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In the Chicago area, many small businesses
are hurting from lack of orders. Motorola
closed down in a town around 10 miles from
me and many well paid people are still out of
work after 5 months.
A friend looking for a job who is a CPA with
a MBA told me one of the companies who
interviewed him said they had over 2000 resumes
sent in for one job. They tossed all immediately
who were not CPA's with a MBA.
Personally know many computer programmers
out of work. Bridge closed down in Chicago also
more folks on the unemployment line. Real estate
prices on the upper end are showing first signs of
softness. Most of these jobs are in the 60-150k
range. United had big layoffs including people with
18 years in. from baggage handles through upper
management.
----- Original Message -----
From: <bruce.larson@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, November 12, 2001 10:00 AM
Subject: Re: [RT] Layoff's continue to increase
> I've read plenty about hospitality and tourism being hit in Orange
> County(Disneyland) where I live. But these are all minimum wage jobs
> (restaurants, airlines, hotels) where there was a labor shortage
> several months back. These aren't people who buy expensive homes and
> cars.
>
>
> --- In realtraders@xxxx, "Me Tarzan" <ibe98765@xxxx> wrote:
> > "I, for one, don't personally know anyone who is out of a job"
> >
> > Consider yourself lucky. I know way too many. With all the
> defense
> > spending going on, So. CA might not get hot too bad. But IMO, the
> SF
> > Bay area is the harbinger for much of the rest of the country in
> this
> > regard. We even have a web site for out of work people to get
> > together and do other activities <g>
> (http://www.recessioncamp.com).
> > I'm a few miles from SF Airport where United Airlines has a major
> > hub. They have laid off a good number of people here. I hear that
> > In-n-Out burgers has lowered their starting hourly rate from $10/hr
> > to $8 because their are so many candidates. Hotels are mostly less
> > than 50% full and are laying off or cutting back the hours of
> > workers. Restaurants are cutting staff because people are not
> eating
> > out as much or spending as much when they do. There are rental
> > vacancy signs all over my neighborhood as people without jobs have
> > either moved in with someone else or left the area. Recruiters are
> > going out of business left and right, saying businesses are not
> > hiring. People are hurting.
> >
> > As to the unemployment numbers and 5.4% being lower than what was
> > previously accepted - that was a different time. We've built our
> > current economy around low unemployment. People expecting to
> always
> > be able to find work went out on a limb to buy expensive houses,
> cars
> > and take 2 vacations a year. That drove the economy forward across
> > all industries. But up here, it generally takes two working people
> > to even begin to afford a mortgage. What happens when at least one
> > of those people loses their job? Bad news cascades and not only do
> > people not by houses and cars, but they cut back on other spending
> as
> > well. Predictions I have seen are for unemployment to hit 6% when
> it
> > the numbers are next reported.
> >
> > Here's a good economic link with a lot of info on unemployment that
> I
> > recently came across:
> > http://www.epinet.org/
> > --- In realtraders@xxxx, bruce.larson@xxxx wrote:
> > > I've been reading about massive corporate lay-offs esp associated
> > > with banking mergers for the past 5 years. Seemed everyone just
> > got
> > > a big fat severance package and turned around and got another job
> > for
> > > more money. Otherwise they got rehired as consultants for better
> > > pay. I suppose the payrolls and claims data are confirming the
> > > negative news reports for the past several months. But on the
> > other
> > > hand, a 5.4% unemployment rate is far below the previous 6%
> > standard
> > > of NAIRU(non-accelerating inflationary rate of unemployemnt)
> > commonly
> > > accepted in the early 90s. I, for one, don't personally know
> > anyone
> > > who is out of a job. Aside from some furniture chain store
> > closures,
> > > I really don't see much evidence of a slowdown out here in
> southern
> > > California...yet.
> > >
> > >
> > > --- In realtraders@xxxx, "Norman Winski" <nwinski@xxxx> wrote:
> > > > Me,
> > > >
> > > > I am forecasting a better than expected holiday shopping
> > > > season. The US economiy bottomed last week. You will hear about
> > > > it in February.
> > > >
> > > > Cheers,
> > > >
> > > > Norman
> > > >
> > > > ----- Original Message -----
> > > > From: "Me Tarzan" <ibe98765@xxxx>
> > > > To: <realtraders@xxxx>
> > > > Sent: Saturday, November 10, 2001 1:50 AM
> > > > Subject: [RT] Layoff's continue to increase
> > > >
> > > >
> > > > > Each layoff likely removes one more shopper for the Xmas
> > season...
> > > > >
> > > > > http://www.msnbc.com/news/555872.asp?cp1=1
> > > > >
> > > > >
> > > > >
> > > > > To unsubscribe from this group, send an email to:
> > > > > realtraders-unsubscribe@xxxx
> > > > >
> > > > >
> > > > >
> > > > > Your use of Yahoo! Groups is subject to
> > > http://docs.yahoo.com/info/terms/
> > > > >
> > > > >
>
>
> To unsubscribe from this group, send an email to:
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>
>
>
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>
>
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