The Congressional Budget Office warned that unemployment
could rise as above 9%, well above the current 6.7%, by the end of 2009. Officials also expect the recession to last well into 2009, despite an $800 billion stimulus package and record-low interest rates. For most of us, that means we must rely on our own ingenuity to find ways to increase income and cut costs.
What It Means to You
The last recession led to 29 months of job losses. If you are in an industry that is threatened, then look now to see if you can transfer your skills to an industry that is growing or at least more stable. Look for ways to supplement your income or get training for a new field, such as health care. Continue to look for ways to cut costs in spending for things you don't really need or use.
Best Moves Now