According to a March 17th report by the bureau of labor statistics, over the last 12 months from March 2010 to March 2011, the prices of all goods and services, know as the all items index, increased just 2.1 %, showing inflation outpacing wage increases. Energy costs was the largest contributor to the increase, the other major components, food, shelter, new vehicles, medical care, tuition, and airline fares increasing, also contributing to inflation outpacing wage increases.
The median U.S. inflation adjusted household income — wages and investement income — fell to $49,777 in 2009, the most recent year figures are available, according to the census bureau. Incomes probably dipped last year to $49,650, estimates Lynn Reaser, Chief Economist at Point Loma Nazarene University in San Diego, and a board member of the National Association for business economics. That would be a .3% decrease since 2009. Ms. Reaser estimates incomes will decrease this year as well.
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One of a number of reasons is that during periods of high unemployment, employees do not have nearly the bargaining power they do in periods of low unemployment. Another reason is that with interest rates at or near historical lows in the past decade, interest earnings on savings accounts, money market accounts, and certificate of deposits are very low. Some of the most affected are senior citizens, who have not had a cost of living adjustment in the past two years.
Small Business Loan Resources:
U.S. Department of Commerce – Helps american businesses become more innovative at home and competitive abroad.
U.S. Bureau of Economic Analysis – Provides statistics on consumer spending, corporate profits, travel and tourism and much more.
Entrepreneurworld – Resource for Entrepreneurs, including starting your own business, growing your business.
Bureau of Labor Statistics – Provides companies with up to date information on employment, demand, hiring, productivity and other information that may be useful to companies.
International Trade Administration – Creates jobs and economic growth by promotingU.S. companies abroad to governments in other countries.
More Small Business Loan resources:
Department of Labor – Provides information on many labor issues that can be useful to companies, such as insurance, regulation, wages, wage hours, compensation, safety and health
U.S. Patent and Trademark Office –U.S. office to file patents to protect a companies new or existing proprietary products.
U.S. Trade and Development Agency – Promotes U.S. Exports to Foreign Countries, please review if your company is interested in exporting goods to foreign countries.
CEO Refresher – A monthly newsletter on creative leadership ideas. Short articles, brief book reviews, models, management tools, quotations and commentary.
E-Network for CEOs – Online articles and much more for CEO’s
Public Radio Planet Money – All issues money related to the public.
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