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news · Joined: 14 Jul 2007 Posts: 0 Location: Greater Boston

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Description: Mass. unemployment hits highest rate since 1976 (9.3%)
URL: http://www.boston.com/business/ticker/2009/10/mass_unemployme_21.html
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=2615

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balor123 · Joined: 08 Mar 2008 Posts: 1204

I read that the IEEE hiring survey indicates that most IT companies are planning on resuming hiring again. I don't know if the rest of the economy will follow suite or they'll be rehiring in MA though.

balor123 · Joined: 08 Mar 2008 Posts: 1204

We also don't know at what wages. With the high unemployment rate, employers lack that barrier to outsourcing (you already have employees here) and may be unwilling to pay American premium wages so unemployment may go down with decreasing wages (people will accept lower wages now just to have a job). That will likely not last forever of course but it'd be interesting to see if we get another 5 years of stagnating or declining wages, especially when taking debt payments, healthcare, etc into account.

Renting in Mass · Posted: Fri Oct 16, 2009 1:55 pm GMT Post subject:

We can all take solace in the fact that the big banks are making lots of money...

admin · Posted: Fri Oct 16, 2009 1:59 pm GMT Post subject:

Renting in Mass · Posted: Fri Oct 16, 2009 8:22 pm GMT Post subject:

I'm convinced that Bank of America will win in the end. I bought some shares at at $5 just so I won't be as pissed when they come out of this mess sitting pretty.

balor123 · Joined: 08 Mar 2008 Posts: 1204

But I thought what was good for the banks was good for everyone? It does seem that what was good for banks was good for banks. Maybe good for everyone else would follow who really knows or cares. What matters is, they got their money.

Brian C · Joined: 13 Feb 2009 Posts: 98

My company has cut our salaries/paid hours by 10% this year with the original deadline to end this November. I overheard the president that he will extend the cut till late SPRING!!
I talked to numerous companies in my industry (life safety) around the country last week and they all felt the same way. "The stock market and media might see a recovery, but we are not feeling it"

Never thought we might see 10% in MA but its coming!

balor123 · Joined: 08 Mar 2008 Posts: 1204

We have flexible time off (no separate sick or vacation days) and they cut if from 5 weeks to 3 weeks, which is very little considering it includes sick days (and it can't grow past 3 weeks). The company is actually break even and the economy is improving. We thought that meant they would bring the days back but it sounds like for the foreseeable future it will stay this way. Not to mention the virtual pay freeze since 2005 in the Boston area (we've been told wages haven't been rising here).