The US unemployment rate soared above 8% in February, as reported in today’s New York Times. More Americans are out of work today than any period since 1983, adding weigh to the fears of pundits and individuals alike that the current recession could extend well in 2009 – the outlook for 2010 remains unclear.
I’ve seen the current financial meltdown hit close to home recently; Microsoft, my employer, is still making money but the company is growing at a much slower rate than before and we have reduced confidence in the future. As a direct result of these results Microsoft removed 1,400 jobs from its payroll in January with another 3,600 to follow over the next 18 months.
However, this adversity is bringing out a sense of determination in those who have lost their jobs. In the Puget Sound area several groups have formed dedicated to helping the newly-unemployed Microsoft workers get back into business –and in doing so, new job opportunities are forming for other recent victims. As President Obama said yesterday, “this country has never responded to a crisis by sitting on the sidelines and hoping for the best” – that spirit is alive and well in Redmond.
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Yes, Microsoft is not immune to the downturn. That's wonderful that there are groups forming to help the laid-off workers.
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