Nowadays the recession has greatly hit people all over the world. With more and more people getting the pink slips they are unable to pay their monthly dues and being indebted in a very bad manner. In order to avoid this a number of companies are providing training on managing the personal finances in a better manner.
The great US President , Mr.Barack Obama held talks with world leaders on various issues. Agreements were made on global recession. North Korea’s missile launch remained as a thorn in flesh of world leaders. North Korea had launched a rocket claiming it as a communication satellite. It upset a lot of people in USA, South Korea and Japan.
In one of the worst disasters of nature, 663,000 jobs have been lost making the U.S.A.’s unemployment rate to 8.5%. Part time jobs are being undertaken. Number of people who do part time work has increased by 423,000 to 9 million. Recession has made its worst impact through job layoffs. “The workers are losing income, benefits and hours”, says an official.
The industry is fighting against global recession in its own way. Companies like Royal Dutch Shell Plc, Total SA and BP Plc are requesting oil field companies to reduce the costs of project by 40%. Number of drilling rigs has been reduced by a quarter and oilfield vessels have been made out of service. Job cuts are expected.
New rules will be laid out by G20 group of nations after their latest met. Especially, the U.K. Govt. will soon make drastic measures to fight of recession and bring in progress and growth. Prime minister Mr.Gordon Brown will soon meet Governor of Bank of England to discuss this issue. Other world leaders have also agreed for tighter control on banks.
Savings rate in USA has risen to 6.4%. Spending has become reduced by 3.1%. Spending drop is considered as bad news since selling of products get reduced. Spending for durable goods have decreased by 10.8%. In the case of non durable goods, spending has fell by 4.2%. But spending on services is up by 3.3%($200 billion).
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