November 20, 2008

Oh Joy! More job cuts likely in the San Francisco Bay Area

Four out of 10 Bay Area employers contacted in a survey anticipate cutting jobs within six months, according to a dismal report on the region's business pulse being issued today.

This is what the San Francisco Chronicle is reporting. The story is based on a survey of 509 executives, conducted in the first week of November by the Bay Area Council. This survey found that:

Business confidence in the nine-county Bay Area had slumped to its lowest level since the group first began taking quarterly readings in the summer of 2001.


"The turmoil in the financial markets has spilled over into how Bay Area businesses see their own situations," said council Chairman Lenny Mendonca, a director at McKinsey & Co.

"Unfortunately, layoffs often follow on the heels of pessimism, and I think we may see bad get worse," council President Jim Wunderman said in a statement.

The Bay Area Council is a business group whose members employ about 500,000 people, roughly one-sixth of the region's private-sector workforce. Its quarterly reports are authoritative snapshots rather than statistically valid surveys.

More dreary news on the GEC (Global Economic Crisis) and TNU (The New Uncertainty) front. Well, I guess if lose my job, I'll have more time to work on Crazy in Suburbia--to the consternation, no doubt, of a few of the few readers I have so far.

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