Perception of the economy?

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hardworkingstiff

Senior Member
Location
Wilmington, NC
Like to hear from anyone if they are willing.

What's the economy like (locally)?

What's your perception of the economy?

I've been glued to the stock channels and trading stocks, so I've not really been in touch with reality lately. Seems in Wilmington, NC, that business is so/so. It appears to not be improving. How about in your area?
 
All I know is that my phone has not rang with a new client for a week. Im still very busy on existing jobs, but, makes you nervous. We hear all kinds of comments from here at there that our local economy should remain strong, BUT I think folks are in shock, and glued to the TV at the moment. My 401k is down a third...
 
The economy has a tremendous tendancy towards self preservation. I'm not the least bit worried about it.

If the economy has any "trouble", I might say it's an issue of consumer trust. Mistrust, doubt and fear created by who? I'll leave it at that. That blank can be filled in so many ways, but the generalized mistrust and fear continues to exist. There's plenty of money out there, but people are just sitting on it. Consumers have money, but they're just not spending it. Corporations have more money now than ever before. Just look at how many corporations presently have more money in the bank than the value of all their stock is trading at. Makes no sense to me, at all.

As soon as we all figure out that there's nothing wrong with the economy other than fear, the sooner we'll all be back on track.
 
The electrical industry here in Florida is the worst it has been in a really, really, long time.

There is very little work, no one is hiring, many are down sizing, a few have gone belly-up, and there seems to be no light at the end of the tunnel as of yet.

Marc's comments make a ton of sense, however the reality is that the your run of the mill blue collar worker is being severely tested and for the most part, not winning the battle.
 
Mule said:
My 401k is down a third...
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I haven't even looked at mine lately because I don't want to know how far mine is down.

Roger
 
bphgravity said:
Marc's comments make a ton of sense, however the reality is that the your run of the mill blue collar worker is being severely tested and for the most part, not winning the battle.
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I also agree with many of Marc's comments and observations but I feel he is ignoring the fact that it is really effecting even hard working financially responsible people.
 
iwire said:
I also agree with many of Marc's comments and observations but I feel he is ignoring the fact that it is really effecting even hard working financially responsible people.
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The effect is clear. I was addressing what I feel is the root cause.
 
roger said:
I haven't even looked at mine lately because I don't want to know how far mine is down.

Roger
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Same here, I had built up a fairly nice 401K, I don't even want to know what it is today. I will ride it out and dump more money into it when things seem to have bottomed out .......... I hope that is soon.
 
roger said:
I haven't even looked at mine lately because I don't want to know how far mine is down.

Roger
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Well guys, the statements are out. If you didn't get yours yet its coming soon. You just going to shred it without opening it?

Got mine yesterday. Down 10%, I was expecting 30.
 
If 401K's and other retirement accounts keep shrinking, electrical workers are not going to be able to retire when the had originally planned to. This means less oportunity for advancement of the younger generation, less jobs opening for graduating apprentices, and more costs to the company in benefits and wages.

Then again, everyone is predicting a short fall of electrical workers from the baby-boomers retiring, so perhaps this will help keep the industry going...

Who knows..
 
chris kennedy said:
Well guys, the statements are out. If you didn't get yours yet its coming soon. You just going to shred it without opening it?
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I will not look at it, my wife will look at, tell me again how we should 'cash out now' and I will say no. It is kind of a quarterly ritual with us now.:grin:
 
mdshunk said:
My retirement plan hinges solely on coming up with a million dollar idea sometime between now and when I die.
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I don't believe that for a millisecond.

I bet you where planing your retirement in high school.
 
bphgravity said:
Then again, everyone is predicting a short fall of electrical workers from the baby-boomers retiring, so perhaps this will help keep the industry going...
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Exactly, and what's going to happen when the economic turn-around is clear? A mass exodus of all the old-timers that are hanging on, and an even worse labor shortage among the electrical trades. This will drive up wages. Electrical work is still very labor intensive, and there will always be a need for X number of electrical workers, without regard to the economy. I think NECA had a figure of something like 200,000 (off the top of my head) near, at, or beyond retirement age still in the workforce. It'll be interesting to see what happens.
 
Fisrt, I agree with Marc also. That said, in my area (middle-TN) new home starts have tanked. Lat few months, I've done about 5% of the temporary services that I usually comlpete. Few commercial starts. Most are busy "finishing" jobs, but almost everyone says they have little on the books.
 
I have to recommend a book. It's a parable type book, along the lines of "Who Moved My Cheese", but not nearly as condescending. If you're a decent reader, you can read it in 45 minutes.

"Our Iceberg Is Melting: Changing and Succeeding Under Any Conditions"
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It's a parable about penguins living on an iceburg that starts to melt, and they're trying to decide what to do about it. Keep doing what they've always done or maybe move to a new iceburg. You can draw so many parallels to electrical work in the present economic situation as you read this book.
 
My IRRA (Individual Retirement Rollover Account, what you get when you rollover your 401k) has gone down about 15% and I can't put anything into it anymore but I agree with Marc (OMG, did I really say I agreed with Marc?). The economy is good and the only thing we have to fear is fear itself (seems I heard that somewhere before).

I don't want to put a political bent on this and we are dangerously close to doing just that. However, I think this will all settle down after the election (regardless of who becomes president) and the political rhetoric is over. :smile:
 
iwire said:
I will not look at it, my wife will look at, tell me again how we should 'cash out now' and I will say no. It is kind of a quarterly ritual with us now.:grin:
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This is a daily event in my home. My wife says get out now! I'm of the opinion that's too drastic.

I've been trading the market recently, and have done well (daytrading). My buy/hold stuff has tanked (I was pretty aggressive).

Retirement for me is out the window now (was trying to semi-retire in a couple of years at 58) probably until 65 or 70.

I'm sure glad I have a skill. I think us electricians are going to be very happy with our carrier choice down the road.
 
retirement?

retirement?

I've noticed that the question was how is your local economy doing and everyone is talking about getting out with their retirement in tact. I have been getting 1 service call a week. Maybe. Not saying its dead here but the coroner is looking the body over and will be making his pronouncement soon.
The local AHJ has started job enhancement moves like unlicensed contracting stings. Too little too late. Now that all the neuvo riche' real estate moguls have rolled over and the bootleg contractors aren't needed. It will give the insurance and ambulance chasers a chance to move into the void. Cant wait.
 
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