Is this time worse than before

[stantheman]

Hi,
long time lurker, first time poster.
I started contracting a couple of years ago and I am now looking for my next contract. The market seems very slow and quiet but " I am sure something will turn up".

As I haven't been contracting that long, I was wondering how the current market compares with the other major upheavals over the last few years, namely September 11th, Dot com bust etc. What happened to the markets then, how long did it take to recover ?

[cykophysh39]

I think Feb/March will be the telling time.
I have managed every year to find work Nov/Dec, but I wouldn't hold much hope this year, that's why I am staying where I am. They rates seemed to have plumetted, telling a story of Supply/Demand, too much Supply no demand.

[thunderlizard]

Don't worry about that sort of thing Stan. Success or failure in contracting is 90% down to how good you are, and 10% down to "the market".

[Turion]

Don't worry about that sort of thing Stan. Success or failure in contracting is 90% down to how good you are, and 10% down to "the market".

That's bull. The economy defines our success. Obviously being good helps, but if there are no projects even a good contractor will be benched in bad times.

Stan, hope you've got a decent rainy day fund.

[swamp]

2001-2003 was dire.

Don't think this is nearly as bad:

http://jobstats.co.uk/

[PAH]

You can tell when it's bad, the agents list the rate in the job ads. Notice how they're all crap. Trying to get us all thinking it's really bad and we should take what we can.

Normally, they just say 'market rate' or something vague most of the time, so they can try to negotiate you down when you pile in asking for top dollar.

[swamp]

At least with this recession everyone is in it together.

Last time round, in 2001-2003, it was only really IT bods who were suffering and moaning. No one cared about us (IT bods), and they still don't care, but this time round the others are going to lose their jobs/contracts too and there will be suffering and moaning across the social spectrum.

[rootsnall]

That's bull. The economy defines our success. Obviously being good helps, but if there are no projects even a good contractor will be benched in bad times.

Stan, hope you've got a decent rainy day fund.

WHS with bells on.

I know a few prime examples of contractors who thought they were above 'the market' but found out otherwise.

The dotcom crash slump was very short so some people in long contracts didn't experience it. Some naive clients also kept paying above the odds as their particular industry wasn't struggling but this time round I suspect it will be difficult to avoid it.

[neilmcl]

At least with this recession everyone is in it together.

Last time round, in 2001-2003, it was only really IT bods who were suffering and moaning. No one cared about us (IT bods), and they still don't care, but this time round the others are going to lose their jobs/contracts too and there will be suffering and moaning across the social spectrum.

Except that wasn't a recession, the last proper recession was in the early nineties, even worse than todays, and I had no problems finding my first contract at its height back then.

[rootsnall]

Except that wasn't a recession, the last proper recession was in the early nineties, even worse than todays, and I had no problems finding my first contract at its height back then.

IT contracting was tiny back then, not many contracts but even less contractors so easy to get the job when one came along.

I think the dotcom crash was a taster for what will and is starting to happen already this time. When a contract comes long there will be dozens of people after it and agencies bidding the rates down very quickly.

Also the recession hasn't even officially started yet !

On the plus side clients are much more reliant on IT so can only cut back so far and also I think the pool of contractors will decrease quickly as overseas people go home and other people give it up.