When times are good, the job is secure, there may be a pay raise on the horizon, or that new vehicle catching your eye on the dealer's lot, the kid's education fund, and your retirement CD is drawing interest, then Blam! The bottom falls out of the economy, gas prices skyrocket, the stock market, (where your retirement fund is invested) takes a major dive, and all of a sudden, the media and government officials are announcing a recession.
In everyday life, economic pressures are staggering enough, but the state of the global, national and local economy, has many families doing some belt tightening, budget crunching, expenditure prioritizing and re-evaluating long-term financial plans.
Although the wide spread effects of an economic downturn touches everyone, some businesses flourish in these times. It would be difficult or near impossible to say these businesses are recession proof, as they also feel the strain of increased product, labor, medical costs and taxes.
When the job market is slim at best, there is a noticeable business increase in placement service agencies. Manpower, Penmac and other independent agencies find it necessary to add additional personnel to handle this larger volume of applicants looking for work. Online sites such as Monster.com and CareerBuilder.com are experiencing a boom with the enormous increase in job candidates.
With growing families and budget crunches, there has been an increase in the resale business. An employee/volunteer at Christos House Resale and Outreach in Alton, said, "Yes, we've seen quite a bit of increase in shoppers here." When economics dictate, this valuable service to society, is showing an increase in patronage thus benefiting their ability to assist the public.
The auto repair industry, although hit with the same inflationary products cost we all would experience if we were to attempt to repair our vehicle ourselves, has shown an increase of approximately 10 percent. People are getting their older vehicles repaired versus going to the expense of purchasing a new one. As we all try to extend our budget, repairing and upgrading an existing auto/truck can be one slight budget solution. This too helps family expenses by a reduced personal property tax and decreased insurance for that older vehicle, and the added bonus that the seat fits -- your seat.