By Maxine Shapiro, KERA 90.1 business commentator
Dallas, TX – It's Friday so "It's Only Money," a review of the big and not-so-big stories of the week. I'm Maxine Shapiro with KERA Marketplace Midday.
It's been an uneasy week in the markets. We know we're in a recovery, but whether it's slow or fast depends on our personal perspectives. While there was a rise in unemployment claims for the week, economists still think the labor market is stabilizing (not if you're not working and you want to be). SBC Communications announced more layoffs in their efforts to cut cost and raise revenue. San Antonio-based SBC has already cut 28-thousand jobs from about a year ago.
But the University of Michigan's consumer sentiment index showed an increase in confidence for the month. Retail sales fell as consumers choose to keep their old cars for a little longer. And wholesale prices rose more than expected. So can the growth and confidence we've recently experienced be sustained? If we wanted to, we could worry. See, the third quarter was the fastest growing in 19 years. But some economists, whose job it is to be concerned - are concerned. Now that the money from our tax cuts has been spent and mortgage refinancing could get hit if and when interests rise, will our fragile recovery crack?
I pretty much think the only thing we, the non-economists, care about are whether or not we can support our family. I talk to a lot of people who tell me they still have a fear of being let go at work.
We hear corporate technology spending is increasing. What we need to hear is more corporate spending across the board is rising. Hiring, not firing.
Some of you obviously could care less about this whining. A brand-spanking-new Lamborghini dealership opened its doors yesterday in Dallas. This new dealership will be a total reflection of its new imagine. It's only one of two stand-alone stores in the country. If interested, its new model is going for $165,000. For KERA Marketplace Midday, I'm Maxine Shapiro.
Marketplace Midday Reports air on KERA 90.1 Monday - Friday at 1:04 p.m.
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