July 8th, 2009
01:59 PM ET

Financial Dispatch: Hate your job? Too bad…

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/TECH/07/08/pickens.wind.farm/art.wind.farm.gi.jpg caption="In 2008, the U.S. became the world's leading provider of wind power. This wind farm is in Velva, North Dakota. "]

Andrew Torgan
CNN Financial News Producer

Are you unhappy at work? Well, you're not alone.

The recession has left a lot of people out of a job, but many of those still employed aren't very happy at the office. That's because layoff survivors are often stuck with increased workloads, fewer benefits and even less pay.

But they're staying put - at least for now.

Fifty-four percent of employed Americans plan to look for a new job once the economy rebounds, according to a survey from Adecco Group North America.

The sentiment is even stronger among younger workers. Of those ages 18-29, 71% say they are likely to look for new jobs once the economy turns around, the survey said.

Massive wind project on hold

Billionaire oilman T. Boone Pickens is shelving plans to build the world's largest wind farm on the Texas Panhandle.

The chairman of BP Capital Management said Tuesday that his plans for the Pampa Wind Project, designed to generate 4,000 megawatts of electricity using thousands of wind turbines, is on hold.

Pickens says he faced hurdles in routing the power from Texas to a distribution system. Plunging natural gas prices and a tightening credit market also factored into the decision.

Pickens says he’s still committed to the 667 wind turbines he has already ordered, and is trying to find homes for them.

Gas prices dropping back near $2.50/gallon

Gas prices dropped 1.1 cents overnight to $2.593, the 17th straight day of declines.

In the last 17 days, the average price has decreased 10 cents, or 3.7 percent. Gas is also down $1.52, or 36.9 percent, from the record high price of $4.114 that AAA reported on July 17, 2008.

The highest gas prices are in Hawaii ($3.293). The cheapest are in Missouri ($2.361).

Oil prices fall near $61/barrel

Crude oil prices are tumbling 3% to around $61 per barrel today on the heels of a report showing a big increase in U.S. stockpiles.

A report from OPEC predicting it could take years for demand for its crude to recover from the financial crisis added to downward pressure.

Oil prices have dropped from above $70 a barrel last month as expectations of an economic recovery have faltered and U.S. stockpiles have risen in line with decreasing demand.

Filed under: 360° Radar • Andrew Torgan • Economy
soundoff (17 Responses)
  1. Maus

    I'm a mexican who lives in Spain where 40% of the UE unemployment of UE.
    I work overtime everyday, and have done it for 3 years, for a salary of less than 12,000 euros per year (3 months ago they raised my salary since they thought it was fair). I have worked weekends, 48 hours rounds, and seen all my friends and colleagues get fired.
    I have another job to pay my colleague debts.
    To read that some guy says:
    "As an employer the average 18-29 year olds don’t really want to work these days. 40 hours a week, 5 days in a row to have to show up on time is almost slavery in their opinions, they would rather stay at home where mommy, daddy and the government can take care of them."
    it INSULTS ME.
    I don't have a dad, and I have worked my butt off.
    I'm exhausted, depressed, and feeling sometimes hopeless, because I don't seem to be able to change my work. Obviously, if the employers think like that...
    Anybody wants a hug?

    July 9, 2009 at 6:26 am |
  2. Tracy

    Love my job, will work overtime, anytime (and have). Too bad I HATE my boss.

    July 8, 2009 at 8:59 pm |
  3. Lori

    Only Superman would try to build a 4,000 MW wind farm. :o)

    July 8, 2009 at 8:06 pm |
  4. Lori

    I have a young employee. He is late every day. However, he is honest, hardworking, easy going, and has a great sense of humor. Overall, he is a benefit and I really appreciate him.

    July 8, 2009 at 8:05 pm |
  5. Annie Kate

    My 20 year old daughter has in past summers worked 2 jobs, done church work and retreats, sat on the vestry at her church, and done her chores at home. During school she works a job, goes to school where she makes a B+ average, is an officer in several different service groups at school, a vestry member at the church, an active participant in community theater and still does her chores.. This summer she is studying abroad on scholarship. if that is lazy and spoiled then I hope we have a lot more like her in our society.

    July 8, 2009 at 7:06 pm |
  6. Sabrina in Las Vegas

    What about an employer who runs cards asap, doesn't do refunds easily and possibly loans money to other companies? 3 identical companies and all in a state of chaos...

    Seems like fraud/scam but owner who controls everything says no...just mismanagement.

    Yet he is the that tells them to charge the cards asap and won't let the real bookkeeper pay bills or refunds.

    What is that and how do you leave to find real income in this economy?

    July 8, 2009 at 5:09 pm |
  7. Julie

    Give the "kids" a break. They're entering a workforce where expectations have quadrupled. Here's an example: Over 20 years ago, I went into the workforce as an engineer. Someone typed my correspondence for me, a drafter took my sketches and made them into a blueprint, a technician took my notes and created a parts list for purchasing items, a travel agent made my travel arrangements....you get the picture.

    All I had to do was "my job" – design stuff. I didn't even have a computer on my desk if you can imagine that. Just one of those dorky scientific calculators (no jokes about slide rules – I'm not that old).

    A new college engineering grad is expected to type their own emails, make their own travel arrangements, produce their own blueprints or manufacturing files in Auto/Cad or Solidworks, call up components vendors and negotiate prices, enter in parts lists into the manufacturing system, meet with clients to drum up new business – all of this in addition to their "job" which is design.

    Unlike Anderson, we don't have 40 people doing our work for us, making us look good. Neither does anybody else in any other occupation.

    Sorry Mr. Oldster. EVERYONE is doing the job that it took 5 or 6 people to do 20 years ago. I say congratulations to the "kids" that haven't given up in this challenging workforce. Employers aren't getting loyalty because they don't deserve it.

    T. Boone Pickens needs to put up a DC line to his windmill farm. Then, with the appropriate conversion equipment, he can interconnect to any grid in the country without synchronization problems. DC transmission is cheaper. Talk with Cooperative Power in Eden Prairie, MN for a perspective on utilizing DC lines. Mr. Pickens could relocate his wind farm to North Dakota (the Saudi Arabia of wind energy) where he'd have no problems getting land easements and where an existing DC line already passes through.

    July 8, 2009 at 5:04 pm |
  8. sule

    I see planty of jobs here in Texas arena. San Antonio to Corpus Christi.
    I know only few people out of work around here. Yes the pay rate is not good. I heard min wage at virginia was $7.71 people work here for that amount. There is some works like oil field jobs pay 25/$30 per hr also. Maybe you guys should move?
    And I agree with Enough Genearally speaking he is right.

    July 8, 2009 at 4:39 pm |
  9. Heather,ca

    What about taking the only job offered to someone because they have a mortgage to pay etc. Even though under normal circumstances a person would pass on the job.

    July 8, 2009 at 3:52 pm |
  10. anna

    All the while attending high school and/or college. Double thanks.

    July 8, 2009 at 3:17 pm |
  11. anna

    I hardly believe the you have the authority to speak for all 18 to 29 year olds. Of course there are bums, but you can't classify all of us in such a light. I've worked full time, and then some, since age 16. And I work hard for my money. Thanks.

    July 8, 2009 at 3:14 pm |
  12. michael farrell

    I don't think that is a very fair comment about people my age and working. As a 27 year old guy, I would love to have a 9-5 mon-fri. Instead I work 65-70 hours a week in retail. Your "spoiled pampered" view of people my age is ignorant. How much do you work a week?

    July 8, 2009 at 3:03 pm |
  13. analyticalguruinma

    Well, Enough, that's what you get for hiring the younger worker. Why don't you try, oh, someone over 35 or gasp, 45. But then again, they are ancient and couldn't possibly know what to do. Either that or they are, geez, too expensive.

    July 8, 2009 at 3:02 pm |
  14. Joanna

    I would hope they would stay put!! Good Lord! Do they not see all of us out here without jobs??!!! They need to stop griping already! I have told more than one employee at a store, that I hear complaining, to be thankful you have a job and paycheck! Never mind the fact that if they quit, that just adds to the number of people I have to compete with to find a job!

    As far as the last comment, yes teens are not terribly good workers, although some are. So, start hiring more mature people like me!

    July 8, 2009 at 3:00 pm |
  15. Jae

    As one of those 18-29 year old employees I must say that it is too much work. Not because I'd rather stay at home because I don't have that option but because in comparison to the European work force Americans work a rediculous amount of hours with a rediculously miniscule amount of leave time

    July 8, 2009 at 3:00 pm |
  16. Mike Foster

    I`m sorry mister employer, but you`ve been brought up in a generation where this slavery was the norm.
    It is wage slavery, where we work, have little to no time for ourselves after the daily chores, and barely make it financially.

    Do you know the only other time in history when humanity was worked this hard? It was in the Feudal ages, when Lords and Kings owned all the land, and the population were serfs, paying absurd taxes and barely making it.

    The wealth:class distribution we're experiencing now makes a nice parallel doesn't it?

    I DO want to take care of myself and my close ones, but not by being a mindless drone/consumer to keep our monstrosity of an economy rolling.

    July 8, 2009 at 2:52 pm |
  17. Enough

    As an employer the average 18-29 year olds don't really want to work these days. 40 hours a week, 5 days in a row to have to show up on time is almost slavery in their opinions, they would rather stay at home where mommy, daddy and the government can take care of them. It's too hard to work for anything or take care of themselves. A generation created by parents coddling their little dumplings a little too much!

    July 8, 2009 at 2:26 pm |