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The Economy

post #1 of 12
Thread Starter 
What is the economy like where you are? It is getting a little scary here and I am afraid it is going to get quite a bit worse before it gets better. I work in a government agency and this is the worst it has been in 24 years. As a starting point all agencies have to cut 15%, this is after we have already taken major cuts and there are more coming. Unfortuantely we are now into cutting programs and services. My husbands company is in a negative percent (he's in sales) across the country.
post #2 of 12
Hey - I live in Michigan. We are " first in last out" when it comes to lousy economic conditions. Unemployment is near 10 percent here... major employers are teetering on the brink of bankruptcy... business is shrinking at an alarming rate... layoffs and shutdowns everywhere... and it's predicted to get worse before it gets better (If it gets better).

The only reason I am still here is that I cannot move my elderly mom. So I am stuck - underemployed, with property I likely cannot sell (or will likely take a bath on) cuz people either cannot afford to buy or are leaving the state and have their own property to unload. Outflow to inflow of people here is something like two to one...
post #3 of 12
Thread Starter 
Quote:
Originally Posted by AddieBee View Post
Hey - I live in Michigan. We are " first in last out" when it comes to lousy economic conditions. Unemployment is near 10 percent here... major employers are teetering on the brink of bankruptcy... business is shrinking at an alarming rate... layoffs and shutdowns everywhere... and it's predicted to get worse before it gets better (If it gets better).

The only reason I am still here is that I cannot move my elderly mom. So I am stuck - underemployed, with property I likely cannot sell (or will likely take a bath on) cuz people either cannot afford to buy or are leaving the state and have their own property to unload. Outflow to inflow of people here is something like two to one...
Scarey times. Real Estate here has been on a real high for the past 2-3 years but now many of our top builders have filed bankruptcy because they can't get construction loans. We bought 3 years ago as an investment but there is no way in ''''' we could sell now so I guess we stay put also.
post #4 of 12
I live in a very high volume seasonal tourist area. It is an area where most people who own businesses are on that make or break yearly cycle, have a good season things are great, have a bad season you may not be around for the next one. This year was a little on the lean side so I am pretty sure there will be several business that will not be re-opening their doors come spring.
post #5 of 12
Bad!. Lots of major stores closing or losing staff, and house prices have took a nose dive and still not selling.

One of my friends bought a town house several years ago for £218,000.00, then put it up for sale over two years ago for £255,000.00. She dropped the price several times, but to sell it she had to drop it some more. They had a buyer, but they had to drop it further to £200,000.00, losing £18,000.000 from the price they originally paid, but then the valuer came in and said it wasn't worth that either, so had to drop it another £10,000.00

Fortunately the company i work for is really busy *touches wood*
post #6 of 12
I'm in Michigan also. The economy here scares me practically to death. I'm fortunate that I work in the Operating Room, and our hospital is still doing okay (for now.) We had a staff meeting on Wednesday, and we have to try to figure out cost saving measures. Even simple ones, like suture. There are sutures that can cost $20 - $30 per suture. We are not opening them at the beginning of the case, so the surgeon will have to wait to have it opened when he asks for it. We have not been asked to make wage concessions....yet. Our top raise has gone from 5% a few years ago, to 2.5% this year. We are also removing things from our O.R. Capitol Budget, they have to go to a financial committee (people who know NOTHING about surgery) to be approved for purchase. We are also having our retirement investor rep doing 'round-the-clock' meetings, for staff. Even new hire/positions have to go through committee to see if the position is necessary to fill. Scary stuff, I tell you!
post #7 of 12
Very scary here, my partner had to go to a meeting today and he received a letter saying he may be getting made redundant.

We are in worrying times but my mum keeps reminding me that all this has happened before and people got by... still very scared though!
post #8 of 12
Not horrible ... we have a bit of a slump but overall better than nationally
post #9 of 12
Well Wisconsin is a pretty conservative state so home prices haven't dropped much at all compared to other parts of the county. Granted there still are foreclosures I the sheriff's sales posted in the paper but not too bad.

My husband's company has been a bit affected. All mgr were to cut at leat one staff to 50% but instead all depts are going to 4 days/week for the nect 6 weeks. I'm guessing it will be re-evaluated at that time.

I plan on keeping my 12 hr/week pt job when my landscaping season starts. I know I will be cut back on hours from one commercial client for sure though which did make up a good chunk of my business. I'll have to try to put up more clients somehow. If gas prices stay low that should help me a bit.

There are jobs in the area if someone wants to work though-can't be fussy on what you do however.
post #10 of 12
I'm in Florida and it's pretty bad.

My husband has been laid off since October. The company first cancelled all health insurance in an effort ot stay open. Now they are trying to sell the property. the only ones left working there are the owner and her son.

I had to put him on my health insurance, which means 100% of his premium comes out of my check. At least we still have health insurance...
I have heard my employer say a couple of times "I need to go to the doctor while we still have good insurance." I'm not really sure what that means, but it doesn't sound good.

I am putting groceries on my credit card.

A technician from my company was laid off a week or so ago.

My husband finally got an interview, but 100 people applied on the first day. I don't know how many people were interviewed, but it has been 2 days and we haven't heard back.

Ok, that's enough. I feel like a whiner.
post #11 of 12
It is bad. My place of business shut down. I am out of job at this time.
post #12 of 12
It is not good in my area.

Fortunately my husband has a stable and reliable job with a well established internet company, and there are things he is trained with that noone else can do in the company. So chances of him getting laid off are near to none as NOONE can do his job, and the company needs him.

Me, if I was still working at my prior job, I would have been safe there as well. Working in the food industry (cleaning an egg grading facility) is fairly stable, as no matter how poor people are, eggs are still bought, and the factory still has to be cleaned to meet CFIA standards so the eggs can be cleaned, graded and packaged.

However, I am not working there, and have not been for almost 2yrs now due to workplace injuries which left me with a permanent upper thoracic back injury and severe tendinitis in both thumbs, wrists and elbows. I do not know that I will ever be able to work again.

I am still getting paid, and I was doing some schooling and retraining, but it made my injuries worse, and I've been at home since Nov. waiting on medical... hoping there's some surgeries that will allow me to actually work because as it stands now, there's not many jobs that don't require use of your hands.

My parents however, are feeling the poor economy in a bad way. My father has been laid off since Oct. (permanently) and my mom only works part time making min. wage in a grocery store. My father's unemployment money is about to run out, then all they have is what my mom makes.

They are trying to sell their house...(very cheap too, its a fixer upper) and move out to AB where my 20yr old sis lives because the job market is great there. But they can't move till they sell the house and they had hoped it would have been sold by now. It's not a good situation. They do not have credit cards as they had to declare bankruptcy a few years back. They've borrowed money from alot of people to help fix up the house, and pay off bills, but everything keeps piling up. We can't help them anymore than I already have

It's a very sad situation.

sorry for rambling.
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