In September, Chicago outplacement firm Challenger, Gray & Christmas announced that August layoffs had rocketed 85 percent to 79,459 in August from 42,897 in July, continuing a steady march upward in job cuts since spring.
What does this mean to you? As Harry Truman once said, “It’s a recession when your neighbor loses his job; it’s a depression when you lose yours.”
So, are you ready for a depression?
For several years now, various agencies and academics have predicted a systemic labor shortage that will create a labor shortage over the next 25-30 years as the gap between Baby Boomers and entrants of college-educated workers widens due to the Boomers’ mass retirements.
It’s tough to tell how much one investor can do alone to preserve their assets in 2009, particularly with unprecedented government intervention in world markets. But there are some general ideas to employ as markets and economies hopefully stabilize in the New Year: