Thursday, February 07, 2008

Bad Economic Indicators

Yahoo has some interesting articles this morning

Bad January retail
The sales figures made it clear that consumers wrestling with high gas and food prices, a slumping housing market, an escalating credit crisis and a weakening job market retrenched further, buying mostly necessities even when redeeming their holiday gift cards. The disappointments cut across all sectors .

Wow! Written by a blogger? ;)

Jobless claims show labor market straining

The Labor Department reported Thursday that 356,000 claims for jobless benefits were filed last week, a decline of 22,000 from the previous week. The decline only erased a part of the huge jump of 72,000 in claims of the previous week.

Ouch. Not good numbers.

Do you remember I was blogging that my company would probably announce a relocation in March? Stop holding your breath. They won't announce anything.
Why?
1. We've already quitely relocated about a thousand to Texas in the last few months and into the next month or two. A relatively slow tricle. Why slow? Notice the lack of new coverage?
2. The company quietly opened a new campus in Colorado (surprised me!) and the first I heard about it is when employees of mine told me they were cashing out and moving to Colorado. Since this is a pure voluntary move, there won't have to issue any press releases. Again, a very quiet bleed off of jobs.

Mostly we're pulling from LA and DC. A few other areas, but not by intention. Since these are applied for relocations, the company cannot geographically limit the applicant pool without raising alarm bells.

Quite bluntly, we're copying Raytheon; they have become the master of quiet relocations from state to state. No forced relocations... No layoffs. But a steady bleed out of bubble markets. I didn't think we'd go the silent route. J6P thinks the Aerospace downturn was the only reason for the 1990's recession; the aerospace companies do not want to be the poster child for a housing downturn anywhere.

My company needs to get a cadre of experience into the new campuses to mentor new engineers we're hiring. Our rate of hiring will explode just due to the baby boomers retiring. So the company copied a competitor to enable future hiring without raising alarm bells. I'm surprised now, but I shouldn't have been. Cest la vie.

Got Popcorn?
Neil

2 comments:

Bye FL said...

I am not surprised. Everyone wants out of FL and CA. I am out of FL in a few months for NW PA where houses are 4-5x cheaper!

Ed said...

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