Short Term Trading Member Forum

[techcharter]

Initial Jobless Claims

Jobless Claims still is forming a bottom. The last 3-4 months has been sideways. After what appears to be an A-B-C wave that started in 9/01, downward momentum in claims has slowed. Confirmation of Elliott wave uptrend is still to be seen.

Anecdotally, this week was the second time in a year the hiring manager wanted to make me an offer, but the position was cancelled by someone above him. Other employers are setting the bar so high that nobody could fill the position. The defaltionary symptoms in the job market are reflected by advertised positions which seek individuals to perform the work of multiple people at the same or lower compensation of a single position.

My friend interviewed with a company he worked with at one time. He was well received and felt like a homecoming. After his interview, word came from above that hiring freeze had just been put in place due to a reorganization, but not a downsizing.

This is not only in the tech and medical environments. One manager at a clothes retailer could not decide which outside candidate to bring on board. The indecisiveness reflects insecurity on the part of the manager. If the candidates were that close in skills and ability, then the manager should have no fear of making the wrong decision.

http://www.bullandbearwise.com/InitialJoblessChart.asp