September Beige Book

From the Federal Reserve:

Beige Book – September 2, 2015 – Second District–New York

The Second District’s economy has continued to grow at a modest pace since the last report. Businesses generally report that selling prices remain stable; while input price pressures have abated somewhat, there are signs of increased wage pressures. Labor markets have tightened further in recent weeks. Consumer spending has picked up somewhat in early August but remains generally soft; tourism remains sluggish. Manufacturing activity has weakened noticeably since the last report. Housing markets continued to improve, while commercial real estate markets were mixed but generally stronger. Both commercial and multi-family residential construction remain fairly robust. Finally, banks report stronger loan demand and lower delinquency rates, especially on consumer loans.

Construction and Real Estate
The District’s housing markets have generally been stronger since the last report, and new multi-family residential construction remains brisk. Northern New Jersey’s housing market continues to recover gradually, with a large overhang of distressed properties continuing to weigh on the market; the multi-family segment, as well as areas near New York City, continue to outperform the market as a whole. Realtors in western New York report that the housing market has picked up steam over the past month or two; low inventories and strong demand have pushed up prices and made bidding wars common. Home sales and prices across New York State more broadly have also been increasingly robust. New York City’s co-op and condo market has continued to strengthen gradually: activity is down from elevated 2014 levels, but steady, while prices continue to climb, except at the high end of the market.

Residential rental markets have been steady to somewhat stronger. Apartment rents have been running 3-5 percent ahead of a year earlier in Brooklyn, Queens and northern New Jersey, while they have been essentially flat in Manhattan and across upstate New York. Whereas vacancy rates on rental apartments have been steady or declining across most of the District, Manhattan’s vacancy rate, though still quite low, has climbed steadily over the past year. One contact notes that there is a large supply of new (mainly luxury) rental apartments in the pipeline. Multi-family residential construction remains brisk across most of the District.

Other Business Activity
The labor market has gained some further momentum since mid-year. Two major New York City employment agencies report that hiring activity has picked up further, while a major agency in upstate New York notes that the job market continues to improve moderately. Job candidates are getting job offers more quickly, and there is growing upward pressure on starting salaries. The financial sector is reported to be hiring more actively, but the recent increase has been broad-based. In particular, truck drivers, IT workers, creative workers, auditors, accountants, and human resource professionals are reported to be in high demand. Temp workers are also said to be in short supply, as many are being hired permanently.

Service-sector firms broadly report that business has continued to improve moderately in recent weeks, and they remain generally optimistic about the near-term outlook. In contrast, manufacturers report that business activity has weakened noticeably, though they too express fairly widespread optimism about the near-term outlook. Unlike business in other industries, manufacturers indicate they have scaled back hiring somewhat. Both manufacturers and service firms generally report that selling prices remain flat overall. Manufacturers also report that input prices remain flat, while service-sector firms report that input price pressures, though still fairly widespread, have abated somewhat.

This entry was posted in Economics, New Jersey Real Estate, NYC. Bookmark the permalink.

61 Responses to September Beige Book

  1. grim says:

    From the Star Ledger:

    Business leaders not optimistic about N.J.’s economy, poll finds

    A new survey released on Wednesday found a majority of business leaders were neutral or pessimistic about New Jersey’s economy, with respondents citing taxes, transportation and regulations as key issues that need to be addressed to spur more growth.

    More than half of the 413 people surveyed in the poll by the New Jersey Chamber of Commerce also said that the state’s economy had not changed or was worse than a year ago, compared to 46 percent who thought conditions had improved. A similar percentage — 47 percent — expected to see progress in the economy a year from now.

    When asked about whether they were planning on moving their business out of New Jersey, 13 percent said they were considering a move and 82 percent said they were not.

    New Jersey’s economic recovery has lagged the nation’s. The state’s gross domestic product inched up last year but that growth ranked near the bottom nationwide. New Jersey has also not yet recovered all the jobs lost during the recession, a milestone already reached by the United States and neighboring states.

  2. grim says:

    From the Record:

    Survey: NJ gets a C- for small business friendliness

    Conditions for small businesses in New Jersey have improved, but the state still has a long way to go, an online survey released Tuesday found.

    The Garden State received a C- grade for its overall friendliness to small businesses, up from a D a year ago, and ranked 29th out of the 36 states graded in the fourth annual Small Business Friendliness Survey conducted by San Francisco-based online marketplace Thumbtack. The survey questioned nearly 18,000 small-business owners from across the U.S., with 430 respondents from New Jersey.

    “Small-business owners have consistently told us that they welcome support from their governments but are frequently frustrated by unnecessary bureaucratic obstacles,” said Jon Lieber, Thumbtack’s chief economist, in a release. “New Jersey continues to struggle in our survey with burdensome regulations and a lack of effective programs to help small businesses succeed.”

    According to Thumbtack’s methodology, the majority of small businesses surveyed had five or fewer employees.

    The survey broke down each state’s grade by 10 subcategories, including ease of starting a business, ease of hiring, regulations, training and networking programs. This year, the category with the highest score for New Jersey was the state’s ease of hiring (B), while its worst score was for training and networking programs (F). In 2014, when New Jersey earned a D, the state’s best score was in the environmental category (B-) and its worst was, again, for training and networking programs (D).

  3. chicagofinance says:

    HeHateMe says:
    September 2, 2015 at 3:14 pm
    Depeche Mode was MADE for Turntables!!!
    https://www.youtube.com/watch?v=87mVkChZY84

  4. Ragnar says:

    But what about the fantastic opportunities for landscapers?

    I think the tax and regulatory burdens are a much bigger deal than this weird outfit’s desire to have the government run training and networking programs.

  5. Juice Box says:

    re: ” unnecessary bureaucratic obstacles”

    I have heard a nice thick white envelope clears up that problem rather quickly.

  6. chicagofinance says:

    In Albania they ask you for “coffee”….

    Juice Box says:
    September 3, 2015 at 9:31 am
    re: ” unnecessary bureaucratic obstacles”

    I have heard a nice thick white envelope clears up that problem rather quickly.

  7. Juice Box says:

    From Yesterday re # 67 – Clotluva “Do you have any insight into how precisely the GSE’s themselves would be impacted by an increase in interest rates?

    Do you really want to know? It is one big Circle Jerk. The GSEs employ derivatives to “hedge” their risk of losing Billion of dollars if and when rates rise, Treasury has been drawing down all of their cash as well, and there are all kinds of shareholder lawsuits against the Obama administration over it.

    It will be another government bailout nobody saw coming. It is just a matter of time, there is no political will in Congress to fix things.

  8. leftwing says:

    Brady suspension vacated. Three primary reasons, all procedural. Inadequate notice plus basically discovery irregularities. Sounds like NFL was pretty heavy handed in its own appeal process.

  9. Sima says:

    The main article posted is way too optimistic. NY may be improving, but I’m not seeing signs of improvement in NJ.

    Contract jobs are few and far between (for displaced pharma and financial workers), the salaries are the same as 4 years ago, and there are so many desperate-for-jobs people that potential employers of contract workers are increasingly specific about what they want (so that not even an hour has to be spent on training).
    And contract work is the only option for those 55 and over.
    No one is hiring them for full-time jobs.

    The worst are the Indian recruiting companies – they are blatant about wanting to know the exact age of the person and offer much lower hourly rates than American recruiting companies.
    But it seems that more companies nowadays are only using the Indian recruiting firms to get contract workers (e.g., Novartis) than a few years ago.
    Truly a race to the bottom.

    And those of you regularly contributing to this site with fond memories of contract work – you are living in a nostalgic fantasy land.
    Contract work is horrible enough if you can find it (because you are less than a human being or employee, essentially an hourly drone, unable to ever voice an opinion, worried about being let go at a moment’s notice which happens frequently, etc.), but once a contract job ends it can take months and months to find the next job.
    Most contract jobs are for short periods of time – some even only 2 to 3 months.
    So existence narrows down to squirreling away money for the next “lean” period.

    I wonder, how many white collar hourly contract workers are there in NJ?

  10. Sima says:

    And did everyone see this article earlier this week?
    HP told some employees to choose between becoming contractors with no benefits or being fired without severance
    http://finance.yahoo.com/news/hp-told-employees-choose-between-155116540.html

  11. Ragnarian the Magnificent says:

    Gentlemen, this is a “generalized transcript” of getting town permits or other services in NJ. As hard as I tried could not find the video, but found the quotes thinks to IMDB.

    Mayor Carmine De Pasto: If you want this year’s homecoming parade in my town, you have to pay for it.

    Dean Vernon Wormer: Carmine, I don’t think it’s right that you should extort money from the college.

    Mayor Carmine De Pasto: Look, these parades you throw are very expensive. You using my police, my sanitation people, and my Oldsmobiles free of charge. So, if you mention extortion again, I’ll have your legs broken.

  12. grim says:

    Starting a small business in NJ – No problem at all.

    We’ve spent $20,000 in rent, not being able to operate, while we wait for the state to grant us a license (for the exact same thing that the Federal Government has already approved us for). Not to mention spending $10,000 to get approvals from the town to allow us to operate.

  13. A Home Buyer says:

    12 –

    It’s not New Jersey’s fault that you skimped out on the “Coffee”.

  14. Bystander says:

    Sima,

    I truly sympathize with the plight of contract workers but I have seen a massive uptick in recruiting contacts the last few months. For instance, I have not updated my monster profile in 3 years but now getting 3-4 emails a day about it. This was not the case a year ago. It tells me recruiters are reaching into depths to find anyone with qualifications. I agree about pay not being up to par yet. People still looking to pay $125k and under for experienced people. Just does not cut it anymore. Lots of hourly W2 jobs at 70 hr and no benefits. That is the story of this “recovery”. Jobs available but they will barely keep your head above water. Finding a job that pays substantially more is very hard for anyone outside non-front office. Age discrimination is most certainly at play. I am in early 40s and raising a family so no way taking pay cut..but people in upper 50s are desirable if you will take low pay. I know bc my company paid me a high salary then balanced it out by hiring 62 year old at half my cost. Guy just wants to make it a few more years.

  15. Sima says:

    Bystander – the hourly rate you mention is more than actual pharma hourly contract rates being offered – the Indian recruiters are offering under $50. per hour (a lot of $45 per hour), American recruiters up to $65 an hour (but mainly $52 to $60.
    These are white-collar pharma and financial business jobs, not programming jobs.

    Since you are not out there actively looking for a contract job and you are in your 40s, I don’t think you’re seeing the reality for those over 55 and in their 60s.
    My husband and a number of people we know are contract workers.
    Many of the jobs automatically coming to you may be out of state, already filled, or wishful thinking by potential employers (if we find the dream candidate, then we will hire).

    There are more than enough good candidates for each job (recruiters report that they may get over 200 resumes from good candidates for a job on the first day it is posted online), but companies are “holding out” for dream candidates that may not exist (the person that can do everything, be under 50, can work from day one with zero training, have an MBA, and want to work with “passion” for a very low hourly rate).
    This nonsense about “digging deep” for qualified candidates is nonsense to rationalize and justify outsourcing to other countries or bringing in workers from other countries.
    The bottom line is money – the less they pay for an hourly rate, the better.

  16. D-FENS says:

    in 2001, my company did something similar to many of the employees that worked on desktop PC’s. They either became HP contractors, doing their same job, or were let go.

    Service sucked so bad and so many people complained, they reversed course in 2008 and brought them back in-house.

    Sima says:
    September 3, 2015 at 10:49 am
    And did everyone see this article earlier this week?
    HP told some employees to choose between becoming contractors with no benefits or being fired without severance
    http://finance.yahoo.com/news/hp-told-employees-choose-between-155116540.html

  17. Sima says:

    Grim – maybe a newspaper story about the plight of a small business owner “trying to get his business going” would help?

  18. HeHateMe says:

    Who cares about Indian contract workers. Let them stay in their townhomes in BC jammed two families to a townhome.

  19. D-FENS says:

    What’s a newspaper?

  20. grim says:

    17 – Nah, in all honesty everyone we’ve worked with have been great, it’s really just the bureaucracy of it all that’s the problem, especially when these things take place as sequential steps.

    You know something about lacto? I love bacteria. We’ll be doing some interesting things with Lactobacillus, Propionibacterium, and Clostridium.

  21. Splat What Was He Thinking says:

    Doesn’t clostridium cause foodborne illness when it’s in meat?

  22. Splat What Was He Thinking says:

    Nowhere in the US better than Chicago on the 12 days a year the weather is nice.

  23. grim says:

    Some do (aka botulism), some don’t, there are some strains are beneficial.

  24. Juice Box says:

    Grim is gonna ferment stuff, are you starting a Polish Yogurt craze?

  25. phoenix says:

    Grim’s love for bacteria has placed him on the No Fly List.

  26. clotluva says:

    7 Juice Box

    Thanks. Do you know precisely what form the derivatives take? Are they over the counter derivatives or are they written specifically based on their portfolio? If the latter, who is writing/selling them and who is the ultimate counter party?

  27. anon (the good one) says:

    extreme right wingers say that’s the ideal situation.

    no clear to me if you are complaining or agreeing with them

    Sima says:
    September 3, 2015 at 11:54 am

    The bottom line is money – the less they pay for an hourly rate, the better.

  28. NJT says:

    Sima – It’s almost slavery to be a ‘consultant’/Contract worker these days, especially in IT. That’s why I’m transitioning out -NO WAY I’m going to be 55 out of work and sweating about losing everything because no one will hire me let alone at a living wage.

    In the late 90s consulting was all I did (besides land lording) and it was lucrative. Changed back to FT with Big Pharma when it slowed down then…got laid off three times in the last ten years (once from big Insurance). It’s land lording for me FT soon.

    *I know two couples where the husband (50+) got laid off/let go and they are now both in dire financial straits because they are unable to find anything the pays well enough to meet the bills. Of course they are both ‘underwater’ in their houses, too. I would NOT want to and WILL NOT be them. I dunno how they sleep at night. One probably doesn’t because he looks like hell. One hasn’t paid the mortgage in five years.

    H1Bs and offshoring destroyed the well paying, stable, American IT job market and it’s not coming back.

    *If in the above position but with substancial savings to tide you over welding or truck driving (if you’re in decent physical condition can hack that kind of work) are fairly quick routes to a well paying gig. Figure about two years. If you’re collecting UE the state will pay for the schooling. If you wait until it runs out…nope. I was considering both the last time I was laid off.

  29. chi says:

    You are strapped of course?

    Splat What Was He Thinking says:
    September 3, 2015 at 1:06 pm
    Nowhere in the US better than Chicago on the 12 days a year the weather is nice.

  30. chicagofinance says:

    clot: you tell your daughter not be caught dead in Evanston…….a festering wound will an abscess for intellect.

  31. chicagofinance says:

    clot: you tell your daughter not to be caught dead in Evanston…….a festering wound with an abscess for intellect.

  32. Anon E. Moose says:

    D-FENS [16];

    in 2001, my company did something similar to many of the employees that worked on desktop PC’s. They either became HP contractors, doing their same job, or were let go.

    Service sucked so bad and so many people complained, they reversed course in 2008 and brought them back in-house.

    Irish Democracy!

  33. HeHateMe says:

    http://www.hudsonandmarshall.com/Property/ViewProperty/699d1778-a998-4e79-bba7-7a983a9a07c9
    Fancy Jersey House Bank is selling. Wonder who owned it.

    Property #120
    8 Nan Tone Ct
    Colts Neck, New Jersey 07722
    County: Monmouth
    Property Type: Single Family Residence
    Occupancy Status: Vacant
    Bed: 5
    Bath: 3
    Sq Ft: 4,600
    Acreage: 1.00 +/-
    Year Built: 1987
    Buyer’s Premium: 5 % or $2,000, whichever is greater

    Agent Information
    Name: Janice Johnson
    Phone: 732.687.6610
    Contact Agent

    Property Description

    1+/- Acres

  34. Sima says:

    Grim: #20
    Yes, I know quite a bit about bacteria, especially Lactobacillus sakei.
    A very beneficial bacteria (in many ways), but not sold as a probiotic currently in the USA.
    The entire Lactobacillus family is considered beneficial by researchers, but only a few strains are ever used.
    How do you plan on using bacteria?

  35. Juice Box says:

    re # 33 – Charles P. Alario – looks like he sucked the bank dry.

    The approximate amount of the judgment, Commission and costs to be satisfied by sale is the sum of $3,234,346.66.

  36. leftwing says:

    good luck on that lol

  37. HeHateMe says:

    It is an online auction coming up. I plan on bidding ten bucks

    Juice Box says:

    September 3, 2015 at 3:31 pm

    re # 33 – Charles P. Alario – looks like he sucked the bank dry.

    The approximate amount of the judgment, Commission and costs to be satisfied by sale is the sum of $3,234,346.66.

  38. The Great Pumpkin says:

    “Wage stagnation experienced by the vast majority of American workers has emerged as a central issue in economic policy debates, with candidates and leaders of both parties noting its importance. This is a welcome development because it means that economic inequality has become a focus of attention and that policymakers are seeing the connection between wage stagnation and inequality. Put simply, wage stagnation is how the rise in inequality has damaged the vast majority of American workers.

    The Economic Policy Institute’s earlier paper, Raising America’s Pay: Why It’s Our Central Economic Policy Challenge, presented a thorough analysis of income and wage trends, documented rising wage inequality, and provided strong evidence that wage stagnation is largely the result of policy choices that boosted the bargaining power of those with the most wealth and power (Bivens et al. 2014). As we argued, better policy choices, made with low- and moderate-wage earners in mind, can lead to more widespread wage growth and strengthen and expand the middle class.

    This paper updates and explains the implications of the central component of the wage stagnation story: the growing gap between overall productivity growth and the pay of the vast majority of workers since the 1970s. A careful analysis of this gap between pay and productivity provides several important insights for the ongoing debate about how to address wage stagnation and rising inequality. First, wages did not stagnate for the vast majority because growth in productivity (or income and wealth creation) collapsed. Yes, the policy shifts that led to rising inequality were also associated with a slowdown in productivity growth, but even with this slowdown, productivity still managed to rise substantially in recent decades. But essentially none of this productivity growth flowed into the paychecks of typical American workers. Second, pay failed to track productivity primarily due to two key dynamics representing rising inequality: the rising inequality of compensation (more wage and salary income accumulating at the very top of the pay scale) and the shift in the share of overall national income going to owners of capital and away from the pay of employees. Third, although boosting productivity growth is an important long-run goal, this will not lead to broad-based wage gains unless we pursue policies that reconnect productivity growth and the pay of the vast majority.

    Ever since EPI first drew attention to the decoupling of pay and productivity (Mishel and Bernstein 1994), our work has been widely cited in economic analyses and by policymakers. It has also attracted criticisms from those looking to deny the facts of inequality. Thus in this paper we not only provide an updated analysis of the productivity–pay disconnect and the factors behind it, we also explain why the measurement choices we have made are the correct ones. As we demonstrate, the data series and methods we use to construct our graph of the growing gap between productivity and typical worker pay best capture how income generated in an average hour of work in the U.S. economy has not trickled down to raise hourly pay for typical workers.”

    http://www.epi.org/publication/understanding-the-historic-divergence-between-productivity-and-a-typical-workers-pay-why-it-matters-and-why-its-real/

  39. The Great Pumpkin says:

    39- cont.

    “Key findings from the paper include:

    For decades following the end of World War II, inflation-adjusted hourly compensation (including employer-provided benefits as well as wages) for the vast majority of American workers rose in line with increases in economy-wide productivity. Thus hourly pay became the primary mechanism that transmitted economy-wide productivity growth into broad-based increases in living standards.
    Since 1973, hourly compensation of the vast majority of American workers has not risen in line with economy-wide productivity. In fact, hourly compensation has almost stopped rising at all. Net productivity grew 72.2 percent between 1973 and 2014. Yet inflation-adjusted hourly compensation of the median worker rose just 8.7 percent, or 0.20 percent annually, over this same period, with essentially all of the growth occurring between 1995 and 2002. Another measure of the pay of the typical worker, real hourly compensation of production, nonsupervisory workers, who make up 80 percent of the workforce, also shows pay stagnation for most of the period since 1973, rising 9.2 percent between 1973 and 2014. Again, the lion’s share of this growth occurred between 1995 and 2002.
    Net productivity grew 1.33 percent each year between 1973 and 2014, faster than the meager 0.20 percent annual rise in median hourly compensation. In essence, about 15 percent of productivity growth between 1973 and 2014 translated into higher hourly wages and benefits for the typical American worker. Since 2000, the gap between productivity and pay has risen even faster. The net productivity growth of 21.6 percent from 2000 to 2014 translated into just a 1.8 percent rise in inflation-adjusted compensation for the median worker (just 8 percent of net productivity growth).
    Since 2000, more than 80 percent of the divergence between a typical (median) worker’s pay growth and overall net productivity growth has been driven by rising inequality (specifically, greater inequality of compensation and a falling share of income going to workers relative to capital owners). Over the entire 1973–2014 period, rising inequality explains over two-thirds of the productivity–pay divergence.
    If the hourly pay of typical American workers had kept pace with productivity growth since the 1970s, then there would have been no rise in income inequality during that period. Instead, productivity growth that did not accrue to typical workers’ pay concentrated at the very top of the pay scale (in inflated CEO pay, for example) and boosted incomes accruing to owners of capital.
    These trends indicate that while rising productivity in recent decades provided the potential for a substantial growth in the pay for the vast majority of workers, this potential was squandered due to rising inequality putting a wedge between potential and actual pay growth for these workers.
    Policies to spur widespread wage growth, therefore, must not only encourage productivity growth (via full employment, education, innovation, and public investment) but also restore the link between growing productivity and the typical worker’s pay.
    Finally, the economic evidence indicates that the rising gap between productivity and pay for the vast majority likely has nothing to do with any stagnation in the typical worker’s individual productivity. For example, even the lowest-paid American workers have made considerable gains in educational attainment and experience in recent decades, which should have raised their productivity.”

  40. grim says:

    34 – Production of specific carboxylic acids during fermentation as ester precursors, as well as production of specific lactones…

  41. The Great Pumpkin says:

    Yup.

    “Since 2000, more than 80 percent of the divergence between a typical (median) worker’s pay growth and overall net productivity growth has been driven by rising inequality (specifically, greater inequality of compensation and a falling share of income going to workers relative to capital owners). Over the entire 1973–2014 period, rising
    inequality explains over two-thirds of the productivity–pay divergence.
    If the hourly pay of typical American workers had kept pace with productivity growth since the 1970s, then there would have been no rise in income inequality during that period. Instead, productivity growth that did not accrue to typical workers’ pay concentrated at the very top of the pay scale (in inflated CEO pay, for example) and boosted incomes accruing to owners of capital.
    These trends indicate that while rising productivity in recent decades provided the potential for a substantial growth in the pay for the vast majority of workers, this potential was squandered due to rising inequality putting a wedge between potential and actual pay growth for these workers.
    Policies to spur widespread wage growth, therefore, must not only encourage productivity growth (via full employment, education, innovation, and public investment) but also restore the link between growing productivity and the typical worker’s pay.”

  42. The Great Pumpkin says:

    For the individual questioning the support of Bernie and Trump, it’s in support of shaking up the established political scene. Basically, a big f you to the corruption.

  43. Bystander says:

    Sima,

    Just telling you as I see it. I don’t work in pharma but banking industry is not much better. I see the same auto-generared emails from Indian recruiters and just ignore them. There are just many, many contacts than last year from my viewpoint. I was consulting for two years and got hired full time last year. I worked my a** off for first 6 months and helped get a big project delivered. They kept me around for 16 more months then hired me. Not the healthiest of Euro banks either. It does happen. I don’t like H1 program either but it won’t stop anytime soon. My suggestion is to take lower paying job if absolutely needed then work hard. Embed yourself in every deliverable. Be a team player. After 3 months (and prior to major release), bluff agency that you have another offer. Come up with your number. Believe me they won’t want to retrain another person. Be cordial with managers and magically they will find more money. This is the game unfortunately.

  44. NJT says:

    Glad bluffing worked out for you. I did it all the time back in the 90s (one company three times). Now, nope. Almost a sure bet back then, these days it’s a gamble and mostly a bad one (I’ve seen several lose…big time – I thought would surely get away with it being female and minorities).

    It’s possible the strategy may still work in some niche situations but generally…no.

  45. NJT says:

    #11 -RTM

    Unless you watch the whole movie there’s no clip with just the blackmail meeting.

    This was one of my favs. though:

    https://www.youtube.com/watch?v=p9ZjOCSLYlc

    Then there’s this: (not well done but funny):

    https://www.youtube.com/watch?v=gaZSubIF_dE

  46. Alex Bevan says:

    Old guys whining about lack of pay in their fields. Be more valuable. Maybe you should just become teachers?

  47. Sima says:

    #44 Bystander Lucky for you, but don’t know anyone who got hired full-time after being a contract worker in a company – no matter how hard they worked, etc.
    Nowadays, the general experience is that the word comes down from higher up to get rid of all the contract workers ASAP for budget reasons or that some end-point of a project is reached. The full-time employees who did the hiring of the contract workers have zero say in this.

    By the way, contract workers take the first job offered to them because it may be the only one ever offered – yes, they’re that scarce. No matter what the hourly pay is.

  48. The Original NJ ExPat says:

    [22] So true, clot. I was there for a few days in June, many years ago and the weather felt like it was straight out of Palo Alto. 80, no humidity. Chicago would be one of the best cities in the world if not for their average weather in 4 of the 4 seasons.

    Nowhere in the US better than Chicago on the 12 days a year the weather is nice.

  49. Anon E. Moose says:

    Data mavens have a ball wasting your productive Friday away:

    American Migration (Interactive Map)

  50. Sima says:

    Grim #41 In other words, you’re playing around with bacteria to alter taste and aroma?

  51. The Original NJ ExPat says:

    We just axed a guy who tried to come the other way. Early 40’s, two masters degrees, working on his PhD at some BS online university (Capella) and somehow sold himself as an experienced IT manager, while he’s never held a position *other* than online teaching for even two years. He made it 2.25 years and never accomplished a thing except drive one of the better managers out of the company. Today was his last day. He quit after we demoted him from manager to project lead and made him give up his office last week. Obviously our plan worked. We paid him a pittance of severance to sign a release of claims and most of the department is at Jake and Joe’s celebrating right now. Alex is right. If you don’t contribute some large delta over and above your compensation total cost, you should be out of a job. Save the company money by being great at budgeting, save them money by causing great applications to be rolled out that cut the cost of support or drive down costs in other departments, but for chrissake, you have to be great at something that contributes to the bottom line.

    Old guys whining about lack of pay in their fields. Be more valuable. Maybe you should just become teachers?

  52. The Original NJ ExPat says:

    [50] My Mom hails from Northumberland County, PA. According to the map, no one inbound has come from outside PA and no one outbound has left the state.

  53. grim says:

    51 – yep, I think one of the secrets to great booze is getting the right mix of bugs.

  54. The Original NJ ExPat says:

    LOL. Philips County, Montana – 31 people left to move to Yellowstone County, Montana.
    That’s it. No other movement in or out.

  55. leftwing says:

    50, LOL, gonna be up late tonight. First glance, would guess it includes college kids? I picked a couple unpopulated areas with which I’m familiar and wouldn’t seem to make sense otherwise…..Ten outbound out of state arrows, all with 15-20 people…..Same on the inbound for one sparse area but with a larger university…….

  56. leftwing says:

    Serious inbreeding in the deep south…

    And who the heck are the 11 people in Grafton Co. NH that packed it up to Suffolk? Are there 11 people in Grafton?

  57. Juice Box says:

    Re#26. – interest rate swaps, plain as day, ask yourself who can afford to sell protection. FYI google the news over FHFA and clearing. Fireworks from the meltdown are long over and new laws to prevent another meltdown are well just check the federal Reister for rules.

    It will only bubble up after the next meltdown.

  58. Comrade Nom Deplume, the anon-tidote says:

    [57] leftwing

    Grafton Co., yes, there are more than 11. You are thinking of Dixville Notch. There are only about 11 there.

  59. Comrade Nom Deplume, the anon-tidote says:

    Finished reading the Brady opinion. The judge bitchslapped (or, as we say, bench slapped) Roger Goodell.

    NFL can appeal to the 2nd Circuit but they won’t want to overturn a trial judge unless there is a good reason no matter how many of them are NY fans.

  60. D-FENS says:

    @ThePatriot143: CENSUS: ANCHOR BABY DELIVERED EVERY 93 SECONDS http://t.co/ZMOZKcQCHR #anchorbabies http://t.co/HBTNFVEwdY

Comments are closed.