The job market has taken many hits recently. Economic hard times have forced many workers to seek unemployment compensation while they continue seeking jobs elsewhere. Fortunately there have been recent advancements spurring on the job market and creating employment for those in need. With this increase in employment it might be expected that consumer spending would also raise comparatively, however, this has not been exactly the case. In January there was only a .2 percent rise in consumer spending as opposed to December in which there was no rise at all. Consumers are being faced with inflation such as the increasing gas prices. While many may be experiencing an income, they are still dealing with a number of factors decreasing the actual amount of money they have at the end of the day that could be used towards spending. Since consumer spending maker up such a large portion of economic activity, it is closely watched and analyzed by economists who determine what trends and factors influence it.
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The weekly rate of application submitted for unemployment benefits has recently gone down to around 351,000 as well as the four-week average which went down to 354,00; the lowest they have both been over the past four years. Economists continue speculating on what the future of the job market will be. They estimate that about 200,000 net jobs were added by employers for the month of February. While the economy has been gaining some increases, the high inflation rates as well as taxes left many workers with a significantly lower income. In the month of January income went down, due in part to the payment of taxes. The months of December and January saw a good amount of job hires by employers who may have been looking to avoid pay raises.
Many areas of spending have either leveled off or gone down in their productivity such as commercial building projects which took a big hit. Many factories have seen a decrease in the amount of orders they are receiving, as stated by the Institute for Supply Management's monthly index. The index had a fall recently after increasing during the past three months. While it dropped down to 52.4, it is still above the standard that demonstrates growth. This is not to say that all areas have only experienced a deficit when it comes to the spending from consumers.
The sale of automobiles continues to be on the rise, with this past month being no exception. The area of fuel efficient cars has seen an increase, with many consumers turning to products that are both better for the economy as well as needing less gas, a great consolation when considering the current prices of fuel. Many big name retailers also noted that the past month gained them favorable sales, including Gap Inc. who has been facing challenging times recently. Economists continue to assess where the future of the economy will be, believing that in this coming year it will rise to 2.5 percent. Determinations of where the economy will be in the future are in no way full proof. It is important for each individual to assess their financial standing and develop a strong financial plan for the future as well as considering options such as bankruptcy that may aid them if they have incurred substantial debt.
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