Street-Level View of the Economy, By Gerry the Tailor

Gerry is not actually my tailor, but a guy I buy suits from at the local high-end men's store. Needless to say, I have not been a recent customer, but there he was, walking down the street and we called to each other by name. I told him why I hadn't been in since last crazy Fall and asked him how his business was doing. So here you go, from the ground floor.

Gerry said their business tanked in the Fall of '08 and the 3-store men's chain laid off 60 people in January - a massive number. Everyone took 20% cuts and they braved it through the winter and thus far 2009 with a target through September that was 30% lower than originally planned. But they made it, he said, finishing at down 24%. He beamed. Their 20% pay cuts were being restored next week.

Nice. Maybe I'll even visit him again in a few months.