The Providence Journal recently offered advice on what the state can do to create more jobs in Rhode Island.
Rhode Island has the highest rate of unemployment in the nation – 9 percent – with a bleak economic outlook through 2010 – if the forecasts become real.
The economic downturn has diminished the outlook for the financial services industry throughout 2009. Industries that continue to cut jobs include government, retail, manufacturing and construction. Though education showed an increase in jobs over the past year, recent budget cuts have caused concern of future job loses from private schools to public universities.
Small and midsize businesses that provide consumer products expect cutbacks in the next few months as large corporations plan cost-saving measures in an attempt to ride out the recession. Cutbacks include reducing inventories, consolidating operations and canceling capital projects.
The newspaper offered the following tips to proactively move through the slump, including:
- Educating yourself when it comes to all things finance; avoid investing in things you don’t understand.
- In the upcoming election, choose candidates who propose realistic economic solutions.
- Recognize that this is not a “rich” versus “poor” situation – the crisis affects everyone.
- Support local businesses in an effort to keep “Main Street” alive.
- Focus on the state’s economic successes; look for and celebrate positive economic developments – such as the announcement that a major food distributor will move its corporate headquarters to Providence in 2009, bringing over 150 jobs.