01 May 2008

Its May Day - do you know where your economy is?

So this is supposed to be the day when all workers (I presume that means all the readers of this blog at least) are enjoying the fruits of their sweat and toil.

But as uncertainty clouds everything - here is a survey published today of the state of at least one country- the USA. Remember this is the country that takes the LEAST amount of holidays, i have put in bold the relevant statistic:

Price of Gas, Groceries, Home Heating and Taxes Impacting Budgets

COLUMBUS, OH – 5/1/08 – Thunderstorms remain on the radar for the U.S. economy and consumers continue to feel the pinch. According to the latest American Pulse™ Survey of 4,055 respondents, 61.7% are dining out less, 57.3% are driving less, 47.4% are attending fewer movies, 46.1% are forgoing department stores for discount retailers and 45.3% are cutting back on their vacation budget to cope with the current economic environment.

What is impacting consumer budgets the most (percent of those saying “very much”)?
• 67.9% say gas prices
• 47.2% say groceries
• 46.8% say home heating and cooling costs
• 36.1% say taxes
One way consumers appear to be coping with pressures on the family budget is by learning a new shopping skill – haggling for price. According to the survey, half of Americans (50.3%) report having negotiated for better prices on products other than a home or vehicle in light of the current economic situation. Americans say they haggle the most for better costs on tires/batteries/auto repair (38.6%), followed by appliances (37.3%) and electronics (37.2%).

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