New York SBDC Research Network

From the Bureau of Labor Statistics In the latest recession, employment supported by U.S. consumer spending declined by an estimated 3.2 million jobs between 2007 and 2010, over a third of total job declines during that time frame. Compared with the overall economy, consumer-related employment demonstrated relative resilience, recovering in 2012. Through 2022, consumer spending is projected to support stable job growth with increasing expenditures on labor-intensive services like health care. However, consumer spending and its related employment are projected to grow slower than in the past and at rates similar to the overall economy.

Source: Congressional Research Service, via Federation of American Scientists A persistently high unemployment rate is of concern to Congress for a variety of reasons, including its negative consequences for the economic well-being of individuals and its impact on the federal budget (i.e., deficit growth due to lower revenue and higher expenditures). The unemployment rate was 9.5% when the economy emerged from the 11th postwar recession in June 2009. It climbed further to peak at 10.1% in October 2009. The rate then slowly declined before stalling at about 9.0% for most of 2011. Although the unemployment rate has resumed its decline, at slightly above 8.0% in early 2012, it remains at an historically high level. The slow rebound of the labor market has prompted calls for new measures to stimulate economic growth to avoid a so-called double-dip recession, such as occurred during the early 1980s. The economy contracted in July 1981, 12 months into the recovery from the Januar...

Is the recession over? Unfortunately, no. Are certain aspects of the economy improving? YES! It's Alive! - Consumer spending, the dollar, GDP, and the stock market are all headed higher. The economic story is much more encouraging than it was just one year ago. But that doesn't mean the recovery is complete. Job Market Brightens as U.S. Payrolls Surge in March - The clouds have parted. After more than two years in which more than eight million jobs were lost, the country’s non-farm payrolls surged in March. Employers added 162,000 jobs last month, and employment numbers in the previous two months were revised upward. Nationwide, the unemployment rate held steady at 9.7 percent. To many ordinary, out-of-work Americans, the recovery may finally start to feel real. Recession Survival Guide for Small Business - Even the most successful small business will feel the challenges of the rough economic conditions. This guide presents tips, techniques, and experiences from NYS ...

Every business owner knows that during a recession, it is difficult for any business to maintain previous levels of income. But after a recession ends, how does a company bounce back? Below are some articles that offer tips and success stories that will help your business exit the recession prepared for the turn around. 9% of Companies Emerge from the Recession Stronger - Here's How (BNET - Harvard Business) How to Reach an Audience Forever Changed by the Recession (Chief Marketer)

The research network at the NYSSBDC has updated a document that can be used as a guide and information source for our clients in today's rough economy. Originally created in July 2008, this is the fifth version of the paper. The guide combines facts and figures regarding the current state of the economy as well as tips and strategies for surviving in down times. In order to create the document, we visited major and business news websites and found the most recent articles and blogs that are applicable to our client base. We would be happy to send the document to any advisor or NYSSBDC employee who requests a copy. Feel free to call, email, or leave a comment and we will send you what we are calling the "white paper".

There has been a lot of hype in the news lately about whether or not the recession has ending or is in the process of ending. Both President Obama and Ben Bernake, the chairman of the Federal Reserve Board, have stated that they believe the recession to be over, or at least near its end. Whether or not is has ended is certainly up for debate and below are articles from both sides of the argument. Recession 'Likely Over' Conference Board index shows continued economic improvement Job cuts ease in August 86 percent in US believe recession continues Economist sees strong chance of 'double-dip recession'

With the unemployment rate around 10% and five job applicants for every one job, there are many Americans who are finding themselves unemployed with little or no opportunity for employment in the near future. When this happens, why not create a new job (or jobs) by starting a new business. An article in the New York Times titled On to Plan B: Starting a Business recently said "CALL them accidental entrepreneurs, unintended entrepreneurs or forced entrepreneurs. A year and a half into the Great Recession, with the jobless rate hovering near double digits, corporate refugees...are trying to fend for themselves." For more information, read the articles below or contact your local NYS SBDC office here . How to Become an Entrepreneur During a Recession Becoming an Entrepreneur Can Provide Hope During the Recession Breaking the Recession Illusion to Become an Empowered Entrepreneur

On the New York State Small Business Development Center's website today we have debuted a new section titled Recession Survival Guide for Small Business . The guide is intended to help small business owners' throughout the recession by focusing on certain topics that are universal to any small business. The subjects discussed are Advertising, The Internet, Doing Business with the Goverenment, Labor Force, Economizing, and Going Green. Each section is designed to help a business owner re-evaluate their current way of thinking to maximize the expenditures and effectiveness of each business aspect. As an ongoing document, we would welcome any comments regarding other topics business owners would be interested in reading about.

The research network at the NYSSBDC has updated a document that can be used as a guide and information source for our clients in today's rough economy. Originally created in July 2008, this is the fourth version of the paper. The guide combines facts and figures regarding the current state of the economy as well as tips and strategies for surviving in down times. In order to create the document, we visited major and business news websites and found the most recent articles and blogs that are applicable to our client base. We would be happy to send the document to any advisor or NYSSBDC employee who requests a copy. Feel free to call, email, or leave a comment and we will send you what we are calling the "white paper".

Chances are, after reading the title of my blog, you think I am insane. That's okay. The numbers that we see printed everyday in the business section show that not only are we in a recession, but very few economic indicators have started to turn around and become positive. I would like to argue that the same numbers that make most people cringe are the reason why you should start your business right now. Unemployment is at 9.4% for the country and there are 5.4 individuals for every job posted. So why don't you change from being someone who is unemployed and applying for the same job as 4 and a half other people, and start your own business. Starting Over — as an Entrepreneur (Wall Street Journal) Laid Off in 2008 - Start a Business in 2009 (Entrepreneur) - Stories from three entrepreneurs who have started their own businesses during a recession. How to Start a Business During the Recession (eHow.com) Best Small Businesses to Start in a Recession (About.com)

Most of the news that I read in the Business Review and other business-oriented periodicals and websites detail the extreme losses that many major companies have experienced in their first quarter for 2009. Luckily, the more time that I spend reading up on the Stimulus Act, the economy, and even the recession, the more hope I have that things will turn around, possible even soon. 2009 Industry Outlook - Challenging Times, Emerging Opportunities (Deloitte) Report: National recession to end by Sept. (Albany Business Review) The 2009 Economic Landscape - How the Recession Is Unfolding across Four U.S. Regions (FDIC)

The central office for the NYSSBDC has updated a document that can be used as a guide and information source for our clients in today's rough economy. Originally created in July, this is the third version of the paper. The guide combines facts and figures regarding the current state of the economy as well as tips and stragtegies for surviving in down times. In order to create the document, we visited major and business news websites and found the most recent articles and blogs that are applicable to our client base. We would be happy to send the document to any advisor or NYSSBDC employee who requests a copy. Feel free to call, email, or leave a comment and we will send you what we are calling the "white paper".

A few weeks ago, I received an email from BNet titled "BNET's Recession Survival Guide: 12 tactics for surviving the economic storm -- and even coming out ahead." Below are links to the 12 tactics listed. 1. Refiance Your Debt 2. Prioritize Your Debt 3. Land a Private Placement to Fund Critical Investments 4. Exploit Revolving Credit 5. Raise Cash Through “Factoring” 6. Sell Off Non-Critical Assets to Raise Cash 7. Take Advantage of Training Programs 8. Cherry Pick Top Talent Away from Rivals 9. Rebalance Compensation From Top to Bottom 10. Price Optimize for Your Best Customers 11. Double Down on Strategic Advertising 12. Capitalize on Affordable Luxuries

Do you want to know more about what you can do as a business owner during times of economic downturn? Below are links to articles with solutions and guidelines on how to survive and possibly thrive during the current financial crisis. Congressional Research Services: Economic Slowdown - Issues and Policies (PDF File) Entrepreneur.com: Surviving a Slowing Economy National Federation of Independent Business: Ten Ways to Reject the Recession and Build a Thriving Business Business Week: Surviving the Storm Small Business Trends: Four Mistakes Entrepreneurs Make in a Recession WomenEntrepreneur.com: Surviving an Economic Downturn

The central office for the NYSSBDC has created a document that can be used as a guide and information source for our clients in today's rough economy. Originally created in July, we recently found it was necessary to update and revise the document. The guide combines facts and figures regarding the current state of the economy as well as tips and stragtegies for surviving in down times. In order to create the document, we visited major and business news websites and found the most recent articles and blogs that are applicable to our client base. We would be happy to send the document to any advisor or NYSSBDC employee who requests a copy. Feel free to call, email, or leave a comment and we will send you what we are calling the "white paper".

Trying to stay on the bright side? I'm sure we'll be reading more about how we can conserve and make the most of what we have. Encouragement may come in the form of an article in Inc. magazine: Starting up in a Down Economy which looks at companies that got started in lean times. Some of the examples are household names like Coors, IBM, Domino's, Wikipedia, and Clif. On a more personal (financial) note, The Simple Dollar looks at protecting oneself and succeeding in challenging times. MSN Money: Smart Spending has a bit on it as well: Preparing for and Surviving an Economic Downturn Jan 11 2008 by Karen Datko And from Small Business Notes comes Surviving an Economic Downturn with tips specifically geared to small business owners.