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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/
> > > >
> > > >
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