Thursday, February 12, 2009

Recession Follies: Short-Term Pain

By Chris Thompson
Thu, Feb 12, 2009 at 10:19 AM

Even if most economists think the recession will end in about a year (and we can't but think they're too optimistic), the pain is still coming, in the form of layoffs around the East Bay. The Trib reports a query of business executives by the Bay Area Business Confidence Survey, which concludes that 48 percent of Alameda County firms and 41 percent of Contra Costa firms expect to lay off more employees in the next few months. Green energy, health care, and biotech are among the healthiest sectors, but the overall short-term picture is mighty bleak. We've already seen glossy mags try to sell frugality as the new black; soon, we won't need to be seduced with shots of Nicole Kidman slurping Top Ramen.

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