Finally, Silver Linings
I don't know how things look outside where you are, but in the past 24 hours, I've seen more
sunshine and blue sky than I can remember seeing in six months. Instead of snow plows, shovels, and
dump trucks, I can hear birds out my window. And, with a little luck of the Irish on us all today,
maybe things are looking up. I'd say it's about time. In that spirit, let's look at the bright side
of today's business and consumer news.
It pained us to do it, but here at Money Matters we reported rising gas prices for 20 straight days. Just when the streak seemed like it might not end, prices took a turn this week. Today's the third day in a row that AAA has reported a decrease in the average national price for a gallon of regular gasoline. Now, the price declines haven't been steep (we're talking pennies), and experts expect that prices will creep back up this summer...But, for now, let's try and enjoy the headlines about retreating gas prices while they last.
Like drivers, there hasn't been much good news for shoppers lately. Even today, we got word the consumer price index ticked upward again. Thanks to commodity prices, things are getting more expensive at the grocery store and at department stores. I wish I could tell you your food bill is going to lighten up. Your best bet may be your farmer's market. The good news is that the season for farm stands isn't far off in most parts of the country. And, keep in mind, policymakers at the Federal Reserve have indicated they're confident their quantitative easing strategy will keep a lid on inflation.
Technology could provide new avenues for saving in the coming months. The word from techies at SXSW was that the major geo-social app developers are getting ready to launch promotional offers to users to incentivize them to "check-in" at certain merchants. That would open up a whole new arena of couponing for savvy smartphone owners, who'll be able to unlock ways to save just by posting virtual check-ins on apps like Foursquare and Loopt.
Groupon users may have seen half-price movie tickets in their inbox for the first time this week. The coupon giant struck a deal with Lions Gate Entertainment to promote its new movie, "The Lincoln Lawyer," by issuing as many as one million half-off coupons for tickets to see the film. Reports say Groupon has been negotiating similar deals with other studios as Hollywood looks for new ways to market films. Whatever the reason, a night out just got cheaper.
The market appears to be improving for jobseekers, according to the latest data from the Bureau of Labor Statistics. The weekly jobless claims report issued this morning was SLIGHTLY better than expected. It showed initial unemployment claims were down 16,000 to 385,000. That's the lowest since May of 2008. The number of people filing weekly for ongoing unemployment claims was less than expected as well. That count reached its lowest level since September of 2008. Those figures sent stocks soaring after this morning's opening bell.
To recap: We've got a robust start to the trading day, a positive outlook on the job front, some relief at the pump, and even a few bright spots on the horizon for cash-strapped consumers. (You may have noticed I'm skipping right past the housing market. Let's keep it positive, people!) After a long, cold winter, optimism seems to be the order of the day. It's true even in places where the challenges are most formidable. Just yesterday, Forbes publisher Richard Karlgaard issued a rallying cry to a regional economic development group in New Orleans. His message: Carpe diem. He told business leaders they have a five-year window of opportunity, the kind that comes along only once a century, to turn their city's fortunes around. Karlgaard told the crowd, that with Hurricane Katrina, the Gulf oil spill, and the recession now in the rearview mirror, the city has the chance to reinvent itself. What a refreshing message that must've been for folks there who've faced more than their fair share of setbacks! And, it doesn't hurt for the rest of us to dwell on it for a moment ourselves.
