Recession Planning: Worried about Lay-offs?
On July 28th, the Bureau of Economic Analysis will announce their first estimate of the 2nd quarter Gross Domestic Product (GDP) for the United States economy. If negative, the headlines will read that the U.S. economy is officially in a recession.
In a recessionary economy, one of the common outcomes is lay-offs, especially in the hardest hit areas of the economy. Fortunately, for Houston, TX, “big oil” has been the single bright spot so far this year and the local impact may not be as severe as in other areas of the country. As of right now, there is not much talk of lay-offs, even in the hardest hit areas, but that could change as earnings and revenue decline in a recessionary economy.
In the unfortunate event you or someone you know is “let-go,” it is critical that a “transition plan” be created and acted upon. As a firm, over the years, we have helped many through this challenge. It is our role to help bring some clarity to an otherwise scary and uncertain time.
In this week’s video, we highlight some tips to endure possible job loss or lay-off.
If you have any questions or if we can be of any help, we look forward to hearing from you.
We wish you and your family, a very safe and Happy July 4th holiday!