So 500+ point Dow slide yesterday leads to… my yarn store lady having a really slow day today. She’s the proprietress of Seaport Yarn, at 81 Broadway, lunch-hour-distance from the Stock Exchange, and her main customers are, I take it, Wall Street career-women who secretly want to move to Vermont. I went in there at c. 2:30 and she had half of her lights turned off because a) no one was there, and b) electric is ‘spensive and c) ceiling lights just make things hotter, which we need like a hole in the head.
So anyway, she turned on her lights for me, and said that all her ladies were super-jumpy. “They’ve survived three rounds of layoffs, but they don’t know, this time,” she said, and if you don’t know if you’re going to be out of work, you don’t spend $30 per skein on a nice merino-silk blend. Or even $10 on Lamb’s Pride. (She says she’s switched to Aussi Wool because it’s $7.50 for the same 200 yards. She’s irritated with Lamb’s Pride, says there’s no reason for them to keep jacking up their prices, because they use wool from their own sheep, and make the retailers pay shipping, so there shouldn’t be a huge fuel cost increase on either end.) (Although that begs the question of what the sheep eat.) (And I note, as well, that they have within the last two years started reusing 70-90% of their waste water, which presumably adds to their operating costs a bit in the short run. And makes me actually want to pay the extra $2.50/skein for Lamb’s Pride.)
So she’s put off ordering her winter stock, which was a decision she made several weeks ago, even before yesterday’s skid. Presumably all the Wall Street knitting ladies have Trader Antennae which gave them signals that led them to avoid yarn purchases this summer, even before the market registered those same signals with the “correction” of yesterday.
Which leads me to wonder whether Seaport Yarn’s orders of bulky merino might in fact be a really excellent advance indicator of upcoming global financial turmoil…
NB Putting a call out for a really good pattern for a hood. Something that looks vaguely Narnian, ideally. Maybe, like, a hooded scarf.