Monday, September 6, 2010

Unemployment doesn’t bode well for house prices

Job vacancy decline knocks confidence

Industries including engineering, manufacturing, financial services, training and IT all suffered a drop in the number of jobs available in August compared with July, according to the Reed Jobs Index. A separate survey revealed one in five small and medium-sized businesses (SMEs) anticipated job cuts over the next year.

Posted by drewster @ 10:04 AM (951 views)
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2 thoughts on “Unemployment doesn’t bode well for house prices

  • A few thoughts:
    1) Most managers I have ever met cannot make decisions without holding each others hands which is difficult when a least one will be on holiday. This is partly seasonal.
    2) Given the economic forecasts I would not rush to switch jobs and lose job security; and thus whole chains of vacancies will be sidestepped now that might not otherwise.
    3) This article wreaks of the “death of the recovery myth” which will sooner or later hit property prices.

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  • sureseam,
    Good point about the seasonality. The end of the summer holidays should bring these things into focus.

    Another thing I’ve noticed is that managers like to be able to blame external factors. At my last employer they dropped 6% of the staff “because of the recession”, even though the company was actually doing quite well. The 6% who were shown the door were the most useless. It’s hard (both legally and emotionally) to fire someone just for being useless, hence the recession was a convenient excuse.

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