{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Add this to the list of things COVID-19 has changed: recessions. The National Bureau of Economic Research says the US economy ","nodeType":"text"},{"data":{"uri":"https://skimmth.is/30lz58L"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"officially","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" entered one in February. Some experts say the worst is over, but it’ll probably take a while for the country to recover. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Here’s how recessions usually affect your wallet...and how things are playing out now.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The job market won’t be very friendly.","nodeType":"text"},{"data":{},"marks":[],"value":" Earlier this year, ","nodeType":"text"},{"data":{"uri":"https://theskimm.com/money/news-to-wallet/low-unemployment-and-your-wallet"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"unemployment was at 50-year lows","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", and companies had to work hard to impress new talent. The opposite is usually true in a weakened economy because people spend less money. That’s bad for businesses. Unemployment is still high because the pandemic put a LOT of life on hold – leading to a sudden spike of layoffs and furloughs. Even if you’re still working, ","nodeType":"text"},{"data":{"uri":"https://www.theskimm.com/money/what-high-unemployment-can-mean-for-your-wallet-2Gl2h6WorQp94RvU7BIOSg"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"a high unemployment rate","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" (and more competitive job market) could make it harder to get a raise or new job.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"},{"type":"bold"}],"value":"Related:","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":" ","nodeType":"text"},{"data":{"uri":"https://www.theskimm.com/unemployment"},"content":[{"data":{},"marks":[{"type":"italic"},{"type":"underline"}],"value":"The 411 on Unemployment","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.theskimm.com/money/news-to-wallet/coronavirus-economic-impact"},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[{"type":"bold"}],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Your investments might be feeling blue.","nodeType":"text"},{"data":{},"marks":[],"value":" Recessions and ","nodeType":"text"},{"data":{"uri":"https://www.theskimm.com/money/learn-the-language-stock-market"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"bear markets","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" (when stock prices fall at least 20% from a recent high) often go together...at least for a while. Back in March, the S&P 500 index hit bear-market territory – but didn’t stay down long. By June, it had recovered all its pandemic losses. Last month, the index hit several new highs – ","nodeType":"text"},{"data":{"uri":"https://skimmth.is/3mrydIk"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"confirming we’re back in a bull market","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". And that you shouldn’t make money moves based on where you ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"think","nodeType":"text"},{"data":{},"marks":[],"value":" stock prices are going next.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"It may be a good time to buy a home. ","nodeType":"text"},{"data":{},"marks":[],"value":"When times are tough for an extended time, fewer people may be able to afford to take out a new mortgage. That could lead to less competition for homebuyers...and lower prices. These days, a lot of people are still in the market for new homes...thanks, at least in part, to ","nodeType":"text"},{"data":{"uri":"https://www.theskimm.com/money/federal-funds-rate-your-wallet-4j5fcVjNC7XYSR7u5rpxyJ-post"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"low interest rates","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". And since pre-pandemic home inventory was already low, ","nodeType":"text"},{"data":{"uri":"https://skimmth.is/2ZJQ2Zb"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"there aren’t as many deals out there","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" – yet. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"},{"type":"italic"}],"value":"Related: ","nodeType":"text"},{"data":{"uri":"https://www.theskimm.com/covid-19/-refinancing-or-buying-a-home-coronavirus-1omTD8n3rE5Zu2kTWYwvLn"},"content":[{"data":{},"marks":[{"type":"italic"},{"type":"underline"}],"value":"Refinancing or Buying a Home During COVID-19","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"theSkimm: ","nodeType":"text"},{"data":{},"marks":[],"value":"This recession looks different than others in history. But the best ways to protect your money are the same. Give your emergency savings some TLC by ","nodeType":"text"},{"data":{"uri":"https://www.theskimm.com/money/coronavirus-budget-save-1mqZ3pYQDCOnb9zkDaSdVx"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"trimming your budget","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" and ","nodeType":"text"},{"data":{"uri":"https://www.theskimm.com/money/how-to-negotiate-better-4ANfof6dO0LSxUlJvDy5H9"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"negotiating where you can","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". If you can afford it, ","nodeType":"text"},{"data":{"uri":"https://www.theskimm.com/money/snowball-avalanche-best-way-to-pay-off-debt-6cjslq41gQThJ72VNYWIn4-post"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"pay down your high-interest debt","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":". That way, if money's tight, you won’t be forced to rack up ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"more","nodeType":"text"},{"data":{},"marks":[],"value":" debt or ","nodeType":"text"},{"data":{"uri":"https://www.theskimm.com/money/when-to-sell-your-investments-1fm3SRfWlxsHEIHa9qefWy"},"content":[{"data":{},"marks":[{"type":"underline"}],"value":"sell your investments","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" before you’re ready.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"sys":{"id":"3QIYPfXyh6uZJHfYTk6aFk","type":"Link","linkType":"Entry"}}},"content":[],"nodeType":"embedded-entry-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}