Monday, July 20, 2009

B.A.F.F.L.E.D. Economics

Part I: Defeating the Downturn

The recent economic times have been nothing nice to various segments of our society. We’ve gone from a thriving economy with heavy spending and producing, to a cost-cutting, output-reducing job-slashing entity, with more and more American’s left in confusion. Many are wondering how a country like America, with such advanced technology and highly educated residents, could be in such turmoil. America in another depression? In 2009? You gotta be kidding, right?


What’s Got us Down?

The labor industry has been hit pretty hard by the suffering economy. In May of this year, the unemployment rate was at 9.4%, with payroll employment down 345,000. As a result, and positive point for stakeholders, employee productivity was up 1.6% in the first quarter of the year. This is clearly due to the rate and mass of jobs being eliminated or postponed in their respective industries. Seeing your counterparts or even coworkers getting laid off definitely pushes you to work just a tad harder, aiming for the “halo effect”, so to speak. Unfortunately, this has been reported to be less of a saving grace than the new hard-workers know it to be. Believe it or not, many of those who lost their jobs were hard-working and likely even more hard-working than those left trying to up their ante in the employment game.

Source: www.bls.gov, Fear of layoffs motivating many workers - http://www.msnbc.msn.com/id/31143910/


Stay tuned for Part II.




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