News came today from the government that 533,000 jobs were cut in November. Forbe’s statistics also indicated that 31,387 job losses in December so far were from top 500 public companies. The unemployment rate jumped to almost 7%. In total, more than 10 million people were unemployed as of November, while the number of employed was roughly 144 million.
Employers are slashing jobs to cut costs and cope with the contracting economy. Many of my friends are worrying about the security of their jobs, while frustrated by tanking stock prices and home values. This in turns results in more shrinking in consumer spending. And the cycle of even more job losses.
The most important thing for now is to get enough cash to at hand to survive this winter. Investment should be really conservative for most. Refer to Safest Investment .