The report for the unemployment number was out today and the numbers were staggering because 84,000 jobs were lost in August and the unemployment rate hit an all time high of 6.1%. Some economists are predicting that this number will increase to 8% or 9%, which means that some of us might be out of jobs in the next year!
Before you lose confidence in the economy as well as yourself, here are some things to consider.
The Unemployment Rate is a National Average
6.1% unemployment rate is an average of every industry and location within the United States. It doesn’t mean that your particular area is affected nor your industry is in an down turn. Be in tuned about your industry and location and if there are no problems, there is no need to worry.
Being in Southern California, I know that most people related to mortgages are in trouble as most of them are already out of a job but other industries are still doing well. In fact, my company is currently interviewing people for 4 positions!
Companies Don’t Fire Good People
Even if the unemployment rate is 15% and your company fires 20% of the workforce, it does not mean that you will be fired. Companies fire people because they don’t see a need for that particular person anymore. Strive to be that person that the company needs and you will never have to worry.
Start Building that Emergency Fund
If you haven’t already, build the emergency fund that we’ve always been urging you to do! With the piece of mind that your family won’t be in any financial trouble, you won’t worry about losing your job as much and you will actually perform better during your work hours!
Don’t Panic
If you listen to any other advice, listen to this. Do Not Panic! Being nervous and worrying too much will affect your performance at work. This might lead to being fired even if your company never had the intension to do so in the first place!
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Good advice with the EF. I would add that people should try and have up to 1yr worth of funds available. However put in a high yield savings account or money market fund rather than just leaving it in your checking account.