
Deepening Cycle of Job Loss Seen Lasting Into ’09 - charzom
http://www.nytimes.com/2008/07/02/business/02jobs.html?em&ex=1215230400&en=bee91feb13995929&ei=5070
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KevinMS
Cheer up people, we're in the boston area and we have an extremely hard time
finding developers (web and perl), and soon rails. It looks like almost
everybody with a clue has a job, or we're incompetent at finding them.

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timr
People were saying that at the beginning of the last crash, too.

Nevertheless, after a few months of sharply lower spending the investors began
to get twitchy, and venture funding began to dry up. Startups imploded
quickly, and the business that they were doing with the big boys went away
almost overnight. Ultimately, the tech drought lasted well past the end of the
official recession -- late to start, late to finish.

Some will say that it's different this time around; fewer tech companies
depend on massive VC funding, and this effectively insulates them from the
credit crisis. That's somewhat true, but if consumer spending continues to
tank, it's going to hit discretionary purchases hard -- and how many software
purchases are essential expenses in _your_ household?

I don't know what's going to happen tomorrow, but I do know that most of our
recent economic growth has been driven by a massive credit bubble, and that
consumer credit is effectively _gone_ right now. If people can barely afford
to feed themselves and drive their cars to work, it's only a matter of time
before they stop spending on technology.

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KB
A few months ago I had read on CNN Money that for the most part technology
based jobs are in the clear and will not be directly effect by the poor
economy.

I just left a large company and went on a slew of interviews for new jobs, so
it appears this is a decent theory so far.

~~~
pchristensen
That's why aggregate numbers like this aren't that useful. When a big industry
like tech in '00 or housing/finance now have a bust, it throws averages off
even if other sectors aren't very affected. Tech in Chicago is strong now and
I've turned down great job offers.

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prakash
dupe: <http://news.ycombinator.com/item?id=233893>

