Survey: Unemployment could rise to 7.5%

11.19.08
By Nicholas Storie

Those who are hoping for a swift and effective end of the country's current economic troubles may be out of luck.

A new survey by the National Association for Business Economics indicates that business economists expect the downturn to last well into next year - with unemployment rates hitting a peak of 7.5 percent.

In fact, many experts told NABE that they do not think the nation's job picture will improve until after the third quarter of 2009.

It is easy to see how employment fears are related to concerns about the rest of the economy. Imagine if you or somebody in your household suddenly lost their job - how would you continue to pay the bills?

The first thing you should do if laid off is to find out if you qualify to receive unemployment benefits. Even if you do, chances are you will have to reassess your expenses and take extra care to stick to a budget.

Meanwhile, experts suggest that if you have large amounts of credit card debt or owe money on loans, you should get in touch with your creditors to see if you can agree an alternative repayment plan.

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Job losses could worsen