Everyone is suffering from the current economic recession. Even cities who were thought to be doing relatively well, like New York, are announcing that their unemployment rate has jumped to a worrying 9.5 percent.
This cluster goes through the ideas created with regards to rising unemployment rates, poverty, frugal living and the increasing amount of debt that seems to be accumulating rapidly.
Implications - Unemployment has hit many people who are dealing with the poor economy. The difficulties have caused many consumers to cut-back on purchasing personal needs which has detrimentally hit several industries. It's difficult to determine how businesses can help themselves during these troubled times. Searching for cost-efficient production methods and marking down prices are the obvious options, but it won't be easy. Businesses will also have rethink marketing strategies and perhaps offer special deals to convince consumers to consider buying again.
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17 Jobless Woes
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As the Unemployment Rate Rises, So Does Poverty and Debt
By: Shelby Lee Walsh - Published: Jul 17, 2009 Updated: May 18 2011