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Is COVID19 Affecting All Salaries or ...   The Newsy You: News of Today

Started May-27 by Jeri (azpaints); 332 views.
Jeri (azpaints)

Poll Question From Jeri (azpaints)

May-27

Is COVID19 Affecting All Salaries or just UEI.
  • No0  votes
    0%
  • Yes1  vote
    11%
  • In some areas0  votes
    0%
  • In some industries6  votes
    66%
  • Yes and it will last a longtime1  vote
    11%
  • Yes, but only short term0  votes
    0%
  • When reopened all will go to normal0  votes
    0%
  • Probably but not sure how1  vote
    11%
  • Fake News0  votes
    0%
No 
Yes 
In some areas 
In some industries 
Yes and it will last a longtime 
Yes, but only short term 
When reopened all will go to normal 
Probably but not sure how 
Fake News 
In reply toRe: msg 1
Jeri (azpaints)

From: Jeri (azpaints) 

May-27

 

 

Bloomberg: Salaries get chopped for many Americans who manage to keep jobs

 

 

Salaries get chopped for many Americans who manage to keep jobs

 

Companies across the U.S. are cutting salaries as they fight to survive the coronavirus, upending a key assumption in modern economics and raising another hurdle to rapid recovery.The hard numbers won’t be in for months, but anecdotal evidence is piling up. On earnings calls, big businesses including The Container Store Group and Lyft have cited what they say are temporary salary reductions. Federal Reserve officials also have found plenty of supporting evidence.The pandemic has triggered unempl

 

Read in Bloomberg: https://apple.news/A8eYV8dzCRZa15L0eOvgPqw

 

 

Shared from Apple News

 

 

Sent from my iPad

Showtalk
Staff

From: Showtalk 

May-27

The only people fully employed who have lost salaries are those in industries the government has decided are essential or government employees.  They have destroyed industries by deeming them non essential or by closing related industries which in turn affects others.

Jeri (azpaints)

From: Jeri (azpaints) 

May-27

From the article:   Outside of “high-demand sectors such as grocery stores,” there are signs of “general wage softening and salary cuts” all over the economy, according to a Fed business survey in April. A study by Thomvest Ventures, which looked at 22 public and private technology companies, found that non-executive employees had seen pay reduced by an average of 10% to 15%.

Emphasis mine.

Showtalk
Staff

From: Showtalk 

May-27

You mist be right, but my friend is delighted with her market pay. It’s the most she’s made since she had children and left a big career.

Jeri (azpaints)

From: Jeri (azpaints) 

May-27

Good luck to her!

Showtalk
Staff

From: Showtalk 

May-27

I haven’t seen her this happy in a while.  I talked to her from across the street and she said she loves going to work. She is very cheerful and friendly. A real extrovert. She loves helping people.

Jeri (azpaints)

From: Jeri (azpaints) 

May-27

Great!  Hope it lasts!

Depends on the industries

In industries whose sales pretty much went into free-fall, it's not surprising a lot of salaries were cut to keep people on the payroll, rather than just lay more of them off and lose that talent forever once things come back.

As Dave Ramsey once described the phenomena, "everyone is really on commission if you dig deep enough".

Things like Lyft - well, when everyone is staying home, and with some 80% of the population still afraid to go out unless it's truly unavoidable, not many people are booking Lyft rides.

A few of those industries may be in a death spiral connected to their area of operations' economic prospects.

Then other areas, such as IT for residential ISPs and maintaining / upgrading telecom infrastructure, hauling food and other vital supplies, stocking store shelves, etc. have seen increases in pay to keep them happy and to compensate for the extra hazards, or like with IT / telecom, many have been as busy as the proverbial one legged man in a kick fight, because when the internet craps out in the middle of binge-watching 7 seasons of The Walking Dead, those still stuck at home with teenagers and college students are going to be very irate and demanding it gets fixed - NOW.

Same with families working from home - an internet fritzing out in the middle of a presentation to the company board of directors is going to unleash a whole new kind of crisis.\

But, if one is a tattoo artist, a barista, a dog groomer, a waiter, a bartender, there may be far too little actual work to support their industry, and corporate management sees too little revenue coming in because too few customers are dining in or getting drunk at the bar or otherwise purchasing enough product to keep the whole enterprise afloat.

Jeri (azpaints)

From: Jeri (azpaints) 

May-28

I agree.  Plus we're now seeing trickle down.  Industries that were fairly stable are only just now slipping in income.  They don't need to close, but do need to tighten their belts.

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