Post 9/11 - finance question

In your opinion, do you feel that post-9/11 the economy tanked?

I just had a candidate tell me in an interview that his salary was higher until 9/11 - and then most companies he's worked for since offered lower salaries.

Is this your experience??

I do think the dot com companies suffered but that was 2000 & not related to 9/11, no?

I also think the economy tanked since 2007 - since I'm seeing resumes with new jobs 2008-2009.

What do you think?

Re: Post 9/11 - finance question

My opinion - the economy started tanking in late 2007.
I don't think it had anything to do with 9/11.
If there is one, I don't see the connection.

Re: Post 9/11 - finance question

It depends on what industry they work(ed) in.

If it's anything that has to do with travel/tourism of NYC, then yes...things were bad around then.

Re: Post 9/11 - finance question

We did have a recession in the early 2000s but the economy recovered (until late 2007). I guess it depends what industry the candidate was in too.

Re: Post 9/11 - finance question

This is the economics geek in me speaking (I was an eco major and I teach it), but technically we were in a recession for about eight months in 2001 starting, I believe, in March. While we recovered according to statistics, the numbers were skewed by the housing bubble and the truth is there were some sectors of the economy that have never truly recovered, especially considering the boom of the late 90s which was not limited to the dot com industry.

9/11, for the most part, did not help.

The climate for some job sectors has been sucking wind for a decade now, including finance and middle management positions in the corporate world.

This is, of course, in general.

I don't know what your company does but your candidate could be making a fair point.

Re: Post 9/11 - finance question

I think in my field it is more recent that jobs are scarce (grant funded, gov't funded - NYC/State/Federal, non-profit healthcare).

Re: Post 9/11 - finance question

The industry is Business Development in the IT space... which is why he referenced the dot.com. I could see why some industries would have expanded by leaps & bounds (security, defense).

I think he was trying to make it a point as to why his salary is lower than the position pays. Honestly it doesn't matter what he makes now - our position pays what it pays but I thought he was grasping when he used 9/11.
I'm particularly wary of people that evoke 9/11 - especially those in an interview. I'm not belittling its significance but after 9 years, I do believe there was some economic recovery.

Thank you all for responding!

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Re: Post 9/11 - finance question

Well, I know in my dh's IT company, they tanked after 9/11 and it took almost 2 years to show any sort of sig revenue. 2003-2005 were their best years because of the IT product they were marketing.

However, 2005-current has been terrible. The upside is that dh was able to find a job recently which will pay him what I think his IT job is really worth (it could even be a bit higher, but we low balled it right now)

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Re: Post 9/11 - finance question

My Dh was laid off right before 9/11 and even though he got a job not long again after his salary to this day still isnt what he was making before. He is in Telecom and deals with the stock market.