Job Market- When will it recover? How is it?

Just wondering.

I have a few friends unemployed...one is actually praying they get a job cooking at Dennys (graduated college 2 years ago)...can't even get a job at a department store. Other friends seem to be making lateral promotions though too...a bit hard to read. Seems most people are hiring people who are already employed?

 

I've been unemployed since April. Let me tell you it's worse, at least in technology, than the dot-com bust days because every industry is affected, and every industry with few exceptions has been hit hard. Not just a bit, not a medium-sized hit, but a full on brutal attack. I've seen companies start to hire more in the last three months, but it's mostly been contract work. If your buddy really needs work then I'd suggest he look the contract route if he qualifies for anything. The fact that he's fresh out of college should actually help him, though don't be surprised to see pre-1997 salary levels.

 

I heard some shit about it being harder to get into harvard or something than getting a job.

Even hotel workers.....so many for the new Ritz Carlton near staples.

 

http://www.latimes.com/business/la-fi-jobs2-2009dec02,0,3762929.story?track=rss

that is fucking scary.

 

Yep, what's really funny in technology is that a bunch of have jokes about how with all of the outsourcing that's still going on (because, believe me there are jobs..just not in this country) soon there won't be enough people left making enough money to buy the products we are outsourcing to make!

But then it's not so funny, and so we stopped making that joke.

 

Tell your friends to become mods. Denny pays very well!! I see Minstrel making it rain at the Acrop nearly every night

 

Yeah, theoretically, outsourcing is supposed to save people money. But they just squander it.

 

That's funnier than you think, since Minstrel is a dancer at Acrop.

 

I feel motivated to get a job because I need a challenge and because my wife will be temporarily out of work for a few months come January. I certainly don't like being on the government dole but I'm glad it's there for these emergencies or else you'd probably see about 20% of the population out on the streets rioting right now.

But, that being said, I can't just go apply for Joe Schmoe job down at the mall for two reasons. One is because they will simply tell me I'm overqualified and send me away (I know, this happened last time I was unemployed)...it becomes a waste of time for them and me. Secondly, many jobs will pay less than unemployment. Seeing as how we're barely meeting expenses now I don't think that'd be such a wise idea.

 

or go on unemployment, then stand outside home depot- $10 an hour!

 

With Obamanomics, a high unemployment rate will probably be the norm for the indefinite future- it's a natural result of socialist leaning policies and an over the top national debt. It could also get a lot worse if his plans for healthcare go thru.

That said, there are still growing industries- it's just going to get tricky finding them.

Then there's this- I believe that when doors are shut, others are opened. Even in bad economic times, smart and creative people can always find a way thru. And even though small businesses are taxed higher and higher, there are still opportunities for small businessmen.

So it is a gloomy picture, but not insurmountable.

 

Probably. The other problem is that me looking for a job I have zero experience in does not tend to open many doors. Once you get above a certain age people really pigeon-hole you in certain areas...even if I wanted to (and previously I really wanted to work in a bookstore) it's virtually impossible to find a job that low.

 

And yet the socialist countries have a lower unemployment rate right now..hrm..interesting.

I think we've gone round and round enough before on your health care views so..I'll leave it there.

So you're saying I'm dumb and unimaginative?

 

Have you considered working two jobs? Even though one mall job would pay less than unemployment, why not work 60-80 hours per week? And if you think I'm being snide, I'm not. I'm trying to offer options. I remember when I first graduated from school. I was working as a research analyst and was making squat. I took a night job working at Nordstrom (where I worked in HS) and then tended bar on nights I had off. Whenever I needed money, I'd grab some night or weekend temp work.

As for our firm, we've definitely taken a hit, but mostly the firm has changed. We cut some admin staff and a few analysts. We moved our offices from nicer space in our buildings to space we felt would be the most difficult to rent. We absorbed a group from Lehman when it went belly up, and they're going like gangbusters, but without the increase in employment levels you'd generally see.

Our cash flow hasn't changed much, but the value of our holdings has plummeted. Space is getting much tougher to lease, as many of our tenants are subletting their space. We've had a number of retail properties go mostly empty, even though the tenants are paying on their space. It's cheaper for them to pay the rent and keep it empty rather than to build it out and operate it. As for work, when there is stuff to be done, our analysts and associates are working much harder and longer for less bonus money.

Our real concern is uncertainty. We have no idea what is going to happen with this economy, so we're planning for the worst. We have needs, but we refuse to hire anyone because it costs a lot of money to hire someone and train them, only to have to can them later. Even our CMBS unit--which is buying everything they can find right now--is just working their guys harder rather than hiring.

 

It used to be you'd work for a big company to attain job security, and starting your own business was really risky.

Now in that big company you can get fired by some guy with a spreadsheet you've never met. At least with owning your own business, if you get fired it's because you suck at delivering a product or service to customers.

If you've been unemployed a while, my advice is to throw up a shingle and start some kind of business. Is it really that much harder or soul crushing than handing out 100 resumes and being unemployed for a year?

America has always excelled at fostering small businesses. Hopefully the next big boom happens because a lot of little garage companies (like my wife's) take off. I just don't see it happening again in manufacturing or construction.

 

Perhaps try some temp to hire agencies.