Anecdotal: Recession

mizzbiz

I've just found out that one of our industry friends (no names mentioned!!), who happen to be the industry leader and one of the first established in their field, are suffering hugely from the economic and confidence downturn. In addition, they have just let 20 staff go (there are around 60 staff so this is a huge percentage) and are not expecting to see out the end of the year. This is in the lighting industry, an industry that apparantly no downturn can touch.

On the same vein, one of the contractors my dad works with had to let all four of his team go (construction industry).

All this in one day. I know we as a company are also struggling and have noticed demand slip right down. We work mainly on government contracts which keeps us afloat at the moment but as they come to an end, if we don't win new ones we won't survive. One of our European sister companies (a very old, established company in this field too) are in dire straits and are trying to get revenue from any avenue and selling at barely any profit just to get turnover.

I was just wondering if this is as widespread to others as it is becoming to me. We all know the 'woe is me' stories of estate agents and house builders, but how far are the vines really stretching??

Anyone else have any anecdotal on this?

Gangstabird

No stories but DH who is the building trade is very quiet at the moment.

I am sorry to hear this about your company. Hope it all improves.

baileysbattlebus

I worked for a government agency until July who use a huge number of contractors - over the last year they have not renewed about 2/3 of them.

Which was a shock to many as they had been there years !! It must have been a licence to print money for many of them. To be honest, in the dept I worked in I could see what they were paid and a lot of them were paid serious money.

My son is in the construction industry and many companies are laying off people. Daughter is in recruitment and where there were large numbers of mortgage / financial services jobs available, they are drying up (not her sector fortunately)and people are being laid off. She has been getting lots of people in looking to change industries. From mortgages to insurance.

If it's at all like the last time no where will be safe from job losses - it will likely be across the board. Retail firms will start to feel the pinch, which in turn will affect suppliers etc.

It's like a ripple effect - it started with housing, which affects, builders, mortgage people, estate agents, surveyors etc, and as people stop buying houses that affects removal people, furniture stores, DIY stores, right the way down the line.

I really hope it is nothing like the last time - it was horrendous and we weren't affected by job losses our selves, but I knew plenty who were.

napoleon

We're all doomed!

mewbie_2

Although I am a bear (boo hiss), it doesn't mean I want a recession. Far from it. My bear aspect is simply believing house prices were too high, mortgage multiples and lie-to-buy were ridiculous, and clearly large parts of the country have been living way beyond their means for years. Either using credit, or by mewing the silly gains from HPI.

I have no desire to lose my work, and am fingers crossed hoping that I can survive the next few years. What REALLY hacks me off, is that I and many other people who didn't borrow silly money, didn't buy the latest whatever - are going to be dragged into a mess not of our making.

Unfortunately recession will hit anybody, almost a random thing, so we will all pay for the excesses of the last few years. Thanks a lot you stupid over borrowing Burberry wearing holiday going BTL investing 4 x 4 owning selfish idiots. A pity some of you didn't spend the last years saving, learning something useful, working for society, anything really apart from borrowing and spending other people's money.

Oh you want an anecdotal as well? Contracts being terminated, recruitment stopped, mid year budgets being 'reassessed'.

izzybusy23

mewbie wrote: »

Although I am a bear (boo hiss), it doesn't mean I want a recession. Far from it. My bear aspect is simply believing house prices were too high, mortgage multiples and lie-to-buy were ridiculous, and clearly large parts of the country have been living way beyond their means for years. Either using credit, or by mewing the silly gains from HPI.

I have no desire to lose my work, and am fingers crossed hoping that I can survive the next few years. What REALLY hacks me off, is that I and many other people who didn't borrow silly money, didn't buy the latest whatever - are going to be dragged into a mess not of our making.

Unfortunately recession will hit anybody, almost a random thing, so we will all pay for the excesses of the last few years. Thanks a lot you stupid over borrowing Burberry wearing holiday going BTL investing 4 x 4 owning selfish idiots. A pity some of you didn't spend the last years saving, learning something useful, working for society, anything really apart from borrowing and spending other people's money.

Oh you want an anecdotal as well? Contracts being terminated, recruitment stopped, mid year budgets being 'reassessed'.

:T My sentiments exactly. Well said.

fatpig_2

mewbie wrote: »

. Thanks a lot you stupid over borrowing Burberry wearing holiday going BTL investing 4 x 4 owning selfish idiots. A pity some of you didn't spend the last years saving, learning something useful, working for society, anything really apart from borrowing and spending other people's money.

.

I'd bring back flogging for BTL greedy leeches. One home per person (or couple).

JonnyBravo

fatpig wrote: »

I'd bring back flogging for BTL greedy leeches. One home per person (or couple).

Cos that's workable. :rolleyes:

So if you don't want to buy who do you rent off? :rolleyes:

I'd bring back flogging for suggesting "one home per person (or couple)".... which incidentally seems very vague anyhow.... who is to say who is a couple and who isn't.... they don't manage it for benefit why will it work for houses?
What if you meet someone who also has a house... you can't get with them without selling????


:rolleyes:

mrstinchcombe

Recession was talked about months ago but despite a small number of anecdotals not a great deal has happened.

If it is going to happen wouldn't more have happened by now?

Guy_Montag

mewbie wrote: »

Although I am a bear (boo hiss), it doesn't mean I want a recession. Far from it. My bear aspect is simply believing house prices were too high, mortgage multiples and lie-to-buy were ridiculous, and clearly large parts of the country have been living way beyond their means for years. Either using credit, or by mewing the silly gains from HPI.

I have no desire to lose my work, and am fingers crossed hoping that I can survive the next few years. What REALLY hacks me off, is that I and many other people who didn't borrow silly money, didn't buy the latest whatever - are going to be dragged into a mess not of our making.

Unfortunately recession will hit anybody, almost a random thing, so we will all pay for the excesses of the last few years. Thanks a lot you stupid over borrowing Burberry wearing holiday going BTL investing 4 x 4 owning selfish idiots. A pity some of you didn't spend the last years saving, learning something useful, working for society, anything really apart from borrowing and spending other people's money.

Oh you want an anecdotal as well? Contracts being terminated, recruitment stopped, mid year budgets being 'reassessed'.

I'm quite ambivalent about a recession - you need one every so often to get rid of the cowboys & wastes of space. Of course good companies go under too & that's a shame, people who don't deserve it will lose their jobs & that too is a shame. But for many a recession, or rather the time just after is an opportunity to spread their wings, try something new, start their own business. What worried me, just a little is that this time, with debt being the way it is, it will take an awfully long time before we're at the recovery stage.

BettiePage

mrstinchcombe wrote: »

Recession was talked about months ago but despite a small number of anecdotals not a great deal has happened.

If it is going to happen wouldn't more have happened by now?

Do you not read the newspapers or watch the news on tv then?