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Anybody else feeling the effects of the sluggish economy?

F

Frosty

Hard-core CEG'er
Joined
Nov 26, 2003
Messages
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Location
Sheboygan, WI
I'm just wondering if anyone else is feeling the effects of the slow economy these days?

At the beginning of the month my work announced a round of layoffs, based on performance evals. Well, that got rid of most of the slackers/useless people. We've had a few fridays off since then (plantwide) and the week we had the bad snowstorm we had wed-thurs-friday off. Now today they announced another round of layoffs again based on performance evals. Now they're going to start getting into the employees that actually get things done. I know I will still be around..that I'm not worried about, but I've been at this company for just about 5 years and it's NEVER been this slow!! For the last couple years at this time we were usually working mandatory OT on the weekends!
BTW-the company I work for makes vinyl fencing (the housing market has tanked, both for remodeling and new starts) and we make plastic extrusions for many manufacturing areas from Kentucky Trailer to Whirlpool. It seems like all of our customers have taken the hit as well. All I can say is I hope it won't last too much longer or I will have to dip into my house savings to get the SVT done :(
 
Before I got into the insurance industry, it was difficult to find anything for $10/hour. I got really lucky to get into where I did, even though it's a low level and low wage job. The competition for a job here that's even $12/hour is at-least 300 applicants per week. It ends up being people with BS degrees taking these jobs which border-line on the social poverty threshold. Encouraging, I know.

But, the benefit is that insurance companies are quite resilient in sluggish economies and even recessions. The company I work for, along with most any other mid-to-large scale insurance company, has no record of lay-offs or cut backs. Most other things in Mi:censored::censored::censored::censored:again are directly or indirectly related to GM, so every time that they sneeze, we feel it. GM is never satisfied with their billion++ profit margin every year, so they need to find ways to squeeze out more money. Which generally comes down to canning workers, closing up factories, and moving to foreign soil. This *really* pisses me off.. but WTF can I do?

I recall that not long ago, the average IT job posting in Lansing would generate in excess of 500 unique applicants per week. When I lived in Chicago, not long ago, the average number of applicants per week was under 100 - and that's with 2,000,000+ people v.s. Lansing's ~120,000. How's that for hard statistics?

The IT industry has been in a dive for years, and IMHO, isn't going to come close to what it once was. I would love to be proven wrong here though.. the American automotive industry isn't as strong either as it was either. It's still quite substantial, and GM is a giant in the market-place. But, you wouldn't think that with the way that they are managing things.
 
There were super low mortgage rates 4 weeks ago so I wanted to do a refi to get to 15yrs. Well, my home value dropped because there are no comps in the area within the last 2 years. Now I am loaned 100% to value and the bank doesn't want to take the risk..... even though I am not asking for more $ :shrug: just a refi.

I would be going from:
30yr fixed @ 6.25% $1,000 (mortgage, insurance, taxes)
TO:
15yr fixed @ 4.85% $1,068 (mortgage, insurance, taxes)

$68 more a month to drop it down to 15yrs.....

I find out today actually if I can get the refi. : pray :
 
blu_fuz said:
There were super low mortgage rates 4 weeks ago so I wanted to do a refi to get to 15yrs. Well, my home value dropped because there are no comps in the area within the last 2 years. Now I am loaned 100% to value and the bank doesn't want to take the risk..... even though I am not asking for more $ :shrug: just a refi.

I would be going from:
30yr fixed @ 6.25% $1,000 (mortgage, insurance, taxes)
TO:
15yr fixed @ 4.85% $1,068 (mortgage, insurance, taxes)

$68 more a month to drop it down to 15yrs.....

I find out today actually if I can get the refi. : pray :
Click to expand...

Christ Joe you working 7 days a week at signicast? They called me again...they want me to work there. From what i've heard so far I was lied to by the now fired HR lady. 10 months later I still haven't found the right job. Wife did say if the right amount of money is offered I could take a traveling job. I don't want to but 6 figures is hard to pass.
 
Oh yeah I am man. I only work at Polo Ralph Lauren but everybody who is part time is only getting 10-15 hours a week, Managers and the few full time employees have really been cut back on hours as well. I can barely afford gas. Last year wasn't this bad at all. Nobody is buying anything.
 
You know all the multi-billion dollar write-offs you hear about on the news. Those lovely structured finance deals called CDOs. Well, lucky me, thats exactly what I work on. Over the summer we were closing new deals at a rate of 2-5 a day, now we are lucky to do that in a month.

Our clients can't borrow money at a good enough rate to build portfolios to sell anymore. One saving grace is I don't touch the mortgage backed products, just commercial loans which have not tanked as badly.

Only thing keeping me employed in this field is the buffer of ~60 recent college grads in our development program that would get cut before me.

Pretty scary being that I just closed on my first house 9 days ago.

But, to short answer your question, I am definitely feeling the economy's downturn.
 
When my company hears the economy (or more specifically, the connector industry) is going to be slow, we hire more people, invest money into new products, etc. Samtec is privately owned and we have about 1000 employees. Most of our pay is based strictly on bonus on how the company performs. The more money the company makes, the larger the bonuses and this last 6 months was the 4th largest bonus ever in the company history. We grossed $396 million. I'm happy. :)
 
I feel for those that are having a tough time. Fortunately for me and my family, things are as they always are...pretty good. Something about living in Madison. The last time there was a concern about the economy, it seemed like the Madison area was able to side step anything serious. Hope I didn't just jinx myself.

I don't know if this will make anyone feel better or not, but this "recession" scare seems to happen every time there is a presidential election. Doesn't seem to matter what the global or national issues are at the time, it's always the same result. Companies tighten their belts with uncertainty as to what will come with the new president. That, of course has a ripple effect throughout the nations economy. People hold on to their money because they fear they may loose their job or won't get that raise or bonus, and so on and so on. I am obviously not an economist (hence the layman's analysis). But I do remember this happening in 2004 and 2000. Don't ask me about 1996, because things were a little foggier for me back then. :eek:

Hang on if you can boys and girls! It'll be over soon. Won't even matter who gets elected...never does. :)
 
beyondloadedSE said:
When my company hears the economy (or more specifically, the connector industry) is going to be slow, we hire more people, invest money into new products, etc. Samtec is privately owned and we have about 1000 employees. Most of our pay is based strictly on bonus on how the company performs. The more money the company makes, the larger the bonuses and this last 6 months was the 4th largest bonus ever in the company history. We grossed $396 million. I'm happy. :)
Click to expand...

so your screen name relates to more than just one thing :laugh:
"beyondloaded"
 
Thinkmoto said:
Christ Joe you working 7 days a week at signicast? They called me again...they want me to work there. From what i've heard so far I was lied to by the now fired HR lady. 10 months later I still haven't found the right job. Wife did say if the right amount of money is offered I could take a traveling job. I don't want to but 6 figures is hard to pass.
Click to expand...

I actually work at signicast part time now 20 hrs a week on the weekends. Two maintenance guys left mod 3 and two engineers left also. :shrug:
I work full time doing civil engineering and plasma programming for King Manufacturing kingmfg.com in waupun, wi. Office job, kinda boring, but is less harsh on the body.....

Good luck with your search Tony.

Mike...... Clean all your crap out of the old house so you can sell it!
 
blu_fuz said:
I actually work at signicast part time now 20 hrs a week on the weekends. Two maintenance guys left mod 3 and two engineers left also. :shrug:
I work full time doing civil engineering and plasma programming for King Manufacturing kingmfg.com in waupun, wi. Office job, kinda boring, but is less harsh on the body.....

Good luck with your search Tony.

Mike...... Clean all your crap out of the old house so you can sell it!
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koo I don't blame ya. I've been debating it about signicast......but the 12 hour shifts and 3 kids doesn't match up too well. Sluggish economy?? Haven't noticed it really, except for the fact that we are working less weekends at work. Us in Maintenance are there basically every saturday and a few sundays this year so far. We have too much work and no manpower. The company wants to go lean manufacturing which is fine and dandy but ALL the machines need to be overhauled or replaced. Whatever just another day at MPI.

Mikey have you considered renting your house out?
 
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Thinkmoto said:
The company wants to go lean manufacturing which is fine and dandy but ALL the machines need to be overhauled or replaced.
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We're kinda in the same boat. Our company is going lean (have been working on it for about a year now anyways) but there is much to be done yet...and now with these layoffs, the work is kind of at a stand still. It's hard for me to complete my work for the lean team I'm on if the rest of the team is layed off :blackeye::laugh:
 
Frosty said:
We're kinda in the same boat. Our company is going lean (have been working on it for about a year now anyways) but there is much to be done yet...and now with these layoffs, the work is kind of at a stand still. It's hard for me to complete my work for the lean team I'm on if the rest of the team is layed off :blackeye::laugh:
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Heres a good one for you all. Our company has been shutting down plants over the last 5 years at an aggresive clip. Well now where in the hole huge from all these shutdowns. They spent alot of money moving machines(duh) they never thought about changing there plating suppliers and outside secondary operation companies. We are still expediting parts down south then expediting them back here to do more secondary operations then most of the time expediting them to the buyer. We are struggling to be 50-60% on time shipping. They cut budgets drastically and don't pay bills. We have a vendor list in Maintenance of places that no longer do business with us!

Now our new ceo/gm whatever he's called says where going lean. So they have an outside firm being the lean team telling us what we are susposed to do. They want to have an outside firm stock our parts and get them for us. They think they can get parts in bulk cheaper. Unfortanately for them you can't next day air a majority of the hydraulic components we use on a day to day basis. They don't understand 5-6 month leadtimes!

Anyways we are going lean with no inside experience in our plant and the other plant in deerfield. Almost every press in the pressroom needs an overhaul/seal job. Our secondary operations are a joke granted they are working. We need 2 new washers and all new beltsanders $$$$millions.

And the best thing we HAVE to HAVE to refinance this year. But we have to prove we have the equity to do it. Good thing I'm still looking for a job and they are plentiful around here. Our company is the biggest fineblanker in the US/North America and top 3 I believe in the world.......we'll see how long that lasts though.
 
Thinkmoto said:
Now our new ceo/gm whatever he's called says where going lean. So they have an outside firm being the lean team telling us what we are susposed to do. They want to have an outside firm stock our parts and get them for us. They think they can get parts in bulk cheaper. Unfortanately for them you can't next day air a majority of the hydraulic components we use on a day to day basis. They don't understand 5-6 month leadtimes!
Click to expand...

Sounds like the consultants are all UWM Business School grads. Everyone has to take classes on six sigma and lean production. The books and professors fill everyones heads with idealistic concepts. Then the grads get into the real world and try to push the crap on clients. After the company fails they put the blame somewhere else.
 
hetfield said:
Sounds like the consultants are all UWM Business School grads. Everyone has to take classes on six sigma and lean production. The books and professors fill everyones heads with idealistic concepts. Then the grads get into the real world and try to push the crap on clients. After the company fails they put the blame somewhere else.
Click to expand...

They are old farts. I was in our parts room inventoring some bearings when they came up there. They where looking through our wall of hydraulic fittings(we have alot of them) and one guy starts grumbling "oh they get them from ritter engineering" his voice tapered off rather quietly after that. I started laughing and just got some looks. I can't wait til they try to get the Vickers crap for the new Schmid presses from germany. Where lucky if we get them in 6 months!
 
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