There’s a whiff of recession in the air.

According to the press, the cost of living is going up.

I’ll rein in my spending on eating out; you’ll make Oxford Street a no-go area, and we’ll all holiday in the Cornwall, not Crete.

Which probably means that the leisure, retail and travel sectors will be hit, and jobs will go. And not just in these sectors: the Chartered Institute of Personnel Directors (CIPD) say this could be the worst year in the last ten for layoffs across the whole employment market.

The CIPD's chief economist, John Philpott, said:

"Employers' initial reaction to talk of an economic slowdown was to hold fire and take stock of the emerging situation.

"But a substantial number now expect to trim their workforces, in the private sector because squeezed by a combination of tougher trading conditions and higher costs, and in the public sector because of being required to make further efficiency savings and cope with tighter budget settlements."

So be prepared.

• Plan. Assume the worst: what else could you do, who else could you join?
• Update your CV. Add your latest career successes and have it ready to send out.
• Get networking. Establish discreet contact with recruiters, ex-colleagues and friends who work in organisations you might want to join.
• Research. Start scouring the trade press and internet job-boards for jobs which appeal.
• Learn something new. Explore that Masters course, or see if there’s sponsorship at work to add a new qualification.

If the axe falls, you’re ready. And if it doesn’t, you’ve got some new ideas for your career once the gloom lifts.