemployed) people are knocking on their doors looking for work. They told me they are putting a freeze on accepting any more applicants. I'm hoping that my seniority will help me in continuing to get steady work. But who knows. In the meantime, the economy is shedding 150,000 jobs a month. In one day last week, the Financial Times reported 72,000 jobs lost in one day. The unemployment rate currently stands at 7.6% but it is clear that it will be rising much higher as the year progresses. Economists state that when you take into account those people who are underemployed, working part time when they would prefer to work full time, and those that are too discouraged and have given up looking for work then the actual unemployment rate is much higher. I wouldn't be surprised if it hits nine or ten percent by the end of 2009. One can only pray that the fiscal stimulus package being pushed through Congress will put a brake on the free fall we are currently experiencing.

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