How has the economy impacted you?

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How has the economy impacted you?

Postby mglr536 » Wed Dec 31, 2008 3:32 pm

My company (Hi Tech HW/SW appliance) - 2008 was a banner year, but we are cautiously optimistic about 2009 and have a conservative financial plan approved. No merit increases in 2009. New hires on hold until Q3/Sept-09.

My Household - we are eating at home more, we cut Christmas spending, buying products when at a discount and always asking for one. No major purchases planned.

My Friends/family - my brother's German based manufacturing company (ties to automotive) has put in a 20% across the board pay cut and gone to a 4 day work week.
My Sister's Hi Tech S/W company is still in growth mode.
My friend's law firm is booming across all segments.
Another friend's accounting firm is booming across all segments.
Another friend who works at Circuit City tells me a foreign investor just pumped in $1B to keep them going.
Another friend who works in car sales said their service business is holding them together.
Another friend in nursing hasn't seen any changes at the hospital.

My neighbors - one job loss in Marketing from Financial Services industry/2 neighbors have been foreclosed as they were way over their heads in debt service/1 house purchased by new neighbor.
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Re: How has the economy impacted you?

Postby Jeannine Stergios » Wed Dec 31, 2008 4:27 pm

How has the economy impacted my family

My husband got laid off yesterday after 13 years as a Quality Hardware Engineer.
My business has had three months of 50% less than expected sales. Even worse, receivables are getting harder and harder to collect. Soon I will be forced to turn my business into credt card payment only instead of sending out invoices. No raises this year and the very small bonuses I gave to the employees was out of my pocket. One employee moved out of state and we cannot afford to replace her. We bought/spent less than usual for gifts this year. We had planned to purchase a blu-ray player but decided to save the money in case we need it.
My brother got laid off from his job as a production manager for a forms company in Boston.
My niece graduated from college in May and is working a temp job. She said she's luckier than most of her friends who are working part-time waiting on tables.
My brother in law is a mortgage broker and his business has been practically non-existent for more than 6 months
Would sell my house tomorrow if I thought it would actually sell because these property taxes are out of control. When your taxes are almost as high as what some people pay for rent ($600+ per mo) it's time to cut yourself loose.
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Re: How has the economy impacted you?

Postby WIZ » Sat Jan 03, 2009 11:08 am

From today's Nashua Telegraph

http://www.nashuatelegraph.com/apps/pbc ... /301039948

Some optimistic news on the local economy today; I guess there could be worse places to live. However, after reading the article, it seems that many of these job opportunities are not attracting people here to fill these jobs. And recent demographic statistics published by the state indicate that the growth in NH last year was basically flat (+3,500).

So while unemployment skyrockets nationally, NH is having difficulty attracting people to live here to fill “…high paying jobs”.

The next question would be, what would it take to change this trend and make NH an attractive place to work and raise you family here?


EDITOR’S NOTE:
This is one of a series of stories running this week concerning the way individuals, companies and institutions are coping with the recession. These and earlier stories can be read on The Telegraph’s Web site, at http://www.nashuatelegraph.
com/hardtimes.



In a recession, most conversations about the local job market fall somewhere between dark and depressing. Anyone who is job searching right now knows it well: Just when a steady paycheck is needed the most, it's hardest to find.

But there are companies in a variety of industries that are still hiring in Greater Nashua. Even during a recession, some skills are almost always in demand here.

The good news is most of those jobs are high-paying. But the vast majority requires advanced degrees, specialized training or years of experience – making it nearly impossible to make a quick transition.

Here's a look at some of the fields that consistently look to hire in Greater Nashua and are looking to fill positions right now:

Engineering



Anyone who has an engineering degree can breathe a sigh of relief: You're not likely to be out of a job for long in Greater Nashua, no matter what the economy looks like.

Engineers are consistently sought after due to southern New Hampshire's concentration of high-tech companies. Nearly every type of engineer is in demand: mechanical, electrical, software, hardware, etc.

Nashua's largest employer, defense contractor BAE Systems, is looking to fill about 125 engineering positions right now, according to Amanda Arria, the company's Northeast Regional Talent Acquisition Manager.

Companies like BAE hire mostly experienced engineers, although the experience doesn't necessarily need to be in the defense industry. The company also hires recent college graduates.

Finance

Tax accountants, public accountants, and staff and senior accountants are all in demand right now in southern New Hampshire, according to Barry Roy, regional vice president of the Robert Half staffing agency in Manchester, which also oversees the Nashua office.

"All those skill sets are very sought after . . . but probably more so now this day and age with finances being the way they are," he said.

Amid the ongoing U.S. financial crisis, companies are paying more attention to financial regulation and are looking for qualified candidates to fill accounting and finance positions, Roy said.

Particularly attractive candidates have advanced degrees such as CPAs and MBAs, he said.

Administrative support

Despite a dwindling economy and slow job market, companies are still looking to fill receptionist, customer service and data entry jobs, according to Pat Regan, senior staffing manager for Career Connections staffing agency in Nashua.

The job market in the Nashua area is "not as pessimistic as a lot of people think," she said.

Unemployment rates in New Hampshire are still hovering around 4 percent – about two percentage points below the national rate.

And when the economy rebounds, Regan expects the number of jobs in these support fields to grow even faster. Companies that have delegated receptionist or clerical tasks to other employees will look to lighten their workload, she said.

Health care

While other companies in Nashua are downsizing, the health-care industry has continued to grow. Registered nurses, physicians and physical therapists are particularly in demand, according to Merryll Rosenfeld, vice president of human resources for Southern New Hampshire Medical Center in Nashua.

And that's not just at Southern New Hampshire Medical Center, Rosenfeld said. Most hospitals in the region are looking to fill the same kinds of positions – every few years, there seems to be a spike in demand, she said.

The most sought after specialties right now include emergency room physicians and pediatric physical therapists, she said, because there seem to be fewer college students coming out of those programs.

That may not be great news for people who don't have a background in the health-care industry, but it's something to pass along to high school or college students considering that career path.
Ashley Smith can be reached at 594-6446 or asmith@nashuatelegraph.com.
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Re: How has the economy impacted you?

Postby JMac1000 » Sat Jan 03, 2009 11:22 pm

So even if you are employed, have a good job and can afford to buy things, EVERYONE is cutting back. I think the biggest areas people are cutting back is discretionary spending, ie restaurants as well as putting off buying big ticket items. While you still may have a good job, and income, in just one year your 401k is down 40%, your 529 College savings is down 40%, if you invest in the stock market that is probably down 40%, and to top it all off your home is worth 20% less. Meanwhile that middle class income, which represents most of Merrrimack does not seem to go as far as it did even 3 years ago. I see this mess lasting awhile, unfortunately. There is no easy way out of this!
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Re: How has the economy impacted you?

Postby RD » Mon Jan 05, 2009 11:54 am

WIZ wrote:So while unemployment skyrockets nationally, NH is having difficulty attracting people to live here to fill “…high paying jobs”.

The next question would be, what would it take to change this trend and make NH an attractive place to work and raise you family here?


Put an end to winter. As soon as everything falls in place in ~5 years or so, I'm off to California. Last winter really made me seriously consider it, and the recent ice storm sealed the deal.
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Re: How has the economy impacted you?

Postby Tom Williams » Mon Jan 05, 2009 2:07 pm

RD wrote:Put an end to winter. As soon as everything falls in place in ~5 years or so, I'm off to California. Last winter really made me seriously consider it, and the recent ice storm sealed the deal.

Hi Rick,

I'm with you on the end to winter thing. Last week here in Georgia I played golf in shorts.

I don't get the California attraction, though (I lived in SoCal for 4 years). Do you have ties there?
Tom Williams
"Treating businesses and affluent people as prey, rather than assets, often pays off politically in the short run-- and elections are held in the short run." -- Thomas Sowell
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Re: How has the economy impacted you?

Postby RD » Mon Jan 05, 2009 2:32 pm

Tom Williams wrote:
RD wrote:Put an end to winter. As soon as everything falls in place in ~5 years or so, I'm off to California. Last winter really made me seriously consider it, and the recent ice storm sealed the deal.

Hi Rick,

I'm with you on the end to winter thing. Last week here in Georgia I played golf in shorts.

I don't get the California attraction, though (I lived in SoCal for 4 years). Do you have ties there?


Hi Tom, yes I have very close friends that live there. But I'm not talking SoCal, I'm talking up north... somewhere between Frisco and Sacramento. Easy access to the beach, mountains, Lake Tahoe, wine country. Can't go wrong!
"If you think teachers are your enemy, you should probably reassess who you think your friends are." - Chris Larson
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Re: How has the economy impacted you?

Postby Jeannine Stergios » Mon Jan 05, 2009 3:20 pm

RD

I'm ready to go too if I could only sell my house. We have already looked into Southern TN as it appears there's work there for my husband and the cost of living is lower than here and the climate is milder too. My son lives in Knoxville and hasn't seen snow in the two years he's lived there. In the Winter of 1974 Southern NH actually had no snowfall. I remember it well and kept hoping for more winters like that.
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Re: How has the economy impacted you?

Postby Michael Pelletier » Thu Jan 08, 2009 7:32 am

RD wrote:I'm talking up north... somewhere between Frisco and Sacramento. Easy access to the beach, mountains, Lake Tahoe, wine country. Can't go wrong!

Just don't call it "Frisco" when you get there, you'll be immediately recognized and shunned as a foreigner.
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Re: How has the economy impacted you?

Postby Michael Pelletier » Wed Jan 14, 2009 3:17 pm

The company which laid me off back in May just declared Chapter 11 bankruptcy this morning - Nortel, to be exact. It's a real shame.

My short-term contract in Cambridge is ending on January 30, so I'm hoping that a couple of recent interviews come through with job offers.
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Re: How has the economy impacted you?

Postby WIZ » Sat Jan 17, 2009 7:22 pm

Michael Pelletier wrote:The company which laid me off back in May just declared Chapter 11 bankruptcy this morning - Nortel, to be exact. It's a real shame.


Nortel’s is to Canada what IBM is to the USA. That was until 2001 when the communications industry and the dot-com era in general, bubble burst. Then they had an accounting scandal that started a real tail-spin for them. Nortel was a leader in new technologies for the longest time. I’ll bet they look good to companies like Cisco and Juniper. I wouldn’t be surprised if we see some sort of deal between Nortel and Cisco. Cisco still has plenty of cash.
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Re: How has the economy impacted you?

Postby Michael Pelletier » Mon Jan 19, 2009 3:42 pm

They still have leadership in new technologies, for example in the development of DP-QPSK for 40-100 gig:

http://www.eetindia.co.in/ART_880055467 ... 00ea1a.HTM
Nortel introduced its DP QPSK to the market in April 2008 and has already gained over 30 customers; the technology is highly regarded by both carriers and competitors.


http://telephonyonline.com/access/news/ ... 100g-0311/
Nortel Networks introduced new equipment today allowing carriers to migrate from 10 Gb/s links to 40 Gb/s and eventually 100 Gb/s. A key aspect of the new gear is its ability to enable these migrations while maintaining the characteristics of the existing network—something Nortel achieved through a novel approach that applies wireless technology to optical networks.

...
“It’s a seamless transition from 10G to 40 gig to 100G without the need for ripping up your infrastructure, deploying new fiber, changing network designs, spacing for regenerators or reducing the number of flexibility points you have in the network,” saidScott McFeely, vice president of product line management for Nortel’s metro Ethernet products.

The technology allows transmission of forty gigabits per second over fiber that was just barely usable for ten gigabits, and a plug-and-play upgrade.

It was part of the Metro Ethernet portfolio, which they put up for sale last year. When they did that, though, it was the point at which I began to lose confidence in a near-term recovery of the business - the DP-QPSK & coherent receiver tech was one piece of the business I was really excited about.
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Re: How has the economy impacted you?

Postby mglr536 » Wed Jan 21, 2009 7:42 am

Update on how the economy has impacted you -

my friend at Circuit City lost her job.
had dinner with a friend from Fidelity who mentioned they're looking at another 1000-1500 job cuts.
met a guy in Boston last week who works at State Street who's worried jobs will be cut there.
talked to a casino worker in CT on Sunday who said everyone took pay cuts at Foxwoods...her's was 4% cut.

So, how has the economy impacted you?
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Re: How has the economy impacted you?

Postby Jeannine Stergios » Wed Jan 21, 2009 12:48 pm

Update

Niece's husband got laid off last week from his job as customer support person for a software company (name escapes me) in Chelmsford

Good friend got laid off from his job as an accountant (He's a CPA) in a Boston company

My business is holding its own, but people are slow paying their bills and we are having a much higher delinquency rate. We had to send several customers to collections. In the past 3 months we have sent more people to collections than we did in the last 13 years of business -also more bounced checks than usual.
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Re: How has the economy impacted you?

Postby RD » Wed Jan 21, 2009 2:10 pm

Meanwhile, I heard on the radio that some massive new hotel/casino complex in Vegas (The Venetian?) is looking to hire tens of thousands...
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