Wednesday, March 12, 2008

Is Your Local Economy in a Recession?

USA Today published a great article last week entitled How’s the economy in your hometown? The piece does an excellent job of explaining that economies are local. The article claims five states are already in a recession including Arizona, California, Florida, Nevada, and Michigan. Fifteen other states are “at risk” of slipping into a recession. The remaining thirty states are currently experiencing economic expansion.

My new hometown of Houston is holding up well. Unfortunately, my old hometown of Minneapolis is currently “at risk” of recession. Is your local economy in a recession? If so, my advice is to do your best to ride it out. Over the past five decades, the average recession lasted only 11 months. Yesterday, I explained how I prepared myself for a recession. If your local economy is at risk of a recession, the most important thing you can do is make yourself invaluable at work, get rid of debt, and improve your cash flow.


Kristen Zirkle said...

Thankfully, I have made myself pretty invaluable at my new job-now just need to work on the other stuff.

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