Jobs Data Shows Increasing Unemployment

Jobs data was reported this morning, and the verdict is in: Increasing unemployment is the trend. The Wall Street Journal reports on unemployment:

The U.S. unemployment rate posted its sharpest one-month increase in 22 years last month, suggesting U.S. consumers already facing a housing slump and soaring gasoline prices now confront growing pressure from a weakening jobs market.

Even if we are not in a recession — and even if we manage to avoid one — it is a good idea to treat your personal finances as though that is where we are headed. If you are worried about your job, now is the time to take a few steps:

• Adjust your monthly budget and start trimming the excess.
• Put a little more into your savings emergency fund.
• Update your skills and your resume. (And check your network contacts.)
• Try to pay down a little more debt.

Even if you don’t lose your job, you’ll have peace of mind — and be in a better position.