The unemployment rate was 5.5% in June and payroll employment was down by 62,000. Employment continued to fall in construction, manufacturing, and employment services, while health care and mining added jobs. This is the 6th month in a row that the economy has lost jobs and MarketWatch reports that corporate layoffs are up 21% over the same time period last year. Layoffs are reported at Citgroup, Starbucks, American Airlines, Anheuser-Busch, General Motors, and many other companies.

Overall, About.com's US Economy Guide Kimberly Amadeo notes that year-over-year employment declined .24%. Kimberly adds, "The last time year-over-year job growth trended down this severely was in 2001, which led to 29 months of job losses."

This means that, not only are you are more at risk for losing your job, but there is more competition for available jobs. It's important to have your resume ready and to spend some time checking out the job market, so you know what type of jobs are available for someone with your skills - just in case you have to find one.

If you have already lost your job, here's information on filing for unemployment. It's important to file as soon as possible, and you may be able to file your unemployment claim online. If you're out of benefits, an unemployment extension was passed this week. Check with your state Department of Labor for information on eligiblity and how to collect benefits.

From large international companies like Citigroup to smaller regional companies like Moroni Feed Co. in Utah to even smaller mom and pop employers, and even Starbucks, the list of layoffs is getting longer. The Bureau of Labor Statistics reported that employers took 1,626 mass layoff actions, resulting in almost 160,000 claims for unemployment in May. That reporting only includes large employers, so there are many more layoffs that aren't included in the statistics.

It happened to me once and I was woefully unprepared. I had just given my personal vehicle to my brother - I never expected to lose my company car without notice. My resume wasn't up-to-date and many of the people I worked with were laid-off at the same time, so it was difficult. The company gave us severance pay, which helped. I was able to collect unemployment and I found a new job relatively fast. I was lucky.

In the long run, it was a good thing. I probably would have stayed at the job I was in longer than I should have. Instead, I transitioned into a new career, which was a leap at the time, but the best career move I've ever made.

That said, it would have been a whole lot easier if I was prepared to job search. I should have had an up-to-date resume, references, and an idea about what the job market was like for someone with my skills and experience. We all should be well positioned, just in case we have to start a job search on short or no notice.

If you do lose your job, here’s how to handle a firing, layoff or termination, along with a job loss checklist you can use to make sure that you have covered all the basics and are ready to start a job search.

_{Image © Copyright Marek Slusarczyk}