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Different segments of the economy are affected differently. Here in Champaign County, IL it is difficult to find someone to hire that has a driver's license and/or a relatively clean criminal record. They tell us that the unemployment rate is 6.5% up from a normal 3.5% or so. That's about an additional 6000 people. All the while the total employed is actually up a little. People have money, but the last six months has really messed with their budgets when it came to buy energy and food. Hence no one is buying cars, appliances, clothes and other durable goods. The real sectors that are hurting is the manufacturing and financial sectors. I can imagine that the jobs that are creative in nature may also be hurting some as compaies aren't going to be in a hurry to hire architects, designers, some programmers and at some point the engineering segment may be hurt. The folks that are taking it on the chin through no fault of their own are the retired folks that were planning on investments and savings to take them through their retirement years. Our local bank is paying .6% on savings accounts and 2.25% on 1 year CD's. It takes a darn big pile of money to survive on 2.5% interest. And then getting hit with a 50% reduction in your investment portfolio is a pretty tough nut to crack. This whole deal didn't happen ovenight and it won't be solved any faster. But you have to have a little faith that there are some smart and ambitious people out there that will figure it out. One final note. Some commented on people eating out a lot, but watch when you go to the grocery store how many people are buying convenience foods. Those ready to eat pop them in the oven or microwave meals that everyone buys. No one cooks anymore. But if you really want to save money watch what you buy at the grocery store very carefully.
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