Is The Economic Fallout Affecting You?

[abirken]

Took a pay cut last week in order to salvage our business and hopefully pull through. Lost my health insurance today. So yes it's hitting home and I'm a freaking ball of stress.

[Alex]

Our school district's budget (actually all educational organizations in Utah) is cut by 7% until June 30th, then it might get cut additional 15%.

Luckily, our superintended exclaimed that no people will be affected (laid off). I hope he sticks to his word and the budget will be cut with extra programs.

The hiring has been frozen at the moment, as well as inside/outside travel for employees.

The economy is catching up with us, but at least not as fast as other companies.

[BruteForce]

Our revenue and sales projections are getting far worse than any other year prior. We're still making money, but profit percentage is considerably down.

Much like others have indicated, our receivables have really slowed as many customers (much like us) have gone to a slow-pay process where instead of meeting Net30, they're going Net60/90.

No lay-offs yet, but if things don't improve in 2 months, I can see it coming.

[DiscGo]

I am doing fine so far, and I just want to say good luck to any of you who have fallen upon hard times.

[rockgremlin]

I know of one other semi-regular poster on here that lost a very nice high paying job just recently.


No lay offs in the trona patch so far, but I know of other mining companies that are laying off like crazy - Rio Tinto is set to lay off 14,000 employees in the next little while, and BHP Billiton will lay off another 6000 in the next year. Freeport McMoran laid off 600 employees recently. Those are three of the largest mining companies in the world.


So...um...is this a slow slide into another depression?


Discuss...

[devo_stevo]

So...um...is this a slow slide into another depression?


Discuss...

http://www.msnbc.msn.com/id/28698830/

Thought this was interesting. Encouraging yet not at the same time. We are apparently a long ways off of things being as bad as they were in the 1930s, but there are some similar things happening at the same time.

Only time will tell I suppose.

[shlingdawg]

Knock on wood....... [knock knock]


I'm in a similar boat with James. I'm a pharmaceutical rep and even better, I'm in generic injectables with a strong oncology line. Between the hospital and oncology clinic customers, things are as solid as ever. I don't have to worry about products going off patent (just the opposite, we profit when they do) and we're making money for the parent company. All while providing savings over branded drug prices.

Snug as a bug in a rug.

[/knock knock]

Good luck to those of you who are stressing. I'm pulling for you.

[Deuce]

I have had indirect effect, though not to my personal bottom line. Well, unless you count 401K.....OUCH....OUCH.....OUCH.....though it is just paper money that I don't plan on using anytime soon.....

On a positive note, WOW.....mortgage rates in the 4's......doing a refinance and knocked off 1.4 points.....

[DirkHammergate]

My Ex Wife shacked up with a dude awhile back and now I pay 1/2 of what usually did per month (which was substantial)...

What New Economy? Cause Dirk is pretty much taking a bath in 100 dollar bills... Dirk, he likes this New Economy, I'm recession proof.

[Scott Card]

My Ex Wife shacked up with a dude awhile back and now I pay 1/2 of what usually did per month (which was substantial)...

What New Economy? Cause Dirk is pretty much taking a bath in 100 dollar bills... Dirk, he likes this New Economy, I'm recession proof.

Ah yes, cohabitation or remarriage equals NO alimony. One day I will share my favorite alimony story. Dude saved $15,000 a month due to a quickie remarriage (that failed 3 months later).

[Scott P]

Just curious as to how many of us are feeling the effects of the downturned economy.

We usually get reviewed for raises once a year (July 1), but it was announced that there will be no raises this year. Last year's wasn't too great either at just over 2% as the best that could be had.

Yes, the economy is affecting us, but at least I still have a job; something to be thankful for. We are also good at saving and don't have much debt which really helps out. The house will be paid off in a few years and other than that we have one vehicle loan that won't last that long.

Anyway, since the economy is bad, of course we will be making cut backs, but nothing life threatening.

[Bad Karma]

Lost job, my gym closed...and I think my hair is falling out so I'd have to say it affected me

[Cirrus2000]

Feeling relatively recession-proof job-wise, fortunately (and knock on wood for me too.) Though our union's contract is about to expire and negotiations are underway - don't think we'll be getting much goodies over the next couple of years... That's OK - just happy to have a secure job.

Aside from that, we've got our house on the market, and it's a lousy time to be selling. Looking forward to being on the buying end, though, once we get an offer. And as with many, our retirement savings took a hit (RRSPs for us, like your 401k.) Fortunately, there's time to recover.

All in all, weathering it OK.

[DiscGo]

Aside from that, we've got our house on the market, and it's a lousy time to be selling. Looking forward to being on the buying end, though, once we get an offer. And as with many, our retirement savings took a hit (RRSPs for us, like your 401k.) Fortunately, there's time to recover.

Why are you moving?

[Win]

I have a good job with benefits and it seems secure. We did take a big hit in our 401ks and that could hurt as I'm 65 this year. We are debt free and that really helps.

Win

[CrazyFinn]

For anyone who has lost a job there is still 28 days to apply for this one:

http://www.islandreefjob.com/

You could get lucky!

[jumar]

Nothing affecting me yet

[James_B_Wads2000]

What is going on now peeps? Things are getting worse at my job.


James

[CrazyFinn]

James - Hope you survive it..

Worst job losses in 60 years expected
Reports on ISM, payrolls should show recession intensifying
By Rex Nutting, MarketWatch
Last update: 10:41 a.m. EST March 1, 2009Comments: 1590WASHINGTON (MarketWatch) -- The recession tightened its grip on U.S. businesses and consumers in February, according to economists, who are predicting the largest one-month job loss in almost 60 years.
"Pink slips continue to fly," said Meny Grauman, an economist for CIBC World Markets.
With output still falling at a dizzying rate, most companies are shedding unneeded workers and cutting back the hours of those remaining. Strapped by debt and seeing their paper wealth evaporating, many consumers are spending as little as they can.
"The economic patient is still in critical condition, with little medication to relieve the pain," wrote economists Brian Bethune and Nigel Gault of IHS Global Insight. "We will have to bite the bullet."
The first week of the new month brings two of the most important economic indicators: the ISM index and the nonfarm payrolls report. Both are expected to be very grim news.
Little joy in manufacturing data
First, on Monday, the Institute for Supply Management reports back from purchasing managers at manufacturing firms across the nation.
Although few people outside of the financial markets or the economics profession know what it is, the ISM is probably the best single leading indicator marking the end of a recession. The ISM is a diffusion index that measures the breadth of economic distress or success across firms. It asks key executives to judge whether business is getting better or worse.
Once the ISM -- and especially the new-orders component -- turns up decisively, the expansion is typically one to four months away, although in some cases it has turned up as much as a year before the end of a recession.
The ISM plunged to 32.9% in December -- a level only seen at the depths of the very worst recessions -- but it bounced back to 35.6% in January, giving some hope that we'd seen the bottom.
Unfortunately, the ISM is expected to dip back to 34% in February, according to the median forecast of economists surveyed by MarketWatch, as global export markets worsened and U.S. capital spending remained weak.
The key components to watch will be new orders, export orders and inventories. Manufacturers' own inventories are too high, and they judge that their customers' inventories are too high as well. Once customer inventories are worked down, factories can get back to work.
Horrendous payroll numbers
If the ISM is forecast to be awful, the nonfarm payrolls report is expected to be horrendous. The Labor Department is slated to report the figures Friday.
Economists expect payrolls to plunge 630,000 in February, slightly more then the 598,000 lost in January and the 597,000 lost in November. The unemployment rate is expected to climb to 7.9% from 7.6%, breaking through the 7.8% peak in the 1991 recession to the highest level since 1984.
It would mean that a record 4.2 million jobs will have been lost since the recession began in December 2007, with no end in sight.
"Employment losses have deepened considerably in recent months," wrote economists for Wachovia, who expect total losses for the recession to top 6.5 million.
"With total revenue declining at its worst pace since the late 1950s, many businesses and governments are in survival mode and have no choice but to cut jobs," Wachovia economists said
The main evidence for a worsening job market has been the rise in unemployment benefits. First-time claims have risen decisively over 600,000, nearly double the level at the beginning of the recession. Continuing claims are at an all-time high. Consumer surveys also show extreme pessimism about finding a job.
While some forecasters think job losses in February stayed in the ballpark of about 590,000, a few economists think the labor market got much worse in February and are expecting losses of 650,000, 700,000, or in one case, even 800,000
The report is "likely to be the weakest to date," wrote economists for Barclays Capital, who expect payroll losses of 675,000 and an unemployment rate of 8%.
"February was the worst month yet," said Global Insight's Bethune and Gault, who are predicting payroll losses of 750,000 and an employment rate of 8%.
Others have a slightly less dire view, if a loss of 625,000 could be considered upbeat. "Our sense, admittedly based mostly on anecdotes, is that labor market conditions remain dismal but are not necessarily accelerating to the downside," wrote Stephen Stanley, chief economist for RBS Greenwich Capital.
Economists expect the number of hours worked to continue plunging as more workers are forced into part-time shifts. In January, 7.8 million workers wanted to work full time but could only get part-time work.
Average weekly earnings likely rose 0.3% again, as the lowest-paid occupations took a larger share of job losses.
Worst since '49? Or since '45?
If the economy did shed 630,000 jobs in February as expected, it would be the third largest monthly loss on record, dating back to 1939.
The record was set in September 1945, when nearly 2 million people lost their jobs after the Allies won the most destructive war in history and industry was retooling for peacetime, sending "Rosie the Riveter" back to her knitting.
In October 1949, 834,000 jobs were lost when almost all the nation's steelworkers went on strike in the final month of a brutal but short recession.
Another strike in July 1956 cost 629,000 jobs, but the next month saw 678,000 jobs regained.
Of course, the size of the workforce is much larger today than it was in 1949 or 1956. But as a proportion of the workforce, this recession also is moving up in the record books.
If 630,000 jobs were lost in February, it would bring total losses in this recession to just over 3% of payrolls, close to the 3.1% lost in the recessions of 1982, 1954 and 1949 (excluding the strike). Next on the list: 4% in 1958 and 6.9% in 1945.
If Wachovia economists are right that 6.5 million will lose their jobs by the end, employment will have fallen by 4.7% in this recession.
And remember: These forecasts assume the Federal Reserve will slowly be able to get credit flowing again, and that the recently approved fiscal stimulus will give a significant boost to the economy.
Rex Nutting is Washington bureau chief of MarketWatch.

http://www.marketwatch.com/news/stor...08F4212D419%7D

[RugerShooter]

Well for now I am still employed, and there has been no layoffs yet at my place of employment. Overtime has been cut to zero, but I do have to say it's been nice only working 40hrs a week.