Posted on 18 November 2008

How is the Economy and Recession Affecting *YOU*?

Utah’s economy continues to outpace the United States, though we’re losing ground on key economic indicators, we’re losing that ground more slowly than the nation as a whole and many states around the country.

September 2008 Unemployment Rate Utah VS. USA
Click for latest employment situation report
Utah: 3.5% U.S.: 6.1%
Year-Over Nonfarm Growth
Utah: 0.1% U.S.: -0.4%

With economists and pundits expecting the worst Christmas shopping season in a generation.  Like Alisa Roth with Marketplace says it, “It’s hard to believe. But it looks like Americans may have quit shopping. Retail sales fell nearly 3 percent in October. And that’s the biggest drop since the Commerce Department started keeping track back in 1992.”

Things aren’t getting nicer, either:

Jerry Yang at Yahoo! calls it quits, meanwhile Republicans appear to be pushing Detroit off the cliff they’re facing.

How is the economy and recession (which Jeff Thredgold estimates began nearly a year ago) affecting YOU, personally?

What have you changed about your lifestyle? No-longer online window shopping? Stricter budgeting? Only perusing certain aisles at the grocery store? Job change? Changes in retirement goals?

PLEASE LEAVE YOUR COMMENTS. What’s happening out there?

8 Comments For This Post I'd Love to Hear Yours!

  1. Matthew Reinbold Says:

    From a business perspective the terms on invoices I send out have gone from Net-30 to Net-15. I’ve also arranged to have the ability for clients to pay with credit in addition to check.

  2. Robert Merrill Says:

    That’s interesting, Matt. How has your clientele received the change to Net-15?

  3. Robert Merrill Says:

    I received the following other two comments on this post via twitter:

    jalbright: “Cancelled cable (which I hardly watched anyway) and now bring my lunch to work. Those 2 things have really helped out”

    monicabuckles: “We had to cut back on vacations. we haven’t been anywhere in over a year. “

  4. Antonia@Modern Comforters Says:

    Well Robert – I think that cartoon says it all much better than any of us ever could!

    Still, here’s my two bits – I have actually cut up my credit cards and thrown them away (alright, alright – I have one left for real emergencies!) – I only strictly window shop nowadays, no more online purchases, and I am seriously looking at canceling subscriptions to services that I rarely use but still hold on to just because it is a habit! (Cable, premium phone and internet services etc.)

  5. Walt Sorensen Says:

    Business side bids have dropped to zero. current clients are rerunning old stuff rather then having new work produced.

    Back up idea to get a supplemental job, to pay for more advertising, has resulted in zero interviews.

    Average hiring department says they get 100+ resumes/day they run a job listing. Most of the resumes are from very over qualified candidates. Most jobs are expecting a minimum of a BS or BA degree even if the add doesn’t list that as a qualification.

  6. John Says:

    We sell HR solutions, so things are slow and with the unemployment rate now at 11% in Ireland and heading for 15%+ we expect to reinvent ourselves sometime shortly.

  7. Jacee Says:

    i am hoping that the global economy would recover from this economic recession. life has been very hard with these massive job cuts.

  8. Acne Scars Treatment Info Says:

    Economic recession created huge unemployment rates around the world. I think the world economy is already on the road to recovery.

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