Consumer confidence is dropping fast, leading individuals to spend less. Companies are responding by cutting back. The dot-coms are affected the most. Of the 29 companies that announced layoffs in January, about half were Internet or Web-site related firms. A few, like Musicmaker in Reston, shut down their sites completely.
People are now willing to accept compromising offers like a lateral move because of the market.
They are a little bit nervous. Company executives said they still are having trouble finding good, qualified workers to fill their jobs. But it is getting a little easier than a year ago, when workers could expect to have five or more competing offers within days of looking. Anzilotti said the changes in recent months mean workers should expect to have fewer choices. Before, there were so many opportunities, people would stay only until they found something better, he said.