November 4, 2008
Silverado Turns Desperado
U.S. Auto Sales Fall 32% to Lowest Total in 17 Years
“Last month Toyota offered no-interest financing on 11 car and light-truck models. That promotion will continue at least through November.”
Is this the first time Toyota has offered 0%?
Looking at that chart makes me think that the kids hunting for their first job will be as disappointed as those of us who graduated from college between 1990 and 1992… and I can’t imagine what it was like job hunting in the late 1970s. Can any readers share their experience from 1978-82?
Cat: | Time: 9:50 am (utc+8)
November 4th, 2008 at 8:23 pm
This graph is damn ugly..expect a long recession..consumer spending drives the US economy..with a chart like this..it means that the US consumer is getting squeezed and holding off big item purchases.
November 5th, 2008 at 7:42 am
I have not paid more than .01%(Ford 250) or 0 (Kabota,Jeep) in 8 years. You do not want a 70’s level recession-it sucked.
November 5th, 2008 at 10:32 am
I came out in the spring of 1958 - recession. Job? You’re kidding, right?. I called my draft board. They promised me that I would be drafted within 3 months. Joined the army - Federal Reserve - 2 year stint.
Got sent to Aberdeen Proving Ground. Primary MOS was weapons systems analyst. Learned how to program a computer or two. Hired by RCA in 1960 as engineering programmer. Recession 1961. I was seventh from the bottom in seniority among 87,000 employees.
For several weeks whilst I was toiling away, there was a steady stream of engineers passing by my desk interviewing my bosses to bump me out of my job. None of them were engineering programmers. I guess the bosses thought I was worth keeping - and they did.
That was a long time ago, but I still think about it when provoked by something- in this case - you.
November 5th, 2008 at 7:42 pm
I finished Columbia in 81 and yes it was heinous, even with Ivy degree. I hardly bothered to look.
November 10th, 2008 at 1:21 pm
The employment environment of the last 30 years is so very different than years before. I took factory work in 1975 after completing h.s. in ‘74. It was a yo yo of hiring, lay off, recall , lay off, etc. We have almost 2 generations that don’t know what hard times are. Or the benefits of saving for them.
November 10th, 2008 at 2:26 pm
@Fife & talkingdog (belatedly): Thanks for sharing. I guess there are hard times and then really hard times … 90-92 was hard in its way and shaped a lot of (disillusioned) Gen-Xers.
November 19th, 2008 at 11:38 am
I was in the computer industry starting in 78 and while I knew there was a recession going on in 80 & 82 I had no problems finding a job - found several during those years, very quickly too. Those were the days! Now it takes months and since 2001 I don’t even get a call most of the time after sending in a resume - that never used to happen to me. I feel lucky that I just got a new job after several frustrating months of searching.