WASHINGTON AP - Ninety percent of the work force has a job, the same as a year ago. But last year, people were still worried about getting laid off. Today, they aren't.The result is a renewed confidence that's boosted retail sales - just what's needed to spark what economists call a "virtuous cycle": Higher consumer spending raises company profits, which spurs hiring, which fuels more spending and growth.
January 10, 2011 at 12:00 AM
1 minute read
WASHINGTON AP – Ninety percent of the work force has a job, the same as a year ago. But last year, people were still worried about getting laid off. Today, they aren’t.
The result is a renewed confidence that’s boosted retail sales – just what’s needed to spark what economists call a “virtuous cycle”: Higher consumer spending raises company profits, which spurs hiring, which fuels more spending and growth.
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