I work for a local tech company. Business fell off a cliff starting in May-Big corporations, especially seem to have shut down. Combine that with consumer pressure and you are in for a rough one.
My dad works as a project management consultant. His firm had 40 people, 5 full time and 35 contractors. 35 contractors are all gone, and the 5 are now contractors.
Anecdotal evidence to be sure, but I think we are just now staring into the teeth of a bad one. Wall Street is starting to realize, but it will really hit the fan three months from now. Corporations have buckled down-this will sustain earnings short term, but we’ll have some ugly earnings in Q3/Q4.
