Global Economic
Trend Analysis

Recent Posts

Tuesday, September 01, 2009 9:40 PM

Cut My Pay, But Please Give Me A Job

CNNMoney has an article that is certainly a part of the ongoing deflation debate. Please consider Cut my pay ... please!

With unemployment as high as 9.4% and job prospects scarce, job seekers are willing to accept as little as half of what they were making before, if it means finding a job.

In a recent survey, 65% of out-of-work respondents reported willingness to accept wages up to 30% lower than their previous compensation. And, 3% and 4%, respectively, said they would accept up to 40% and 50% of prior wages, according to the 2009 Annual Career Fair Survey released by Next Steps Career Solutions.

"I see it every day," said Jay Meschke, president of EFL Associates, a division of professional services company CBIZ. "People are out there accepting positions as much as 50% below what they were making before."

"If it is a choice of putting food on the table, paying for a kid's school expenses, or attempting to get on a healthcare plan -- many people are flat out accepting jobs well beneath their former market values," he said.
If you think this is inflationary, you are not thinking clearly.

Mike "Mish" Shedlock
Click Here To Scroll Thru My Recent Post List

Last 10 Posts

Search This Blog


Copyright 2009 Mike Shedlock. All Rights Reserved.
View My Stats