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RT's,
I'm from the Dulles Corridor outside of Washington DC (considered Silicon
Valley East). I know three people laid off from telecom/computer companies.
Theses are people with a lot of expendable income and a debt. If things
don't improve they will have to start liquidating 401k's to pay bills.
Observations from the east,
Howard
>From: "Me Tarzan" <ibe98765@xxxxxxxxx>
>Reply-To: realtraders@xxxxxxxxxxxxxxx
>To: realtraders@xxxxxxxxxxxxxxx
>Subject: Re: [RT] Layoff's continue to increase
>Date: Mon, 12 Nov 2001 06:24:20 -0000
>
>"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/
> > > >
> > > >
>
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