Word: baumohl
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...Bernard Baumohl...
...TIME senior economics reporter Bernard Baumohl tells us that statistically - going back 40 years - there?s no immediate causal link between a reported spike in the unemployment number and decreased consumer spending. Scary news affects consumer confidence and often that shows up in their spending habits. But not for a few months down the line; for September, anyway, the people with jobs are likely spend, and the bottom line is still that more than 95 percent of the work force that wants a job still has one. (Even if maybe the new one pays a little less...
...TIME.com Q&A, TIME senior economics reporter Bernie Baumohl takes us through the implications...
...Bernie Baumohl: Thank God the consumer is there to save the economy. It's absolutely amazing that they continue to be so resilient. Retail sales growth is slowing down, but the fact that automobile purchases are so strong indicates that consumers have no real concerns about their future job security...
...Bernard Baumohl...