“Weak” Economy - What Does This Mean for Your Business, Boomers?

06 07 2008

“Weak” Economy - What Does This Mean for Your Business, Boomers?

Posted by: in Your Business

Well, I didn’t want to rain on the parade yesterday, but it looks like no good news in sight for the US economy. Bloomberg reported on Thursday that, for June:

Jobs were cut
Payrolls fell
Unemployment remained at 5.5 percent (too high)
Home prices continue to fall
Gas prices continue to rise (causing people to adjust their 4th of July travel plans)
And Starbucks will close 600 U.S. locations. I consider Starbucks kind of a bellwether- if they are slicing back, that means people are drinking less pricey coffee, which means discretionary spending is being cut back. People are doing a lot of belt-tightening.

Is this a recession? What does this mean for your business? What are you doing differently?

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