Wednesday, August 25, 2010

What's your Confidence?

According to the latest Gallup poll our economic confidence has dipped a bit in the last few weeks. Overall we are feeling less confident about the economy today and think things are getting worse. Workers worries about job and pay cutbacks continue to be high compared with prior years. Roughly one in four workers is worried about being laid off in the near future. Consumer spending is down as well off by a few dollars in August, even with back to school shopping. These facts all gleamed from Gallup's recent polls, and can change on a weekly basis. Are you worried about the economies state? I not overly worried on a personal level because I'm taking care of my budget. I have a plan to repay my debt. I have a job. There's the rub. The job. What's the back up plan for job loss? Emergency fund you say? Sure, but for how long?

I have been trying to fill an open position at my job and have interviewed a number of candidates who have lost their jobs over the last year. Downside as they put it. I have found it difficult to fill that open position, just not finding the right fit. When talking to some co-workers about it, one suggest it's because all the good people still have jobs. I may have to agree. Just like you do in a budget crunch you trim the fat, make sacrifices and only spend money on the things your truly need. I'm sure companies have made those same choices with their work force, trimming back those who were meeting job requirements, but not a true need for the money being spent during tough times.

With the economy not recovering as quick as many had hoped, how would you handle job loss?

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