Retail sales

[Americano]

Everything I read is very dismal, including retailers who target luxury markets with disastrous 3rd qtrs, and the Internet is not immune to the economic slowdown:


Online spending growth in October fell to its lowest rate since 2001, in a sign the sector has been hit by the slumping economy and indicating a challenging holiday season for online retailers.

Online retail spending grew only 1% in October from a year ago, following a downward trend that started late last year, according to market-research firm comScore Inc. The slowdown is happening as families that make less than $50,000 a year have stopped spending online, the study says.
While households earning $50,000 a year or more increased online spending, growth was slower than in previous years. Households that make $50,000 to $100,000 a year account for 45% of e-commerce dollars, and increased their spending by only 1% in the three months ended in October.
"I think it's clear consumers have less disposable income and as a result, e-commerce is going to suffer," says Andrew Lipsman, a senior manager at comScore.
Online sales have traditionally been a growth engine, with growth rates of about 20% or higher. While such growth had started to taper off as the sector matured, online spending was still poised to be strong as companies such as Amazon.com (http://online.wsj.com/public/quotes/main.html?type=djn&symbol=amzn) Inc. and Buy.com Inc. increased the breadth of inventory and increased free-shipping offers.
Now online sales appear to be acting more like a traditional retail sector, subject to the same buffeting by economic trends as bricks-and-mortar stores.
Large companies such as Amazon.com and eBay (http://online.wsj.com/public/quotes/main.html?type=djn&symbol=ebay) Inc. have signaled that online sales growth could be muted. Auctioneer eBay last month reported quarterly revenue at the low end of its forecast, and announced layoffs of 10% of its work force, or roughly 1,000 employees and 600 temporary workers.
Amazon.com has fared better, but recently lowered its full-year guidance and reported a wide revenue forecast for its current quarter, indicating the company has limited visibility into how it will perform during the holiday season.
http://online.wsj.com/article/SB122703511903738139.html?mod=googlenews_wsj

[partofme]

I almost hate to read any economic news at all anymore. It just seems like they could just print headlines that say "Everything Sucks" and that would about cover it.

[Americano]

I almost hate to read any economic news at all anymore. It just seems like they could just print headlines that say "Everything Sucks" and that would about cover it.

It's always a good idea to keep track of things before one discovers being short on ammunition when the crowd decides it wants your 'stuff'.

A forum has a thread tracking that bad news and in just a couple of days it took a noticeable period of time just to load.

[partofme]

It's always a good idea to keep track of things before one discovers being short on ammunition when the crowd decides it wants your 'stuff'.

I know what you mean. I was just saying how every day it seems like they can't emphasis how bad it is. I'm just waiting for Warren Buffet to kill himself leaving a suicide note that just says "I suggest you do the same".

[Americano]

I know what you mean. I was just saying how every day it seems like they can't emphasis how bad it is. I'm just waiting for Warren Buffet to kill himself leaving a suicide note that just says "I suggest you do the same".

You're one of his living trust beneficiaries?

The current big guess is how negative the economy (by GDP methodology) will contract in Q4. I'm reading -4.5% and always slow even in good times Q1 is next. We have some serious economic problems and we're going to see if domestic capitalization is better than war without plunder capitalization, again using borrowed money. I do not envy Obama's job.

[Greendruid]

I do not envy Obama's job.

What a perfect time for those crusty old whities on the far right to point the finger at the first Black President and say "See, I told you so." There are few examples of a bigger pile of shit being handed to an incoming leader.

[Donkey]

It's always a good idea to keep track of things before one discovers being short on ammunition when the crowd decides it wants your 'stuff'.
Fortunately I doubt people would care about most of my stuff in such a case. :ummm:

[Americano]

Fortunately I doubt people would care about most of my stuff in such a case. :ummm:

Sounds like you're well-positioned in the event of an economic depression and potential civil unrest.

[Americano]

What a perfect time for those crusty old whities on the far right to point the finger at the first Black President and say "See, I told you so." There are few examples of a bigger pile of shit being handed to an incoming leader.

True, all that seems to be missing is famine, pestulance and a plague or so. But he's not yet in office, so who knows what current administration might have lurking in the shadows.

[Donkey]

Sounds like you're well-positioned in the event of an economic depression and potential civil unrest.
Maybe I'll be in the mob stealing Partofme's stuff. :angel:

[Americano]

Maybe I'll be in the mob stealing Partofme's stuff. :angel:

He has the responsibility of young children so that could endanger your friendship.

[The Sister]

Fortunately I doubt people would care about most of my stuff in such a case. :ummm:

I too am celebrating what a wonderful time to be without 'stuff' - rarely has my lack of savings, property and retirement funds seemed like such good news :D

[Americano]

I too am celebrating what a wonderful time to be without 'stuff' - rarely has my lack of savings, property and retirement funds seemed like such good news :D

If you were an American, you could look forward to being in what will become a common, rather than unique circumstance.

[Donkey]

Indeed. It occurs to me that right this instant might not be the best time to be graduating with a bachelors in the social sciences. :erm:

Ah well. I will probably apply to Teach for America, or try to get my loans deferred doing stipend work. Every job seems to demand a lot of experience. What I can't figure out is where the hell I'm supposed to get the experience if all the jobs require it!

Actually, I know perfectly well where... unpaid work. :sneaky:

[drgoodtrips]

Indeed. It occurs to me that right this instant might not be the best time to be graduating with a bachelors in the social sciences. :erm:

Ah well. I will probably apply to Teach for America, or try to get my loans deferred doing stipend work. Every job seems to demand a lot of experience. What I can't figure out is where the hell I'm supposed to get the experience if all the jobs require it!

Actually, I know perfectly well where... unpaid work. :sneaky:

Or riding it out 'til things get better. I graduated facing less of an all around abortion of a job market, but in my specific field it was actually much worse...

As a matter of fact, it was so hard to come by programming jobs around 2001-2002 that there was a huge glut in the applications for grad school in the field. I was turned down from every school I applied to with the blunt message that computer science grad schools, like computer science jobs, were only accepting people with several years of work experience. They didn't even bother to beat around the bush at one school that I talked to - they flat out said that if you didn't have a resume with work experience, your app was tossed.

I went to work in a Radio Shack for a while, and eventually the job demand for entry level people picked back up. One thing that the experience helped me with that's valuable is that I got very, very good at searching for jobs. If you ever want any job hunting advice, I'm happy to oblige.

[Americano]

Or riding it out 'til things get better. I graduated facing less of an all around abortion of a job market, but in my specific field it was actually much worse...

As a matter of fact, it was so hard to come by programming jobs around 2001-2002 that there was a huge glut in the applications for grad school in the field. I was turned down from every school I applied to with the blunt message that computer science grad schools, like computer science jobs, were only accepting people with several years of work experience. They didn't even bother to beat around the bush at one school that I talked to - they flat out said that if you didn't have a resume with work experience, your app was tossed.

I went to work in a Radio Shack for a while, and eventually the job demand for entry level people picked back up. One thing that the experience helped me with that's valuable is that I got very, very good at searching for jobs. If you ever want any job hunting advice, I'm happy to oblige.

I've been out of that realm for quite some time. Do headhunters and temp agencies no longer control the majority of professional hiring? I know most all of our local employers I'm familiar with employing semi-skilled workers use temp agencies as a buffer against unionization and to ensure their ability of instantly adjusting labor overheads.

[Michael]

I've been out of that realm for quite some time. Do headhunters and temp agencies no longer control the majority of professional hiring? I know most all of our local employers I'm familiar with employing semi-skilled workers use temp agencies as a buffer against unionization and to ensure their ability of instantly adjusting labor overheads.
In my field it is all about head-hunters and agencies.

And yes, all my company's 'unskilled' labor pool is supplied by a temp service.

[Americano]

In my field it is all about head-hunters and agencies.

And yes, all my company's 'unskilled' labor pool is supplied by a temp service.

I know the owners of a local company quite well and wasn't surprised that their labor and administrative costs are far lower using a temp agency, even with the agency margin included, than their former practice of in-house HR and wage increases based on seniority. One manager and a clerk are the entire HR department for over 100 employees.