Sunday, March 28, 2010
Income Changes
The fact that personal income fell across much of the country in 2009 comes as no surprise. With lower incomes, people obviously cannot consume at the levels they once were. Lower consumption and consumer confidence have contributed to the poor retail sales experienced by many businesses. The article does mention that in the fourth quarter, as government aid kicked in and the economy attempted to recover, personal income increased in every state. It will be interesting to see what 2010 brings.
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I'm somewhat surprised by the income changes considering most work contracts are negotiated long-term. I was surprised to learn of the number of people that have had their incomes changed because of the recession. It certainly makes sense why they have experienced it however it appears that their incomes have changed albeit maintaining their jobs.
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