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Regardless of how diligent one may be, anybody can become a victim of Identity Theft. Prompt response will minimize the damage, and our Identity Theft Repair Kit can help guide you through the process. Complete it online or print it out to jot down notes as they arise. Some may want to fill out contact information ahead of time to have that information at hand should you need it. Find it here.
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This week marks a duo of anniversaries that left an indelible mark in our economic history. Our response and recovery will pave our way forward.
March 9, 2009 marked the worst hit in the U.S. stock market in eight decades. The benchmark Standard & Poor's 500 lost more than half of its value. The Dow Jones Industrial Average reached its low of 6,547.05.
As I write, the Dow is up 61 percent from its low of last year. The S&P 500 was up 65 percent as of March 4th. We have reached the one-year mark in this bull market, a point some experts view as pivotal. We're more likely to sustain steady growth with a 12-month upswing.
Other analysts believe there's a bear lurking in the background and we'll see dramatic swings like we did between 1966 and 1982. They believe the market will begin to dip again late-summer.
Don't expect the pace to continue so rapidly. The first year will always show greater fluctuations. The economy was bolstered by government stimulus funds. The Federal Reserve has left short-term interest rates alone. The stock market will continue to rise at least until the Fed begins to raise rates.
On March 10, 2000, the Nasdaq Composite Index closed at its all-time peak of 5,049, more than double its value just a year before. Investors were certain the trend would continue, and put their money in skyrocketing dot-com IPOs at the market high.
Within 18 months, the index plunged by 78 percent. Even with the strong run it's seen in the current bull run, the index remains at less than half its high of 10 years ago.
The Internet was just beginning to show the promise early developers had touted. It would transform society. It was that "once-in-a-generation opportunity" for investors according to some investment firms.
And that was the root of the problem. The opportunity was so big that money flowed freely, regardless of how sound the business plan. As the economy began to turn, so did the cash flow. Several of the big Web names in 2000 are found only in historical records today.
Yet the strong did survive, quite profitably at that. Those that are still alive have learned how to establish solid business fundamentals along with a strong balance sheet.
Amazon.com's market value has more than doubled from its level 10 years ago. Much of its gains have come in this past year as it continues to find new and innovative ways to grow its business.
Yahoo Inc. is still considered a major player. It was the largest Internet stock in March of 2000 based on market cap and today remains about 77 percent below its market value a decade ago on a split-adjusted basis.
EBay also survived the burst with shares around $25.47 as I write. They reached this same level a week after seeing their all-time low of $22.81 a decade ago. Their all-time peak of $60 came in late 2004.
Tech companies today are following Google's lead by building a strong reputation and foundation before going public. Neither Facebook nor Twitter have taken that leap. But you can bet that when they do, plenty of investors will be anxiously awaiting.
The dot-com bubble mirrors the housing and credit bubbles we're struggling to overcome today. The landscape will look different when we do, but it will have a stronger foundation. And that can't be bad.
All fifty states along with our nation's capital saw an increase in their annual unemployment rate in 2009. Michigan's failing auto industry accounted for the state's number one unemployed ranking at 13.6 percent. Nevada followed closely behind at 11.8 percent. Factoring in a state's population to determine an unemployed per capita ratio makes West Virginia the biggest loser at 50.5 percent.
It was the most severe jump in unemployment figures since the Labor Department first began recording the data. Experts predict this trend to continue moving higher throughout this year.
Since the recession began in December 2007, the U.S. has lost seven million jobs. We would need over 300,000 new jobs a month for four straight years to recover those losses.
There is good news as well. Employers cut 35,000 fewer jobs than expected in February. Job openings rose in January to 2.7 million. That still leaves 5.5 unemployed Americans for every one opening.
The recovering economy is one reason for the continued rise in jobless numbers. Many of the unemployed who had given up hope of finding a job have returned to the hunt in renewed hopes of getting hired.
Their success lies in where they live and what type of work they're looking for.
Those living in the northern central of our country may have the best luck. Companies in Iowa, Kansas, Minnesota, Missouri, Nebraska and both Dakotas reported the highest rate of plans to hire. Jobs in the legal industry led the pack in all positions, from administrative and support staff to lawyers. Firms that handle bankruptcies and foreclosures are rapidly expanding.
Sales and business development knowledge will help land you a job further west. IT skills are also a plus. Those in the financial industry won't fare as well anywhere in the country.
The Bureau of Labor Statistics offers a look at labor trends for this new decade. They report strong job growth for both high-paying and low-paying positions but haven't seen much in the middle where the loss of manufacturing jobs took a big hit.
Those displaced workers may benefit from additional training in the healthcare field. Demand for most every position will grow as aging baby-boomers strain an already understaffed field. From the highly-skilled doctors and registered nurses to home health aide, personal and home care aides, nursing aides, orderlies and attendants, there is a job opening near you.
The service industry will continue to grow. Customer service representatives, food preparation and serving workers along with retail salespersons will be in high demand.
Companies also report a need for more accountants and office clerks.
The trades are all looking up. Carpenters, plumbers and electricians will be among those to benefit. Learn how to drive a truck if you're the type who enjoys long rides.
Scouring the classified ads to send a traditional resume no longer works. Whether or not you're the social type, you'll need a Facebook and LinkedIn profile to get noticed. It's the first place recruiters look today. You can upload professional background information on both sites. LinkedIn also offers the opportunity to include your resume, recommendations and references. Facebook allows you to set up an advertising page to promote your skills.
They're also good tools to research a potential employer. When you find a listing that interests you on a job board, follow the company on Facebook or Twitter. Stay updated on their activities. Connect with their hiring manager or someone else who may work at the company.
The job market is changing along with our culture. Those that can adapt are sure to succeed.
Employment, and unemployment, reports are issued by several different groups, each with a different flair. Market players look to weekly and monthly employment.
The ADP national employment report comes from a group of ADP representing around 400,000 U.S. business clients and approximately 24 million U.S. employees in private industrial sectors. ADP is projecting a decline of 20,000 jobs in February in the private sector. The report said weather had only a minimal impact on its results, but warns that weather will have an affect on the government's results.
The employment situation is also reported on a monthly basis by the Department of Labor. They also said that severe weather in February did not have as much impact on jobs numbers as expected. But government layoffs are now weighing on the numbers. Non-farm payroll employment in February declined 36,000, after a revised 26,000 drop in January and revised drop of 109,000 for December. The February payroll decline was less negative than the market forecast for a 50,000 fall in employment. The January and December revisions were up a net 35,000.
The Monster Employment Index is a monthly analysis of U.S. online job demand. Compiled by Monster Worldwide, Inc., it is based on a real-time review of a large, representative selection of career sites and job boards. The Monster employment index jumped 10 points in February to 124 in a gain the report ties largely to seasonality as recruiters pick up efforts after a January lull.
In summary, the news is mixed with drops reported by some and increases by others.
The Bureau of Labor Statistics (BLS) helps kids explore career opportunities here.
In the job market? Yahoo offers a host of tips and articles to help your search. Find them online.
No need to visit dozens of job listing sites to learn what jobs are available. One search engine compiles them all for you. Point your browser to indeed.com.
It's almost second nature to provide your Social Security number when asked by someone you're doing business with. But not everyone really needs that number. Your Social Security number is a necessity when applying for credit or government benefits. Likewise when it comes to the Department of Motor Vehicles.
Not so when you're completing a patient form in a doctor's or dentist's office. Supermarkets, drugstores, preschools or airlines don't really need your number either in most cases. If unsure why you're being asked, question why they need it. They may have a legitimate purpose. If not, or if you're uncomfortable providing it, ask what the consequences would be if you did not provide it.
If they continue to insist, or there are detrimental consequences for refusing to provide, give them a fake number with two zeros in the middle. Social Security numbers are not issued with two zeros in the middle. If you offer a random number string, you risk identity theft charges if that string happens to be a number assigned to a different citizen.
Quotable
"In order for you to succeed, your desire for success should be greater than your fear of failure." - Bill Cosby
Today in History
1964 - The first Ford Mustang rolls off the Ford assembly line.
Flash Fact
The U.S. has an estimated 145 million eligible workers between the ages of 15 and 64. Of them, 14.9 million are currently unemployed.
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