Monday, November 23, 2009

The Personal Impact of Job Loss

An ABC News/Washington Post poll released over the weekend shows the personal impact of job loss in the United States. The headline number: 30 percent have seen a household member lose a job within the last year (or have lost a job themselves). That’s a number to rival the Great Depression, and it helps to explain why consumers are so downbeat about the economy.

Another number that sheds some light on this is the number of people who were surprised when a job loss occurred: 52 percent. This suggests that people are taking economic conditions personally. If so, consumer sentiment could fall substantially as millions of additional job cuts occur over the next year.

A more encouraging note from the survey: nearly half of respondents believe the economy is starting to improve, or will do so within the next few months.

The poll and the ABC News report of it are worth taking a look at:

Beyond the Financial Damage, Layoffs Take a Heavy Emotional Toll