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Job market weak- from CNN

 
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latest from CNN--
CNN article

Looks like, US job market is pretty bad.
How is it in your office, city, state?
[ March 06, 2008: Message edited by: Ram kovis ]
 
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Australia seems to plod along well. Our currency is almost par with US$
 
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The tech job market in NYC is very strong (although finance tech jobs may have taken a hit). I suspect it may taper off but it's definitely still on a high right now. The startup tech market in the US is also doing very well right now across the nation.

--Mark
 
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Job losses: Worst in 5 years

There was a net loss of 63,000 jobs, which is the biggest decline since March 2003 and weaker than the revised 22,000 jobs lost in January. Economists had forecast a gain of 25,000 jobs.

 
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While the overall and state economies are reporting downturns, in the IT industry locally (NE Fla), I'd say that things are above actually average (so far!).

I have a couple of theories on that score:

1. Companies reduced staff so far during the last crunch - and failed to rehire once it was over - that the remaining staff simply cannot be pared down in the usual early-recession style: no reserve capacity remains.

2. IT continues to be a growth industry overall worldwide. It's seen as a crucial means to a competitive advantage. Indeed, contrary to the infamous "IT doesn't matter" article published several years back, today's Wall Stret Journal is emphasizing the need to have effective IT.

3. It turns out that Santa Claus doesn't live in Bangalore after all. Offshoring is, I think, a permanent part of the business world now, but it's no longer a no-brainer solution for all a company's IT woes.

Of course the bigger question is where the housing crisis stops. I can forsee a full-blown 1928-style depression in the works if the avalanche doesn't slow down soon, and few of the safeguards enacted since then are likely to prevent it, since a number of them were revoked in the last 20 years and they were never designed for the idea of home price implosions in any event.
 
Tim Holloway
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Originally posted by Tim Holloway:
While the overall and state economies are reporting downturns, in the IT industry locally (NE Fla), I'd say that things are actually above average (so far!).

I have a couple of theories on that score:

1. Companies reduced staff so far during the last crunch - and failed to rehire once it was over - that the remaining staff simply cannot be pared down in the usual early-recession style: no reserve capacity remains.

2. IT continues to be a growth industry overall worldwide. It's seen as a crucial means to a competitive advantage. Indeed, contrary to the infamous "IT doesn't matter" article published several years back, today's Wall Stret Journal is emphasizing the need to have effective IT.

3. It turns out that Santa Claus doesn't live in Bangalore after all. Offshoring is, I think, a permanent part of the business world now, but it's no longer a no-brainer solution for all a company's IT woes.

Of course the bigger question is where the housing crisis stops. I can forsee a full-blown 1928-style depression in the works if the avalanche doesn't slow down soon, and few of the safeguards enacted since then are likely to prevent it, since a number of them were revoked in the last 20 years and they were never designed for the idea of home price implosions in any event.

 
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