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Economic Effects of Unemployment

Today, the possibility of loosing your job looms on the horizon for many of us. Up until a few months ago I was among the millions of people that is unemployed. Dealing with the loss of job is very similar to the emotions one feels when they experience loss through a divorce or death of a loved one. Unemployment carries an array of emotions ranging from stress, fear, anxiety, and depression. Unemployment contributes to low self-esteem and to family instability, decreased family relations, and in some cases family violence.

Lessons can emerge from those who cope well with unemployment, but the immediate goal is to survive emotionally and financially until you have a clear direction for you and your family. In my research paper I will explore not just the individual directly, but the economical and psychological affects unemployment have on the family as a whole. Current Picture: A substantial number of workers living in families have experienced some type of lay off.

The unemployment rate has skyrocketed, leaving families to deal with the economical and psychological effects of unemployment. According to the Illinois Department of Unemployment the ILLINOIS JOBLESS RATE increased to 6. 5% in February. CHICAGO — The Illinois unemployment rate rose from 6. 3% to 6. 5% (seasonally adjusted) in February, as payroll jobs dropped slightly from a year ago, according to statistics released by the Illinois Department of Employment Security (IDES).

Employer payrolls, after adding jobs in January, posted a modest job decline in February, as businesses again postponed hiring due to uncertainties about the economy,” said IDES Director Brenda A. Russell. “While job gains were recorded in seven of the state’s 12 major industry groups, they were outweighed by continued losses in Manufacturing, and in the Transportation/Warehousing sector. These losses brought total payrolls down marginally from their year-ago count.

The total number of people working in the state fell 42,200 to 5,954,700 in February, a decline of 0. 7%. The number of unemployed rose 9,700, to a total of 415,500, an increase of 2. 4%. Economic Effects of Unemployment Time to count the cost. How people respond to long-term unemployment varies depending on the stage of their careers, on their family situation and, most of all, on their financial resources.

Those with working spouses, who have an income and usually health insurance, can generally get by longer than those without. And whether unemployed workers sink or swim can depend on how resilient they were to start with. Whatever your family situation may be, there is still a loss of salary. In taking a hard look at reality, it is time to study your financial situation. Most of the long-term jobless are finding ways to get by, though they’re using more savings, home equity or family help than they would like.

They are finding productive ways to use their time, taking classes, volunteering or exploring new careers — even though they would rather be working. Don’t rush into big decisions. You may not have to sell your house and move back in with your parents, but don’t feel bad if you do. The problem may not be that drastic. Be honest with yourself, family and your creditors, explain your situation. Don’t wait until they call you. There are a few ways to cut cost in the budget. Here are a few ways I cut cost in to order to survive financially.

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