"This Economy"

[Paul S]

Congrats Katie and Mr. Bug!!

 

[Ble_PE]

Congrats to Mr. Bug!!

My company has laid off a few people in my office this year, but they actively try to find you a position somewhere since I work for a large, multi-national corporation. Several people have taken field assignments to keep from getting laid off. I told my wife that if it came down to it, that's what I would do. Hopefully it doesn't come to that.

 

[TouchDown]

Good news Bugs!!! Congrats and I hope the good news will continue for the rest still looking!

 

[Capt Worley PE]

That seems to be your typical response to my posts.

Huh?

The 9/11 recession, wasn't nearly as deep, long lasting, and widespread as our current one. I graduated in 02' and I still had a couple of offers to pick from. I doubt I would have had a good of luck if I had graduated in 2009.

I didn't say it was worse, what I'm saying is HR isn't that forgiving of gaps, in my experience.

Now, if you get the chance to explain it in the interview, its an entirely different thing.

Katie, pass my congrats on to Mr. Bug!!

 

[Guest]

I am pleased to say that after 9 loooong months of unemployment and job hunting, Mr. Bug is again gainfully employed. It's a bit less money than we were hoping for but at this point we're just thrilled that he's working. There is hope!

Congrats to Mr. Bug!!! :multiplespotting: :multiplespotting:

My company has laid off a few people in my office this year, but they actively try to find you a position somewhere since I work for a large, multi-national corporation. Several people have taken field assignments to keep from getting laid off. I told my wife that if it came down to it, that's what I would do. Hopefully it doesn't come to that.

Wow, that would hurt especially with the baby coming along but it's good that you are talking about it now. I think one of the most stressful things that arises from a layoff is when Plan B isn't really too clear between couples. As long as you are both in agreement with what is best ... it all works out in the end.

JR

 

[Capt Worley PE]

Just got my 401(k) and 457 statements. They're looking pretty healthy, too. Lucky for me, I started the program as the market bottomed out.

 

[Guest]

Just got my 401(k) and 457 statements. They're looking pretty healthy, too. Lucky for me, I started the program as the market bottomed out.

I need to take a look at my govt pension (investement plan) to see if it has improved and then roll it over. My work 401(k) should be doing okay since I started it in March.

One thing I am concerned about are things like this article presented today in Yahoo Finance: Nine Reasons the Economy is Not Getting Better

The article is lengthy but well-considered and balanced in writing. Sadly, it makes sense and is backed up with numbers ... and if you recall Akin's First Law of Aircraft Design: "Engineering is done with numbers. Analysis without numbers is an opinion, at best."

I wonder what will happen when the gains made by Stimulus propping fall ... and there isn't a second wind to pick things back up?

JR

 

[TouchDown]

Just got my 401(k) and 457 statements. They're looking pretty healthy, too. Lucky for me, I started the program as the market bottomed out.

Good time to get in the program for sure.

My statements... well, let's just say at this rate, with 3 kids, weddings, and college. I'm working until I'm dead.

The article is lengthy but well-considered and balanced in writing. Sadly, it makes sense and is backed up with numbers ... and if you recall Akin's First Law of Aircraft Design: "Engineering is done with numbers. Analysis without numbers is an opinion, at best."
I wonder what will happen when the gains made by Stimulus propping fall ... and there isn't a second wind to pick things back up?

JR

A guy from work has been saying that stimulus spending didn't work for Japan when they had a crash a few years ago, it just lengthened and made the economy suffer for a longer period, even if it didn't get as bad as it could have without the stimulus for a small period.

So, instead of just letting things completely implode and start over (thought is that it would be quicker), but putting the stimulus in place, it will for a short period assist in softening the blow, but might make the economic problem last 2X as long? Dunno - One of my "C"s in college was in economics. I think a lot of the economists today can look at history and attempt to draw conclusions from numbers... but the market today with it being a TRUE world economy, makes this situation completely more complex than any other situation we've encountered (my opinion).

 

[Capt Worley PE]

Econ wasn't my thing in school. Since I don't believe the news, I just go on what I see around me. Investment plans are kicking into high gear, and I do see more buildings beginning to go up. Housing never was that nuts here, but they did stay steady, maybe drop a bit in pricier suburbs. They are now going up again.

Banks seem to have stabilized and GM and Chrysler are out of bankruptcy and are, hopefully, better able to deal with the current atmosphere.

Seems to me to be getting better.

 

[Ble_PE]

Wow, that would hurt especially with the baby coming along but it's good that you are talking about it now. I think one of the most stressful things that arises from a layoff is when Plan B isn't really too clear between couples. As long as you are both in agreement with what is best ... it all works out in the end.
JR

Yea, I'm hoping that some of our potenial jobs goes through and I don't have to resort to that, but the good thing is she is with me no matter what. She's a great wife, that's for sure!

 

[udpolo15]

We just had a second round of layoffs. It was about 2% the first time back in March and about 6% this time around.

Not a fun day to be the boss. Someone of the folks had been around for awhile.

 

[Guest]

^^^^ Ouch.

Hopefully it starts to recover .... soon ... for everyone!!!

JR

 

[TouchDown]

We just had a second round of layoffs. It was about 2% the first time back in March and about 6% this time around.

Not a fun day to be the boss. Someone of the folks had been around for awhile.

That really sucks. Don't remember what sector you're in, but it really doesn't matter right now.

You can hear crickets in our plant. Avg. Seniority is 25 YOS in our plant. I can't imaging using seniority to layoff people and our next round (probably in September) will include 25 year people. That's insane.

Agree with JR - hope things ease up a bit, but we might just be getting started. Sorry udpolo.

 

[udpolo15]

Just to clarify - I was not let go (thankfully).

I just found out that they were mandated from the top, not a business unit decision. Things have started to stabilized, but our margins are still down. Guess we had to do something, but I always thought that one of the benefits to being private was that the company is more willing to weather the storm together.

 

[squishles10]

ive pretty much resigned myself to the fact that m not working until sometime next year. ive decided to volunteer for now to give myself something to do. since my unemployment goes for another 12 months we're seriously considering having kids but we werent planning on it for another couple of years so we're not sure if thats what we really want to do. pretty much anything to entertain myself at this point (harry potter is my current entertainment

 

[Capt Worley PE]

How long does unemployment last now? It was 6 months when I got laid off, but they extended it to nine months after 9/11.

 

[CivE Bricky]

How long does unemployment last now? It was 6 months when I got laid off, but they extended it to nine months after 9/11.

Depends on the state you live in.

In NY

Since the average unemployment rate in New York State is now above 8%, an additional 7 weeks of Extended Benefits have been added, for a total of 20 weeks. This is in addition to the 26 weeks of regular benefits and the 33 weeks of Emergency Benefits. Extended Benefits may be claimed on this website in the usual manner. http://www.labor.state.ny.us/ui/claimantin...edBenefits.shtm

 

[CivE Bricky]

My job has been OK, and I'm unionized so pay increases were negotiated some time back - we have 3 or 4 year contracts. It's still possible positions will be cut for the next budget year, but salaries won't be, unless people are demoted.

My husband has had his job at risk for a few months...his employer just ditched 25% of their staff. It looks like they're done with cuts for awhile now...and we can look at some discretionary spending.

So, although I answered that things have stayed the same, there's been quite a bit of anxiety over potential layoffs in my household.

 

[Chucktown PE]

Our CEO recently mentioned the possibility of a 10% across the board pay cut for all staff on his blog. They said that they didn't see the need for it now but would keep it as an option. I take that to mean that we will not get raises again next year or we will be getting pay cuts. I would love to take the dipshit in the corporate communications that thought this was a good thing to mention on a blog. MORONS. They also notified us that we weren't getting raises by email at 4:00 on a Friday which was also the day we were supposed to find out what kind of raises we were gettting.

 

[Capt Worley PE]

They also notified us that we weren't getting raises by email at 4:00 on a Friday which was also the day we were supposed to find out what kind of raises we were gettting.

I believe the thinking behind that is you have the weekend to digest the news and cool off.