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Recovery just around the corner?


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2009 Jun 17, 3:34am   2,654 views  15 comments

by Vicente   ➕follow (1)   💰tip   ignore  

This chart says something is going awry with "recovery".

Official Unemployment

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1   OiCu812   2009 Jun 17, 4:02am  

This is inflationary...right? lmao.

2   dont_getit   2009 Jun 17, 4:53am  

If the government says so, it should be right. I dont believe Red line.

3   Vicente   2009 Jun 17, 11:40pm  

Just got memo from top fatcat where I work, at least 8% paycut coming. Probably in furlough form. Also some layoffs,

4   Tude   2009 Jun 18, 1:19am  

Just got memo from top fatcat where I work, at least 8% paycut coming. Probably in furlough form. Also some layoffs,

Thanks for the heads up, just logged in the read it. However I read it as probably just a salary reduction! It is the easiest solution after all, no pesky schedules to deal with.

So, a 10% pay cut taking this job, now another 8% reduction. Hyperinflation is coming!

5   missgredenko   2009 Jun 18, 3:00am  

Vicente w/o asking for too much identifying info can you tell us what industry this info is from?

My husband took a huge paycut when he went from contract to employee status a few years back. It's not easy to adjust to but it was a relief since the company was getting rid of most of its contract employees. He's just getting back to the same nominal amount now, 5 years later. Course that's not adjusting for inflation. So I wish everyone luck w/the lifestyle adjustments and hope they're not too painful.

Tenpound, your friend's experience highlights how many of us just go on w/life as usual even though the carnage we see around us suggests we should be tightening our belts and saving, saving, saving. I'll include myself in that. We don't spend that much but I suppose we could always do more. I was better at creating austerity plans before the kids showed up.

6   dont_getit   2009 Jun 18, 4:01am  

Just got memo from top fatcat where I work, at least 8% paycut coming. Probably in furlough form. Also some layoffs,

I work for high tech company in sillicon valley(a BIG one). We heard that there would be no bonus this year(that is an average of 15% of salary for above average performers). Its a form of pay cut as well. But, nobody complains :-), having a job is more important :)

7   Tude   2009 Jun 18, 6:01am  

I work for a very large Public University system

8   justme   2009 Jun 18, 9:08am  

Ok, which big tech companies are most well known for their employee bonus program? Cisco? Intel? HP? Oracle?

9   junkmail   2009 Jun 18, 12:36pm  

Having a job is VERY important.

10   elliemae   2009 Jun 18, 12:49pm  

I work to support my habits - eating & living indoors. :)

11   mrchanman   2009 Jun 18, 4:02pm  

Just got memo from top fatcat where I work, at least 8% paycut coming. Probably in furlough form. Also some layoffs,

Errr, do you work for the University of California?

http://atyourservice.ucop.edu/news/general/0906-reduction_info.pdf

I don't know why anyone involved in government is trying to project anything involving the economy at this point. It is pretty clear that no one is able to predict any aspect of the economy with certainty.

It is even worse for California government... no one seems particularly interested in doing the hard thing and coming out and start cutting expenses to close the deficit in the budget.

Also, I wonder what kind of exemptions highly paid coaches will get in the UC salary reduction/furlough option...

12   Vicente   2009 Jun 18, 5:00pm  

Yep UC Davis. Just another cog.

13   justme   2009 Jun 19, 2:28am  

What does everyone think about the near term gyrations of the stock market?

Today is Friday, and the market is up. Do you expect an UP week next week, or do the realities of the impending earnings season mean that it is time to sell out NOW?

In other words, is the pre-emptive sell-on-the-news going to start on Monday or will it be delayed a few more days?

[purely hypotethical, not investment advice]

15   nope   2009 Jun 19, 7:32pm  

Ok, which big tech companies are most well known for their employee bonus program? Cisco? Intel? HP? Oracle?

That depends on the company. Some companies skew somewhat highly towards bonuses, while others give virtually no bonuses whatsoever. I would guess that the big companies that have been doing significant layoffs recently have probably already reduced or eliminated bonuses, and the companies that are doing better will still have them.

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