Everybody except the government admits it: The USA is in a bad recession
November 8th, 2008 No CommentsI have seen the numbers and people I know affected by it. The only positive I see is falling exchange rates against the dollar and gas prices coming way down. Friends have been laid off and getting credit is very difficult right now.
So far this year 1.2 million jobs were lost and a lot of my friend’s credit card limits reduced. 19 banks have failed so far this year with a couple large ones included. The stock market is all over the place. The unemployment rate is at 6.5% which is also bad.
I feel quite lucky to have my job still and hope it stays around for me. We are still getting new customers which is a good sign. I just hope it keeps up. One customer represents about 80% of our business and they took a big hit last quarter financially.