Q. I’m confused with the different economic messages I’m hearing: “The market has settled;” “Employers still are downsizing and aren’t hiring;” “ The situation in Iraq has put economic growth on hold;”

A. There’s no simple answer to how safe your job is. Your best bet is to continue to focus on doing your best, building your career, and giving yourself options for the future. Most of the reports I read suggest it’s still a fragile market, and to hold on—don’t do anything drastic.

Leslie Haggin Geary, CNN/Money Staff Writer, sees the job situation as still scary. Writing in CNN,Money, she says new data shows employers are still slow on hiring and the recovery in the job market isn’t there yet. That’s also the consensus of the most recent jobs survey by Manpower Inc., which found that employers nationwide are scaling back plans to add workers to their payrolls. The survey, released in February, is a key indicator that hiring has still hit a roadblock. That news will deal a blow to those who've lost jobs -- or those who worry they might join the ranks of the unemployed. Experts aren't mincing words. Their advice? Tighten your personal financial belt and be prepared for a bumpy ride ahead.

"We've been digging out of a recession from a labor perspective and now in the second quarter of 2003 companies are saying, 'I'm slowing down,' " said Manpower CEO and Chairman, Jeffrey A. Joerres. "The momentum they've been building has lost ground."

Hiring Hold?  

Is your company hiring? Cutting jobs? Holding steady? That’s a good indicator of what you can expect in the next several months, Geary says. A combination of factors may be to blame. Lingering uncertainty over the situation with Iraq doesn't help. But with little new demand for products and services, companies are generally holding staff levels steady, rather than increasing payrolls in expectation of a rebounding performance. In fact, as of March 2001, the official start of the recession, some 1.6 million jobs have been eliminated entirely. Today, national unemployment levels stand at 5.7 percent.

Many Unemployed Quit Trying

Geary found that many who've received pink slips are still pounding the pavement for work. One in five individuals who are out of work – some 1.7 million job seekers – have been unemployed for more than six months. “It's not getting better right now,” agrees John Challenger, CEO of the outplacement firm Challenger, Gray & Christmas. “We've been thinking recovery is six months away for two years running now. But we may be in period of doldrums for a while.” Still a cause of concern is the number of long-term unemployed, many of whom have simply given up and stopped looking for work.

Hedging Your Future

The best defense against uncertainty? Take steps to protect yourself by saving as much cash as you can, making sure you've got an practical, realistic budget, and doing your best on the job. Look for major ways to save costs and cut back on expenses—and credit. One recent report pegged the average American family as having more than $7,000 in credit card debt, and paying more than $80 a month in credit card interest—often at well over 18 per cent.

Watch out for “unbelievably good” deals. If it sounds too good to be true, it probably is. I still don’t think it’s good judgment to buy something on credit with “No money down and no interest or payments until January 2004.” There are few of us who can be reasonably sure that, seven months from now, we’ll be able to start paying $100 or $200 a month in credit loan payments, when we can’t afford to pay cash right now. Low interest rates have fueled home and car-buying sprees, but be sure you can afford what you buy. You still have to pay off the principal, and that $4,500 new kitchen won’t look quite as attractive next year, when you’re trying to pay it off—especially if you have a job setback.

Give Yourself Options

Why not plan for the possibility of a setback? What if your employer says you’re doing a great job, but you have to take a 10 or 15 per cent pay cut until the economy gets better? If that would be a burden you couldn’t handle, you might want to cut back now and start putting away that 10 to 15 per cent. Outplacement specialist Challenger warns: "Make sure you have money in the bank. This is the time to be cautious. Don't think the turn is right around the corner."  

Perform Especially Well Now

At the very least, this is an ideal time to re-commit to excellent job performance; dependability; punctuality; goal-setting and goal-reaching; good time management, planning, and support for the boss and the company. You could do a lot worse