Most of us consider the recession a bad thing, and for many good reasons. But for Chicago workers lucky enough to still be employed, today's economy might actually have some benefits, too.
According to the New York Times, wages are on the rise, inflation is on the decline and the rate of layoffs is stabilizing. So what does it all mean? If you can manage your money and keep your job, you just might make it out of the recession in better shape than you entered it.
On the one hand, signs that the economy is slowing down again seem to indicate the recession is here to stay - at least for a bit longer. On the other hand, experts are pointing out some good news. For example, hiring has decreased more than unemployment increased - that means that the same unemployed workers are staying unemployed, while those of us still working have a good shot at holding onto our jobs.
In the past, wages have fallen during recessions. But since the recession began in December 2007, wages have risen 5 percent, according to the article. Many companies that cut costs by downsizing their workforce are still able to afford raises for current workers. Meanwhile, inflation is at zero. That means purchasing power for the gainfully employed is higher than ever.
If you've got a college education, the news is even better. Data shows that unemployment for workers with a college degree is 4.5 percent - less than half the overall rate of unemployment.
So what's the moral of the story? Things aren't exactly good; but for many of us, they could be a lot worse. If you've managed to hold on to your job, this is the time to take care of those lingering financial problems. Save up some emergency money, stick to your budget and pay down debt if you can. What if your debts are too big to manage alone - or you do find yourself out of work? In either case, the right bankruptcy plan can help. Find out for free how bankruptcy can put you back in control of your finances with a personal debt analysis from a Chicago bankruptcy attorney.
