The above headline probably isn't a big surprise given the spate of economic news out this year, but the pace of the deterioration might be. According to recruiting firm and long-time layoff tracker Challenger, Gray & Christmas, at the current pace of layoffs in 2008, we will exceed last year's total by mid-October of this year.
Through August, layoffs are up 29% year over year. The financial and auto industries are leading the pack in terms of layoffs announce so far this year. For more details, see www.msnbc.msn.com/id/26526521.
So, while the economists argue over whether or not we're in a "officially" in a recession, just look at what's happening and make a reasoned decision yourself:
- The worst housing market in decades
- Layoffs up 29% this year vs. last year
- Regional and U.S. unemployment at a several-year high
- Credit markets in worst shape since the 1980s S&L crisis
- Retail sales the worst in years
- Restaurants and restaurant stocks in the doldrums
Other that that, things are pretty darn good (assuming everyone in your family still has a job, you don't need to sell your house, get a loan, etc.)!
In my earlier posts we've predicted a drop in merit budgets, despite the surveys conducted earlier this year projecting flat to slightly up budgets. We're sticking to our guns on this one - there is no reason that trend is going to be up.
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