Is Your Job Safe in 2009?

Everyone knows a recession is likely to bring more unemployment so if you’re feeling nervous about whether you’ll keep your job through 2009, you’re definitely not the only one. Money Magazine says that economists are predicting a rise in the unemployment rate to around 7 or 8 per cent during 2009, which means that there are certainly a few jobs that will be lost.

The risky industries, according to the experts, are service and manufacturing industries connected to consumer spending (but not sales), and state and local governments. However, if you work in health care, education or defense, then you are probably going to be safe.

If you’re worried that you might get caught up in job cuts, make sure that you save enough cash in an emergency fund that would pay all your bills and essentials for at least six months. The average time it takes to find a new job now is around four to five months. It’s also important that you keep your resume current, make sure your skills training is up to date, and keep in touch with the news in your industry so you know where you can start looking for a new job if you suddenly need to.