Recession Affecting Most of Us

Unemployment resulting from the Recession of 2007 maxed out at 10.6%, most Americans felt the pinch of the recession in one way or another according to a new study published in Business Week. The Pew Research Center reports that 55% have either lost a job, or seen their salary or work hours reduced. A full 32% have been unemployed at some point during the recession, while 28% have been forced to work fewer hours and 11% to work just part-time. Naturally, though perhaps compounding the recession, 62% have cut back on their spending while only 6% are spending more than they were prior to the recession.

Though 54% think the country is still in the depths of the recession, there are signs of hope. 62% expect their personal finances to improve over the next year and 15% believe the economy is now back on the right track.
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