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Old 10-07-2008, 06:17 PM
 
1,314 posts, read 2,986,773 times
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Some of the signs of recession include sharply lower sales tax receipts in Florida and California. Nationally, mid-range retailers have, almost across the board, reported lower same-store sales. What's your take? Have you heard of lay-offs? Have your friends or relatives been affected? In what sector?
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Old 10-07-2008, 06:39 PM
 
Location: Houston, TX (Oak Forest)
4,707 posts, read 11,739,847 times
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Nope
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Old 10-07-2008, 06:44 PM
 
Location: from houstoner to bostoner to new yorker to new jerseyite ;)
4,085 posts, read 11,455,793 times
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Nope, nothing, nada, not applicable.
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Old 10-07-2008, 08:32 PM
 
Location: Austin, TX
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I keep meeting people who moved here for a job from a part of the country where they couldn't get a job. So one effect of the national economic slowdown might be a greater than expected population boost for Houston.
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Old 10-07-2008, 08:34 PM
 
Location: Katy, TX
1,288 posts, read 4,474,520 times
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My own company has been affected, but it is not a Houston based company. I'm the only employee living here and I can't fire myself. So far it hasn't led to any layoffs but it might curtail some expansion plans we had.

I am a big Wachovia customer though, so I'm anxious to see where that ends up. Say if Citibank buys them and closes a bunch of local branches and ATMs I'll be pissed. If Wells Fargo buys them I think I'd like that, my mortgage is already with them.

I'm not even looking at my 401K right now.

Other than that, no effect. People are still offering me credit left and right. My husband's company is still hiring.
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Old 10-07-2008, 11:37 PM
 
Location: where nothin ever grows. no rain or rivers flow, TX
2,028 posts, read 7,461,771 times
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Defnitely in the banking industry. All these mergers and buyouts, well someone will have to lose their job.
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Old 10-07-2008, 11:42 PM
 
Location: Georgia native in McKinney, TX
7,408 posts, read 10,078,074 times
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I sell Hondas. While the rest of the automarket wasn't prepared for $4 gas, Hondas were selling like hotcakes. Had a great summer of sales.

However, September was rough, several managers were let go at my dealership, several salesmen left, I've had to dip into savings which is thin. October is starting up even worse. Only 2 car deals so far and no good prospects on the horizon.

I think people are putting off major purchases across the board until we get an idea where and when this economic roller coaster is going to level out.
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Old 10-08-2008, 09:08 AM
 
1,314 posts, read 2,986,773 times
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Quote:
Originally Posted by Saintmarks View Post
I sell Hondas. While the rest of the automarket wasn't prepared for $4 gas, Hondas were selling like hotcakes. Had a great summer of sales.

However, September was rough, several managers were let go at my dealership, several salesmen left, I've had to dip into savings which is thin. October is starting up even worse. Only 2 car deals so far and no good prospects on the horizon.

I think people are putting off major purchases across the board until we get an idea where and when this economic roller coaster is going to level out.
Is financing available for auto loans? Is it harder to buyers to qualify? Or are buyers simply not showing up at car dealers?
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Old 10-08-2008, 09:12 AM
 
Location: Houston, TX (Oak Forest)
4,707 posts, read 11,739,847 times
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Another issue hitting sales is that trade in values for large SUVs took a nose dive. Many of my co-workers trade in their vehicle every year to take advantage of the tax break but this year it is no longer worth it due to the declining value of their current vehicle.
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Old 10-08-2008, 09:35 AM
 
Location: Georgia native in McKinney, TX
7,408 posts, read 10,078,074 times
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Quote:
Originally Posted by Zhang Fei View Post
Is financing available for auto loans? Is it harder to buyers to qualify? Or are buyers simply not showing up at car dealers?
Yes, the financiers are tightening the belt. We have been told to push cash down with our customers, most have gotten in the mindset to get a car with nothing down, but if we submit a deal for someone with less than perfect credit, the more cash down, the better the deal is to get approved.

However, I feel the current slow down is not that people can't get approved, but that most people are putting off any major purchase until public confidence settles down. I am hearing this from those I know in the furniture business, the electronics business, any kind of big ticket item.

I think that once the election is over we will see some relief. It doesn't really matter who wins, just that it will be over. I think (and this is just my opinion) that the powers that be are highlighting and over talking the poor economy for personal political gain. I think this is happening to some extents on both sides of the aisle. It seems to happen every four years around this time.

However, I and many like me are month to month. If things are horrible this month even IF they get better next month, we are in danger of going down the tubes. I am a divorced man in my 40s and am looking into the real possibility that I might have to move in with my elderly mother. Can't tell you what a bruising to my self esteem that thought is.
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