Posts tagged with “layoffs”

Many companies trying to stay afloat amidst the current economic slump are starting to trend away from layoffs and towards pay cuts as a way to save money. And like it or not most employees are stuck dealing with it, since rising unemployment rates mean they have fewer options and even less negotiating power.

Being underemployed and dealing with a significant drop in income can be almost as bad as being altogether unemployed, as both can mean important bills can't be paid and making less money now can have enormous impacts on the future in the way of 401K values and social security earnings.

Ugh, what a mess.

The most recent numbers are in and the job market still doesn't look good: all but 6 states reported losing jobs in April with California leading the pack (for the 5th straight month) by reporting more than 63,000 jobs gone. Texas came in second, reporting job losses of 39,500, and Michigan was third with 38,400. The industries of manufacturing, construction, and retail are some of the hardest hit in the states with the highest unemployment rates, and the nation has a whole has lost a total of 5.7 million jobs since the recession began back in December of 2007.

So have we finally hit bottom? Will we finally start seeing some positive news in the job market? I hope so, it's about time!