Economic Recession is bogging the whole world now...
As many industries suffer during the <?XML:NAMESPACE PREFIX = ST1 />US economic downturn, some workers are looking for jobs in sectors that are continuing to grow. Figures show that one of the most recession-proof industries is healthcare. US government statistics show the healthcare industry added more than three-quarters of a million jobs last year. And one internet job site, Jobfox, ranks nursing and medical administrative services as two of the safest careers to have during a recession. Despite promises to tackle recession together, EU governments are scrambling each in their own corner to come up with new measures to revive their economies, threatening the bloc's unity. However, the new wave of government actions since then has left some worried that EU states risk causing more harm than good by failing to coordinate. The banking sector is once again at the centre of governments' attention, with Britain announcing earlier this month an insurance scheme to relieve banks of the impact from the toxic assets ravaging their balance sheets. After Europe saw the weakest new car sales in 15 years in 2008, governments including France, Germany, Portugal, Spain and Sweden are mulling measures for the auto industry, one of the biggest employers on the continent. Measures under consideration range from incentives for scrapping old cars to encourage purchase of new vehicles, to tax breaks, public procurement initiatives and outright state investment in carmakers. On the economic front, government are also taking up different approaches, with London cutting value added tax to boost consumption, Berlin mulling big infrastructure investment and Paris looking into aiding companies. Economic slows down in other countries has cut into demand for U.S goods and services. Trying to survive the downturn, businesses are scrambling to cut costs and that's taking a painful toll on the nation's labor market. The unemployment rate jumped to a 16-year high of 7.2 percent in December and could hit 10 percent or higher at the end of this year or early next year. A staggering 2.6 million jobs were lost last year, the most since 1945, though the labor force has grown significantly since then. Another 2 million or more jobs will vanish this year, economists predict. New York's main futures contract, light sweet crude for March delivery, was up 26 cents to 41.94 dollars a barrel. The gains followed wildcat strikes at oil refineries in Britain, as well as data showing a milder-than-expected economic contraction in the United States. The Japanese data came a day after the United States said new home sales plunged almost 15 per cent in December to the lowest monthly level on record, while the number of people seeking unemployment benefits hit a record high. South Korean exports suffered their biggest-ever drop in January, adding to market expectations that the central bank will cut interest rates by at least half a percentage point to shore up Asia's fourth-largest economy. The country is home to the leading producers of computer chips, mobile phones and ships and is the first big Asian exporter to report trade data each month, providing an early indication of the state of global demand. Japan, China and a number of other export-reliant economies have also reported a collapse in trade in recent months, with the technology industry hit especially hard by worsening consumer demand in the United States and Europe. The benefits of an economic recession can be painful to admit. When capital flows freely, entrepreneurs and non-entrepreneurs alike get to start companies - much like walk-ons get to chase their dreams of playing big league. In a downturn, those not favored by the market get the boot. That is the benefit of a recession. We cull the herd of would-be entrepreneurs. It's like cutting the 6th string on the football squad. The bus can't hold that many kickers AND the soccer team needs that talent. So, talent gets redeployed as it is fit. Sure there are very real consequences, and those who can shake off the rejection to move on will flourish in their new environment. Our economy depends on the flexibility and variability - without it, innovation and incentive to innovate would die. It is no easy task to redeploy yourself, particularly if you must retrain yourself, but it is your ability to be flexible, adapt and embrace that promises you long term stability. For more updates in depth on how you can survive the crisis, visit www.savings.bestlifeyouwant.com/Index.html
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