The British economy sank deeper into its longest recession on record, with figures released Friday showing an unexpected fall in third-quarter gross domestic product that dashed hopes of a long-awaited turnaround here.

The severity and length of the British downturn underscore the uneven recovery taking place in the aftermath of the global recession, with the rebound in Europe particularly patchy. In the summer, the region’s largest economies — Germany and France — became the first wealthy countries to emerge from recession. But other countries, including Britain, Ireland and Spain, are still struggling with far deeper problems including U.S.-style real estate busts and the bursting of financial asset bubbles.

Leading economists had forecast that Britain would post weak growth for the three months ending in September, but instead, the economy fell 0.4 percent, the sixth consecutive quarterly drop. The data came after a leading British think tank, the National Institute for Economics and Social Research, predicted in a report this week that the economy here would be among the worst hit by the global financial crisis.

The fall was broad-based, led down by a 0.2 percent drop in the services sector — from financial services to hotels and catering. Industrial production, manufacturing and construction also fell. Though retail sales showed some improvement, most of that came in July, with August and September showing flat consumer spending.

The news sent the pound — a currency as hard-hit as the U.S. dollar in recent months — immediately down against the greenback and the euro. Analysts said the still-weak economy may force the Bank of England to continue a policy of buying British bonds, something that could further drag down the value of the once-mighty pound.

Britain’s options for fighting the crisis have also become more tricky. Though Britain has rolled out a large government stimulus package, as other countries around the world have done, its budget is under so much pressure that many predict the government may soon need to begin making painful cuts. That could put even more downward pressure on the economy as it struggles to find its footing.

“For years, revenue growth came from the booming [financial district in London],” said Stephen King, chief economist with HSBC in London. “But the revenue isn’t coming in anymore, and they will have to consider sizeable spending cuts. The prospect now is for a number of years of government austerity.”

The news poses fresh challenges to Prime Minister Gordon Brown. The country’s widely unpopular leader is set to call elections before June, with his Labor Party hoping a strong recovery could improve its currently dim prospects of victory. Brown — who previously served as Chancellor of the Exchequer, or treasury secretary, for more than a decade — has sought to portray himself as uniquely suited to managing the crisis.

Losing your job or facing a drastic drop in income is one of the most stressful events a person can experience.
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Unemployment can mean sudden lifestyle changes for the entire family. Because there is less money to spend, you must decide how to spend what you have.

Whatever changes unemployment brings, everyone feels the impact. Even though the paychecks stop coming, the bills don’t. And when you don’t have enough to cover your monthly expenses and pay creditors, you face hard financial decisions.

Concern about how to pay bills and meet day-to-day expenses can become overwhelming. You may be tempted to use credit cards or your business credit card, take out a home equity loan or borrow money, but taking on more debt is generally not a good idea.

Instead, focus on cutting your spending and working with creditors to reduce or defer your payments until your situation improves. Act quickly to cut expenses and make a spending plan so you can pay bills when they are due.

Taking charge of your financial situation is a positive contribution to your family’s well being. Studies have found that many families do not adjust their lifestyles to cut spending until about six months after their income drops. Those six months can bring financial disaster.

To cope with such situations one should cover the following aspects:
Setting Spending Priorities, Strategies for Spending Less, Deciding Which Bills to Pay First, Talking With Creditors, Keeping a Roof Overhead, Meeting Your Insurance Needs, Bartering, Making the Most of What You Have, Taking Care of Yourself, Helping Children Cope, Community Agencies That Can Help, Looking for a Job, Watch Out for Scams, Where to go for Help Finding a Job, Starting Your Own Business.

All said and done, one should always be optimistic at all times.

In times of recession, one might wonder if it is a right time to leave your job to seek higher education.

With thousands stalking your cubicle space, a higher education may seem to be a good option for the unemployed, but it is a decision that has left many employed professionals unsure in a shaky market.

A programme from a good university will only get you so far. If you are unable to translate your education into sound business outcomes and actionable programmes, you are worthless to the organisation. Management is a practical science of value creation. Empty knowledge and theories won’t take you far. Work experience coupled with education leads to better professionals graduating out of business schools.

There used to be a time when only FMCG, banking and consultant industries were knowledge-driven. Today, with private participation in domains that were predominantly public sector, it is a different ball game. Infrastructure, Realty, Banking, Telecommunications, Oil, Power, Steel all these and many more sectors are looking for manpower with governance and management skills.

Top 5 tips

1. Have a clear road map for your future:
If you are doing an MBA programme merely because it is the done thing or currently fashionable, stop and re-evaluate what your goals are before you waste a considerable amount of time and money in pursuit of a degree you actually do not want.

2. Decide on an area of specialisation:
People see management as one big field, but the opposite is now true.  It is an age of specialisation. With super specialisations now available in niche areas of management studies, you can gain a significant edge with a goal- specific management specialisation once you are clear on your long-term goals.

3. Keep employer in the loop:
Let your bosses know of your study plans – there is a chance they might just back you if they recognise you as a long term asset. This way you may not have to give up your job merely because you are in pursuit of further professional education.

4. Get enough work experience:
Personally, I feel that a would-be professional needs to gain two to three years of work experience in a good organisation before deciding to pursue further education. This period will create a strong foundation for appreciation of how organisations work.  It also provides an opportunity for the person to make up his mind about the area of management specialisation he wishes to pursue.

5. Sort out your financial position: download robocop dvd gate ii trespassers the movie
With a range of financing options now available, from bank loans to scholarships, there should not be a problem in securing funds for your education. If it is the money that is holding you back, you should reassess your goals. In this day and age, financing your education is not a problem and with a few exceptions, money will no longer cause you to hesitate to go for that professional course that will help you build a brighter future.

One Industry which was going head steady at times of recession was the gaming industry and now, recession took its toll on it too.

Videogames sales took a surprising dip during the month of March, as the slowing economy combined with fewer blockbuster releases.

Sources reveal, sales of game software in the U.S. fell 17% during the month, compared to the same period the previous year. Wall Street analysts had largely been expecting sales to remain flat for the period.

Game hardware shared a similar fate, with sales falling 18% for the month. Accessories fell 15% during the period.

Very few titles on all the consoles moved well in the market.

But we all know GAMERS NEVER DIE, so the scenario will change soon enough, and I hope the gaming field raises its front again.

The recession proving to be helpful for BPO folks

The BPO industry will beat the odds despite the recession, say observers. In fact, they feel  the meltdown will prove advantageous for BPOs.

Most BPO in India, feels more companies in the US and Europe will now opt for outsourcing to cut costs.

In 24 to 36 months, many companies which were hesitant to outsource, may do so now. Only firing people will not help, there needs to be a structural change. Such companies will then look towards outsourcing which will bring more business to the BPOs in India.

The politicians who were objecting to outsourcing too will have to change their stand.

The downtrend in jobs was arrested to a certain extent in January. However, it may be a while before we see a recovery.

The job index for ITES and BPO industry moved up by 28 per cent in January.

Its seen that the industry has started hiring again.

Recruitment is taking place depending on the need. We now see many engineers among the applicants for BPO jobs. Perhaps, this is because the IT industry is faring badly.

The only catch is that BPO salaries are not as fancy as before.

The Overall Job Index for the country inched up from 697 in December 2008 to 738 in January 2009, an increase of 5% in new jobs.