An on again, off again recovery remains allusive, as higher unemployment and a bleaker outlook sent consumer confidence sliding this month. eWedNews sources continue to warn that times are tough and are bound to get tougher, until a sustained string of improvements are in the rear view mirror.
Three straight months of improvement and even a moderately better holiday shopping season gave way to a lower Consumer Confidence Index this month. The index dropped to 46, its lowest level since April, from 56.5 in January. At the heart of the trouble remain the concerns over job losses that moved slightly downward in the last report but were shelled in discussions among analysts.
“Unemployment insurance is starting to run out and people are forced to take lower paying jobs to try and make ends meet,” said sources last month. Other sources have been quoted as saying, “It wasn't that long ago, companies were outbidding each other for workers, offering stock options, bonuses, even cars to entice and keep top talent It wasn't a question of whether you could find a job, it was a question of choosing the best offer.”
“It’s a double-edged sword; as businesses leverage technology and find better efficiencies from fewer workers, job creation will continue to diminish or at the very least, grow at a very slow pace. That will do little to improve the current situation,” said online discussion yesterday.
The impact is being felt by vendors and wedding service providers that were reporting 20-30% revenue decreases for over a year. The numbers are now felt to be rising, as reports of over 50% price cutting to consumers are being heard. eWedNews sources say even though they’re lowering costs and passing the savings to consumers, volume is not increasing. “We lower prices, we raise our service value and still are finding it difficult,” it’s being said.
eWedNews is working on several stories and gathering additional facts from varied sources to show the direct correlation between the economy, finances and how they affect weddings and divorces. The news is disproportionate and sometimes contrary to recent result findings from major leading indicating companies, including the Knot.
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2010
Posted on 02/24/2010
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