Weak economy hitting fun jobs hard

We all have our favorite hobbies that we wish could also be money-making careers. Mine have always been broadcasting, writing and flying. So it hurts to see these most enjoyable of pursuits being hit by an economy that is bleeding jobs at an alarming rate.

In Broadcasting, local advertising that helps pay for the news you watch, is drying up. Traditional advertisers such as retail, auto and finance are drastically cutting back marketing budgets. So there is a lot less money to support local radio and TV newsroom budgets. Right now new jobs in journalism are non-existent. And those lucky folks with jobs are often being asked to take a big pay cut.

Writing for fun and profit may soon be just for fun. This week The Economist Group, recently named Advertising Age’s Magazine of the Year, has laid off about a dozen employees in North America. That follows huge layoffs just announced at Time, American Express Publishing, Hearst Magazines, Conde Naste, Tribune and many other newspapers and magazines.

Flying for fun and profit is hitting severe turbulence. Eclipse Aviation, the company hoping it’s newly minted very light jets (VLJ’s) would kick-start an industry providing daily air taxi service around the country, failed to meet its payroll for the first two weeks of November. The company says it needs at least $200 million in capital to continue operations, a tough nut to crack in today’s capital marketplace. Cessna and other private plane manufacturers are also making painful cutbacks.

I hate to sound so pessimistic, but we are in for a long and bumpy ride down a slippery runway before this economy can safely take off. I will continue to write and broadcast about it, but not always with a smile on my face or a laugh in my voice. And I’ll keep flying, but spend a lot more time looking for storm clouds. When I do see clear skies, you'll be the first passengers I will tell.

(Brian Banmiller is a national Business Correspondent for CBS News Radio, free lance writer and public speaker. The former television business news anchor in San Francisco can be reached at brian@banmilleronbusiness.com .)