By Sergio Campos | Associate Consultant
According to the Bureau of Labor Statistics’ latest report, the unemployment rate fell to 5.9% last month, the first time it’s been under 6% since 2008. Other indicators of joblessness are also falling: The number of long-term unemployed (those out of work more than six months) is now under 3 million for the first time since the recovery, while less than 700,000 people report that they’ve given up looking for work because none is available, down from more than a million in 2010. Plus, layoffs recently hit a 10-year low.1
While this might be a positive signal, the jobs recovery is still incomplete. Since the height of the Great Recession, layoffs have become less common across the job market, but it’s still important to keep these lessons in mind, regardless of your current employment situation.
An unexpected job loss can be one of the most difficult things to endure, especially from a financial standpoint. If you and your family rely on employment income to pay for living expenses, losing your job can cause drastic changes to your current lifestyle. While you might be coping with feelings of shock or disbelief, it’s important to pick yourself up and face the problem rationally. You’ve lost your job — now what do you do? This article will focus on a few ideas that can dramatically improve your situation.