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Because we work with many large corporations who saw the recession coming 18 months ago and began to cut back, we probably felt the impact earlier than most small business. We'd already decided to "Northsource" and moved the business to Berlin to cut costs. So last year, we looked at what we do well, what we industries we liked to work with, and what businesses might be likely to use social media and might not be as impacted by the economic slow down. [more]
I've done some brain storming on this question, and I have a list of some specific changes I have made. Some are short term and some are permanent. Here goes,
My employment status has changed - I have been unemployed since February, due to the financial crisis on Wall Street. I have started a new business to help colleagues network and find new jobs - a career change. (Short term)
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I was laid off last spring and despite an active search and networking have not found a new position. I observe that local companies in my industry continue to reduce head count so prospects are dim.
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Being in my mid-forties my friends and I have always had job opportunities, there have been ups and downs but we never thought much about lay offs, especially long term ones. Though my family has not experienced problems several of our friends have been dealing with them. We have friends whose households have been without a job for over a year. We have friends with multiple advanced degrees who are being laid off. These are people whom we never ever thought would run into issues. It makes you feel very close to the financial crisis. [more]
The Friends of the Hillsborough Food Pantry was formed in early 2008, before the economy really took a nosedive. This group decided to raise $100,000 to rebuild our old, dilapidated & moldy food pantry building. The goal seemed attainable & fundraising began. When the "downturn" hit, the group was afraid the donations might stop and the project might be put on hold. But DESPITE the job layoffs, business closings, home foreclosures, etc....the group has raised almost $125,000 and the new building is almost completed.
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People would LIKE to feel better about the economy, but are cautious. Savings and retirement funds are returning to pre-crash levels, but still have about 20% to go. So people feel a bit better about spending, but are reluctant to return to previous levels. Many more people of my generation are unemployed or under-employed - some voluntary (e.g. easing into retirement), some not. Net result is less income and the belts have been tightened a bit. Less charitable giving, fewer dinners out, more rationalization around a quick trip to the store. [more]
I was unemployed for three weeks shy of a year. We feared losing our home. We stopped medications. We got down to one car. By the time I got a job, the car was beyond repair. Our taxes increased 16% and food costs went through the roof. We are still cautious and anxious but still in our home. Our health is what it is. And we were able to get the second car. [more]
We moved to Bedford ten years ago to raise a family. We built out our small small ranch to add room for our growing family - three kids now under ten. My wages have remained flat making it difficult to keep up with the higher mortgage from the build-out and the increased cost of living. My wife and I have small business that makes a small profit and helps pay the bills, but leaves less time for me to spend with our children. When there is tension at home over bills, my two boys seem to have increased conflict at school and to lose concentration with their studies. [more]
The fridge has been looking a little empty these days. Last semester, when I came home from my 9 to 12 hour days taking classes at UNH-M, there would be leftovers from my family's supper waiting for me in the fridge. Not so the last few months. When I open the fridge door at night, there's usually nothing for me but random odds and ends, drinks and condiments.
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Small businesses often use their credit cards to finance their operation during lean times;cash advances/spreading out payments for merchandise/delaying payment for services... As a bookkeeper for several local businesses I've noticed for most of these cards, fees and finance charges growing while terms and grace periods shrink. This can make for some challenging repayment schedules. [more]
A colleague related to me that 200 requests for shelter in Concord were turned away in October. The homeless shelters were full. [more]
I provide anesthesia and have seen a sharp drop off of people getting preventative care. It seems that people are only coming in to have procedures done that are absolutely necessary. There is very little preventative care being done. Nurses and other healthcare providers have to take unpaid days off. Hospitals and ambulatory surgery centers are finding it harder and harder to keep healthcare in rural areas. From what I have seen and heard it is because of high deductibles and/or no healthcare coverage making it very difficult for people to pay for healthcare. [more]
When my husband and I retired, our retirement account was growing at a modest but healthy rate. In 2008, it dropped by 29% and is currently back up to minus 9.8%. Right now we are living exclusively on our pensions. However, as we get older and our expenses increase, we are concerned that we may outlive our money. [more]
I was downsized from a good paying high tech job 4 years ago because my job was outsourced to India. I found another permanent job after a year of temping, but was unable to replace my good income. I'm doing virtually the same thing as I was before, but I'm making almost 50% less. Needless to say, I had been constantly trying to find something else, and I also do side work. Over the months the opportunities and interviews have dwindled down to nothing. I cannot make a living on what I'm making. [more]
I own and operate a small deli and catering business within an office park in Bedford, NH. The past few years have brought a slow but steady decline in tenancy in our building and within the park. Several business have cut their work forces, lowered pay, cut hours or have closed altogether. More and more people are bringing their own lunches or just supplementing their bag lunch with chips or drinks. Its day to day and very stressful. [more]
I am a full-time student who has been working in fine dining in the Seacoast area for the past 6 months. From talking with servers, bartenders and others in the service industry (such as hair stylists and nail technicians) it appears that some people have been cutting back more than others. Many of the affluent families in the Seacoast have not been effected to the point of having to make drastic changes in their lifestyles. The higher end restaurants in the area have not lost much business. It is the places that cater to younger professionals and families that have taken a hit. [more]
The economy has effected me in the following ways. As of December 4 of last year,I was laid off from my job detailing cars, because there was no work and nobody was trading in used cars or buying new ones. In turn, I lost my apartment, fell behind on payments on my truck, eventually losing it. I remained laid off until late May and luckily found a new job but it is only seasonal, and I will be getting laid off again for the winter. So until the economy picks back up and people start buying cars on a regular basis, I will not be able to get back into a job that I really enjoy. [more]
Edward
Nov 10, 2009
I guess the economy hasn't effected me as much as most people. I have a full time job with benefits and get to travel for free. It was not till a couple of months ago that it started to make a impact. I'm taking a few months off work for school and personal reasons, and Job hunting is going slow even tho its the holiday season. It's making things very tight around the apartment. My situation isnt near the worst but its making it harder for me to move along my future goals. [more]
The effects that the economy has had on my life makes things a little difficult. i am currently working a full time job, but good hours are hard to come by in today's world. I would say that it as not as easy as i thought it might be to pay the bills. Also when it comes to supporting bad habits such as smoking. it not easy to maintain and keep up with the things you want versus the things you might actually need in life. [more]
The economy is not doing good, and it has affected everybody. It has affected me because gas is more expensive so it is harder to drive around. Also, it has made food more expensive, so i get less food for more money. Also, the cost of movies is more, so its harder to pay for the movies, so i get bored and can't do anything. That is how the economy has affected me. [more]
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Briefing Room
Declining home prices continue to help residential sales in New Hampshire. Prices are down about 11 percent and sales for the year are a hair above what they were in 2008.
Real estate agents are pleased with the October numbers. After a grim period stretching from last fall to early spring, there’s been a consistent if modest upward trend. The number of homes sold last month rose compared to this September and compared to October a year ago. The data come from the New Hampshire Association of Realtors.
The state unemployment rate fell 4-tenths of a percent in October.
Unemployment dropped to 6.8 percent. The decline caught most analysts by surprise. Usually, when the national rate rises, as it did, so does the state’s.
Economist Annette Nielsen with the labor market information bureau says the job growth is real. The rate is not due to lots of people dropping out of the labor force. But Nielsen takes a cautious view.
Nielsen: "I would like to see a couple of months before I would definitely say this is what’s going on."
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