They say that a mild recession is when you hear about people losing their jobs, a major recession is when people you know lose their jobs and a depression is when you lose your own job. Well I haven’t lost my job yet and I don’t see any more reason to think they might sack me this year than any other year at the moment. The biggest company I work for has just posted their biggest ever monthly sales figures.

But I have heard about a lot of jobs going in my field, including some people I know personally. L’Oreal has stopped manufacturing the UK and has cut 5% of its US workforce. A couple of manufacturing companies have gone bust. On the other hand there is a brand new one opening in Stratford upon Avon. Looking in the shops I notice that beauty products are not being discounted anywhere near as much as other products in the big shops. I think that things may change if we really get into a depression, but at the moment job losses are still fairly rare mercifully. We are all worried and putting off big purchases, but you don’t usually need to take out a bank loan to buy a lipstick or a skin cream.

Revlon has in the past claimed that lipstick sales go up when the economy goes down. This has been picked up on by economists who call it the ‘lipstick effect’. When you are short of money you can usually find a little bit of cash for a modest treat, and a nice new lipstick fits the bill nicely.