|
And they paid more for gas. The average price per gallon nationally has risen sharply from the start of this year. On Friday, it was $3.94 per gallon. Consumers are also taking on more debt at a time when their wages have not kept pace with inflation. The outlook for the economy looked a little less rosy on Friday after the government said hiring slowed sharply in March. Employers added just 120,000 jobs last month
-- half the December-February pace. The unemployment rate fell from 8.3 percent to 8.2 percent, the lowest since January 2009. Many economists blamed seasonal factors for much of Friday's disappointing jobs report from the Labor Department. Even with the March pullback, the economy has added an average of 212,000 jobs per month from January through March. Households began borrowing less and saving more when the recession began and unemployment surged. While the expectation is that consumers are ready to resume borrowing, they are not expected to load up on debt the way they did during the housing boom of the last decade. The Federal Reserve's borrowing report covers auto loans, student loans and credit cards. It excludes mortgages, home equity loans and other loans tied to real estate.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor