The Job Exchange

Tapping Into The Hidden Job Market

Laid Off? Here’s How to Stay Afloat

AS MANY ECONOMIC Cassandras predicted earlier this year, the ranks of the unemployed are on the rise. Even worse: The damage is no longer confined to home builders and real-estate outfits. Now, workers in industries across the board — from financial services to pharmaceuticals — are feeling the pain.

Last month, the Labor Department reported that the jobless rate hit 5.5% — the highest level reported since October 2004 and a significant jump from the 5% rate reported a month earlier. And according to economists at the Federal Reserve and UCLA, unemployment will most likely remain at these levels, if not move higher, and stay there well into 2009. In fact, the latest economic forecast from UCLA’s Anderson School of Management projects that the unemployment rate will hit 6% by the end of 2009.

Given those dismal projections, it’s a good time for workers to consider how they’d cope financially if they lose their job. If that trusty emergency fund — meant precisely for the kind of unexpected loss of income brought on by a layoff — isn’t very well-endowed (or is, perhaps, nonexistent), here are some things you should do to stay afloat while awaiting your next paycheck.

02/08/2009 - Posted by | Economy, jobs, layoffs |

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