One of the economic trends coming to light as the global financial crisis becomes more pronounced is the advent of mass layoffs. Mass layoffs are increasing at a rather rapid rate, according to CNN Money:

"At large firms, basically what I see is an across-the-board, shotgun
approach," said Paul Sarvadi, CEO of human resources outsourcing firm
Administaff in Houston. "If they anticipate revenues going down, then
they see how much need to cut to reach operating targets, and equate
that cost to a number of people."

What you can do to prepare for job loss

At this time, it is important to be prepared for any eventuality. This means that you may have to take steps to prepare your personal finances — especially if you have a home. Now is a good time to review your budget and make sure that you are cutting unnecessary expenses. Now is the time to find breathing room and pad your budget. You want to make sure that you can make your mortgage payment — or you might lose your home.

Also, if you can, this is the time to build up your emergency fund and your savings. You should also pay down some of your consumer debt.