How has the recent economic turmoil affected you?

[stessier]

The average American wage was $44,569.20 in 2014. The median was $28,851.21. (How this compares to previous years.)

Just a reminder for me to be very happy for the job I have.

[Isgrimnur]

Stay in school, kids.

Students who graduated from college in the class of 2014 earned median starting salaries of $45,478, according to a new report from the National Association of Colleges and Employers.

The survey, which looked at the first-year income of more than 45,000 graduates, found big differences in pay depending on the new hires’ college majors.

Here’s the breakdown:

BACHELOR’S DEGREE MAJOR	MEDIAN STARTING SALARY
Business	$49,035
Engineering	$64,367
Liberal arts and Humanities	$36,237
All	$45,478

...
On the highest end are the class of 2015’s petroleum engineers, projected to earn an average of $80,600 in their first year out of college.

[stessier]

On the highest end are the class of 2015’s petroleum engineers, projected to earn an average of $80,600 in their first year out of college.

When I graduated in 1995, I think they were earning $61k. I looked at those jobs - no thank you. They earn their money.

[Isgrimnur]

J. C. Penney

J.C. Penney is laying off 300 people at its Plano, Texas headquarters, making it the latest store chain to shed jobs in a tough environment for retailers.

Penney, which employs 3,400 at its headquarters, has seen its sales performance improve this year as it continues to recover from a disastrous attempt in 2012 and 2013 to become a hipper department store. In its second fiscal quarter (May through July), it reported that same-store sales rose 4.1%, easily outperforming rivals like Macy’s and Kohl’s.

But CEO Marvin Ellison, who joined Penney a year ago as president after a long career at Home Depot, has made it clear he wants to cut costs.

I guess I won't apply for a position there anytime soon.

Dallas News

Some of the cuts can be attributed to new systems from Oracle that Penney installed this year. With new processes, “it is imperative that we maintain a thoughtful approach to managing expenses while effectively supporting the needs of the business,” Avila said.

In the reorganization, some people are being offered different jobs with lower-ranking titles. Some could face pay cuts, Avilas said. People who don’t want to take new jobs will be offered severance packages.

[Zarathud]

Managing expenses = cutting service. If I can't find product in stock, why would I shop there anymore?

[LawBeefaroni]

Managing expenses = cutting service. If I can't find product in stock, why would I shop there anymore?

Not if a computer can do it better and cheaper. Considering all the layoffs are coming at corporate HQ, it's more likely that the cuts are someone in administrative support or those unnecessary money-number-counter people . Not a sales person in your local store or product on shelves/in the shipping warehouse.

Of course the big question is, does anyone actually shop at JCP? I haven't even seen a store in decades.

[Isgrimnur]

I have. They're great for cheap, passable-quality workwear in bulk, be it slacks or polos. I might even stop hunting for Eddie Bauer clearance t-shirts and try their gear next time I need to purchase some.

And certain stores have decent Big and Tall sections. And while I'm near needing the Big aspect of it, my torso routinely requires the Tall.

[LawBeefaroni]

I have. They're great for cheap, passable-quality workwear in bulk, be it slacks or polos. I might even stop hunting for Eddie Bauer clearance t-shirts and try their gear next time I need to purchase some.

And certain stores have decent Big and Tall sections. And while I'm near needing the Big aspect of it, my torso routinely requires the Tall.

It's not what they offer, it's where they are (or more accurately, aren't). According to googlemaps, the closest stores to me are in Cicero, Niles, and Woodridge. Might as well be in Saskatoon for all the times I've shopped in the suburbs.


I guess with 557 stores they are out there somewhere, maybe it's just around here they seem to have disappeared. Still, their annual revenue in 2007 was $20B and now it's around $12B.

[dbt1949]

My stepson' stepson just got out of jail a couple of weeks ago and now he's been on the job for about a week now at a nursery (landscaping type not babies) and is making $12 an hour.
My whole life as an electronic tech I never made that much.
<sigh>

[Isgrimnur]

Bridgestone to acquire Pep Boys:

Tire and auto service company Bridgestone Corp. is buying auto parts and repair company Pep Boys for $835 million in a deal that will help Bridgestone gain a more dominant position in auto services business.
...
The deal comes months after Pep Boys-Manny, Moe & Jack’s president and CEO resigned as the speculation built over whether the company was considering a sale. Tokyo-based Bridgestone Corp. said the move will help accelerate its global growth strategy.

[LawBeefaroni]

PBY (Pep Boys) up 23%.

Also, DUK announced plans to buy Piedmont Natural Gas. PNY up 37% on news of the $4.9B buyout (about 6 times larger than Pep Boys, for perspective).

[stessier]

Huh, I am served by Piedmont Natural Gas. Hope Duke doesn't mess it up.

[Isgrimnur]

Oscar Meyer plant closings:

Oscar Mayer employees and government officials struggled to come to grips Wednesday with the news that the meat processer’s parent company will shut down its Madison headquarters, wiping out hundreds of jobs at a company that has been a part of the community’s fabric since 1919.

Kraft Heinz Food Co. said the Madison Oscar Mayer offices and adjoining processing plant is one of seven plants in the U.S. and Canada that will close as part of an effort to save $1.5 billion in costs.

The headquarters will shift from Madison to Chicago; the other plants slated for closure include facilities in Fullerton, California; San Leandro, California; Federalsburg, Maryland; St. Marys, Ontario, Canada; Camp­bell, New York; and Le­high Valley, Pennsylvania.

The company plans to shed a total of 2,600 jobs. About 300 corporate workers in Madison will be offered jobs at the company’s co-headquarters in Chi­cago; the remaining 700 or so production workers here will lose their positions in three waves of layoffs over the next two years, Mayor Paul Soglin said at a news conference.

[Scuzz]

So my wife's insurance coding job disappeared Oct 2, she started looking for a new job prior to that. Well, she has been hired by a company out of Richmond, Virginia. She will be working from home making $4 an hour more than she was making before. She is very happy. She hasn't started with them yet, we still need to set up a dedicated room for her and she needs to finish the paperwork and get shipped a PC, but the final paperwork arrived yesterday.

[Isgrimnur]

Congrats!

[Isgrimnur]

October Unemployment - 5.0% (0.1%)

>= Age 25 by education level

Category	Percent	Change	YOY Change
Less than a high school diploma	6.8	0.1	0.6
High school graduates, no college	4.9	0.1	0.5
Some college or associate degree	4.3	0.1	0.6
Bachelor's degree and higher	2.5	0.0	0.4

Table A-1 - Unemployment Rate Ages 16-19 - 15.4% (0.8, 2.9 YOY)

Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs	2.3
Job leavers	0.5
Reentrants	1.6
New entrants	0.5

Table A-12 - Unemployed persons by duration of unemployment

	Weeks	Change	YOY Change
Average Duration	28.9	2.7	4.9
Median Duration	11.7	0.3	2.3

[Isgrimnur]

November Unemployment - 5.0% (0.0%)

>= Age 25 by education level

Category	Percent	Change	YOY Change
Less than a high school diploma	6.7	0.1	1.9
High school graduates, no college	5.2	0.3	0.3
Some college or associate degree	4.3	0.0	0.4
Bachelor's degree and higher	2.4	0.1	0.6

Table A-1 - Unemployment Rate Ages 16-19 - 14.9% (0.5, 1.7 YOY)

Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs	2.3
Job leavers	0.5
Reentrants	1.5
New entrants	0.5

Table A-12 - Unemployed persons by duration of unemployment

	Weeks	Change	YOY Change
Average Duration	29.1	0.2	5.0
Median Duration	11.4	0.3	2.2

[Isgrimnur]

CAD falls below USD $0.72

The loonie ended the trading day at 71.68 cents US, down more than four-fifths of a cent from its close Wednesday. At one point during the day, it was down more than a full cent.

Put another way, it now costs almost $1.40 Cdn at official exchange rates to buy a single U.S. dollar. Tack on service fees charged by banks and anyone buying American currency at their local financial institution will end up paying $1.43 or so.

The loonie is on track to post its second-worst year ever, down 17 per cent since Jan. 1, and there's still a week to go, Bank of Montreal economist Doug Porter noted Thursday. "The only bigger annual decline was in the extreme conditions of 2008, when the Canadian dollar fell 18.6 per cent — a threshold I thought would never even be approached again," Porter said.

The dollar's drop has been fuelled by several factors, including the continuing slide in oil prices, and the diverging monetary policies of Canada and the United States.
...
Some forecasts say the Canadian dollar could eventually hit 70 cents US. That's more a factor of the U.S. dollar increasing in value than the Canadian dollar going down, as the loonie is actually holding up fairly well when compared to most major currencies that aren't the U.S. greenback.

[GreenGoo]

A quick note on a phenomenon that has pissed me off my entire life.

We're a small market located beside the biggest market in the world. Theory and expectations tell me that things are going to be more expensive up here. Shipping, economies of scale, blah blah blah. Combine that with a weaker dollar, and CAD prices are going to be more than US. I get that.

But what actually happens is that after all typical extra expenses are accounted for, retailers just tack on a "for being Canadian" tax. Prices up here are EVEN MORE expensive than theory and practice would warrant. It's complete bullshit.

A few years ago when the CAD dollar hit par with the US dollar, the Canadian consumer finally started noticing. And they were PISSED. People were driving down to the states and buying cars, because the same car up here was thousands of dollars more for no good reason. Dealerships actually tried to stop this (force Canadians to buy cars in Canada only) through lobbying and whining. It was an awakening that I'd been waiting my whole life to see. Retailers started adjusting their prices downward because their scams were far too visible (since no one had to do any currency conversion in their head to realize how badly they were getting scammed). I was happy. Computer parts especially were noticeable and I'm a gamer, so it was a happy time.

But people have short attention spans and the parity between the dollars didn't last (understandably) and now we have prices creeping back up again.

Canadians. Poor at math. Easy marks. Suckers.

Grrrr.

[GreenGoo]

And on another note, Liberals take power, dollar drops to lowest it's been in almost 2 decades.

Liberals hate money.

Q.E.D.

[Jaymann]

I predict this thread will last until the next economic turmoil.

[Isgrimnur]

Turmoil. Turmoil never changes.

[Z-Corn]

I'm booking a trip to TO!

[GreenGoo]

I'm booking a trip to TO!

Bring me a car, would you?

[RunningMn9]

You can get cheap as hell scotch at CA duty free as well. There are some bottles available that are like $100 cheaper north of the border due to the exchange rate.

[Isgrimnur]

Bloomberg

Stocks fell around the world, with U.S. equities headed for the lowest since August, and bonds jumped as oil’s plunge past $30 sent markets reeling. Treasuries extended gains as U.S. data and earnings did little to calm nerves frayed by concern that global growth is slowing.

The Dow Jones Industrial Average sank more than 450 points, European stocks fell into a bear market and the Shanghai Composite Index wiped out gains from an unprecedented state-rescue campaign as global equities added to the worst start to a year on record. Oil plunged past $30 a barrel as Iran prepares to export into a global supply glut. A measure of default risk for junk-rated U.S. companies surged to the highest in three years. Yields on 10-year Treasury notes dipped under 2 percent, while the dollar extended a rally. Gold surged with the yen on haven demand.

Crude’s drop to a 12-year low is sending shock waves around the world at the same time concern is mounting that China’s policy interventions will fall short of stoking growth in the world’s second-largest economy. Energy firms are laying off workers and currency markets from commodity-producing countries are in turmoil. The slump is also denting the outlook for inflation around the world, causing traders to curb bets on how far the Federal Reserve will raise interest rates this year.

[Isgrimnur]

December Unemployment - 5.0% (0.0%)

>= Age 25 by education level

Category	Percent	Change	YOY Change
Less than a high school diploma	6.9	0.2	2.2
High school graduates, no college	5.6	0.4	0.3
Some college or associate degree	4.0	0.3	0.8
Bachelor's degree and higher	2.3	0.1	0.4

Table A-1 - Unemployment Rate Ages 16-19 - 14.2% (0.7, 0.7 YOY)

Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs	2.4
Job leavers	0.5
Reentrants	1.4
New entrants	0.5

Table A-12 - Unemployed persons by duration of unemployment

	Weeks	Change	YOY Change
Average Duration	27.6	1.5	4.8
Median Duration	10.9	0.5	2.1

[stessier]

Can you find the most recent metric of how safe people feel in their jobs (I can't remember what it is called - Something Something Confidence I think).

Because right now I am employed but am the most pessimistic I've been since 2008.

[Max Peck]

Can you find the most recent metric of how safe people feel in their jobs (I can't remember what it is called - Something Something Confidence I think).

Employee Confidence Index?

[Isgrimnur]

Walmart to close 269 stores

The company said the stores it plans to close are generally poor performers, and most are within 10 miles of another Walmart. 154 of the locations are in the United States, two-thirds of which are the smaller "Walmart Express" stores. Only 12 U.S. Walmart Supercenters will close, along with four Sam's Club stores.

Of the 16,000 associates -- or employees -- to be affected, 10,000 will be in the United States. The company aims to place those associates in nearby Walmarts.

But when that's not possible, Walmart said it will provide the laid-off associates with 60 days worth of pay as well as resume and interview skills training.

[Isgrimnur]

OECD Better Life Index, sortable by Job Security

[Isgrimnur]

Reuters

U.S. job openings surged in December and the number of Americans voluntarily quitting work hit a nine-year high, pointing to labor market strength despite a slowdown in economic growth.

The signs of a robust jobs market could ease concerns about the health of the economy, which were underscored by other reports on Tuesday showing a drop in small business confidence in January to a two-year low and further declines in wholesale inventories.
...
The increase lifted the jobs openings rate to 3.8 percent from 3.6 percent in November. The hiring rate was unchanged at 3.7 percent, indicating that employers were having trouble finding qualified workers for vacant positions.

A total of 3.1 million Americans quit their jobs in December, the highest number since December 2006. That pushed the quits rate, which the Fed looks at as a measure of confidence in the jobs market, to 2.1 percent - the highest level since April 2008.

[Isgrimnur]

January Unemployment - 4.9% (0.1%)

>= Age 25 by education level

Category	Percent	Change	YOY Change
Less than a high school diploma	6.9	1.7	1.3
High school graduates, no college	5.9	0.3	0.2
Some college or associate degree	4.6	0.6	1.0
Bachelor's degree and higher	2.6	0.3	0.3

Table A-1 - Unemployment Rate Ages 16-19 - 16.5% (2.3, 2.7 YOY)

Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs	2.7
Job leavers	0.5
Reentrants	1.6
New entrants	0.5

Table A-12 - Unemployed persons by duration of unemployment

	Weeks	Change	YOY Change
Average Duration	27.6	0.0	2.7
Median Duration	10.5	0.4	1.8

[Isgrimnur]

Sports Authority

Saddled with debt and unable to upgrade its stores, Sports Authority filed Wednesday for bankruptcy protection.

The Englewood, Colo. sporting goods retailer said it plans to get rid of nearly a third of its stores – including at least six in California.

Sports Authority said in a statement that the move allows it to adapt to the “changing dynamics” of the retail industry, especially the growth of e-commerce. As part of the restructuring, the company said it has identified about 140 stores and two distribution centers in Denver and Chicago that it plans to sell or close over the next three months.

Sports Authority has 463 stores in 41 states and in Puerto Rico.
...
The company is also leaving the Texas market and listed 25 store leases for sale. It has also listed eight store leases in Florida. The company said that because of the growth in e-commerce, it will not need as many brick-and-mortar stores in the future.

[Isgrimnur]

February Unemployment - 4.9% (0.0%)

>= Age 25 by education level

Category	Percent	Change	YOY Change
Less than a high school diploma	8.2	0.4	1.2
High school graduates, no college	5.8	0.1	0.2
Some college or associate degree	4.6	0.0	0.8
Bachelor's degree and higher	2.5	0.1	0.2

Table A-1 - Unemployment Rate Ages 16-19 - 15.5% (1.0, 1.6 YOY)

Table A-11 - Reasons for unemployment

Job losers and persons who completed temporary jobs	2.7
Job leavers	0.5
Reentrants	1.6
New entrants	0.5

Table A-12 - Unemployed persons by duration of unemployment

	Weeks	Change	YOY Change
Average Duration	29.0	1.4	2.1
Median Duration	11.7	1.2	1.4

[The Meal]

FYI, when future folks are looking for posts they thought they made in this thread, it turns you you really are looking for the posts you (accidentally?) placed in the Random Randomness thread on page 518. You're welcome!

[Isgrimnur]

Given the top post on that page has me staging an unofficial departmental walk-out before a holiday weekend, it very well might figure into my future unemployement situation.

[The Meal]

Given the top post on that page has me staging an unofficial departmental walk-out before a holiday weekend, it very well might figure into my future unemployement situation.

A departmental walk-out?!? Where do I sign up?

[Isgrimnur]

Your PTO request page. Get everyone to put in for the same afternoon off, let management draw the short straws, then have those guys call in sick for that day.

[The Meal]

Your PTO request page.

They then abolished the vacation system in its entirety for all salaried employees. "Good news everybody -- no more keeping track of your vacation hours! If you want a vacation, just clear it up with your manager, and if it works out then have at it!" It was sold to us as a major perk, but everyone saw through that just about immediately...