The unemployment rate is now 9.8%. Several banks and financial institutions went out of business. Over two million foreclosures and counting. Over one million personal bankruptcies as of September 2009 and counting.
This is the longest recession in the history of the country which lasted for 18 months. The next longest recession lasted 16 months. The recession officially ended in June 2009. Some signs that the recession ended are:
1. Shares price began to increase
2. For the past two months there have been less employee layoffs and unemployment filings
3. Some businesses are getting stronger
4. There was a slight increase in sales of manufactured products
5. The Americans savings rate is positive
6. Economic issues developed in other countries
7. Value of the dollar has begun to increase
8. The price of gas is going down
The recession is over but if you find yourself still having financial troubles that is a sign that you have to change the way you think about money and you have to change your spending habits by living well below your means. Here are a few ways to help you live below your means and ensure that you are able to survive a future financial crisis:
1. Bring your lunch to work
2. Pay down debt
3. Create a budget or spending plan
4. Reduce spending
5. Create an emergency fund
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