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Stacey Butler reportingWhen jobless claims go up, as they did Thursday, stocks fall and fears rise. And now many Utanhs are worried about their own job security.
Economists didn't see this one coming. The biggest jump in jobless claims since March of last year.
Last month over 13,000 people stood in unemployment lines, taking the number of jobless up to over 439,000.
According to the Bureau of Labor Statistics, currently there are more than 8 million people people out of work and fewer than 3 million job openings.
That news that has many Utahns worried.
According to a recent poll by Dan Jones and Associates, 26 percent of working Utahns polled are concerned about the security of their jobs. That's one in four.
When asked: Given the current economic climate are you concerned about losing your job? Twelve percent of Utahns answered it's very likely.
About half of those polled have high hopes for a rebound by the end of the year.
But until then, financial advisors say it's good to remember some tips to protect youself against tough times. Experts say it's easier than you think.
You may want to:
- Eat Out Less
- Cut Coupons
- Shop at Garage Sales To help stick to a budget, be sure to track your spending. Personal finance software can be helpful. Pay only the minimums on your debt, but avoid taking on new debt. And don't tap your retirement funds. Not only do you lose up to one half of the withdrawal to taxes and penalties, but you lose valuable returns. Use your home equity loan with caution. Home equity is protected in bankruptcy court, so money from your home shouldn't be used to pay unsecured debts. If the economy doesn't stabilize, experts predict the Federal Reserve could reduce its key short-term interest rate again next month.
