PBJ's Third Annual "WOMEN IN BUSINESS" deadline is AUGUST 1
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July Feature
From Panic To Confidence
By John Shortino
Many business owners are keeping their fingers crossed that the recently passed American Recovery and Reinvestment Act (ARRA) will soon bring the recession to an end. The downswing has put more than a crimp in business with consumer confidence in the gutter. With job prospects unstable and credit largely unavailable, potential buyers are not spending the money they have, furthering the recession. In the Poconos, the tightening economy has led to slowdowns in many business sectors, from automotive sales to homebuilding to general retail, and many business owners are asking the same question: will the economic recovery really help our area?
According to a recent PNC Survey on the Economic Stimulus Plan, business owners are wary of the future, even with this plan in place: while 54% believe that the stimulus will help their business, 46% do not foresee it having any benefit. Instead, many are focusing on survival in anticipation that the recession will eventually come to an end. While the mentality of simple survival might not be positive, many are left wondering what other choice they have. One gain in recent months has been in the Consumer Confidence index: this monthly report measures consumers’ assessment of current and future economic conditions, and has been on the rise for the past three months. As of May 26, the index was at its highest level since September 2008. For consumers and business owners alike, this rise could mean a return to normal spending.
In the Pocono region, one of the largest casualties of the recession has been in vehicle sales: in May, Chrysler cut two area dealerships, Jeep in East Stroudsburg and Dodge in Brodheadsville. As the GM-Fiat joint venture moves forward, Pocono car dealers can only hope that no more dealer cuts will occur in the area. One of the auto merchants affected by these cuts, Halterman’s in East Stroudsburg, will continue providing warranty service for Jeep vehicles. Since auto repairs are a segment of the economy that have remained strong in spite of the recession, the fact that dealerships can continue to provide these services is something of a relief to the businesses.
For the full story, see the July edition now available at distribution points
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Now in July 2009
Available by subscription or call (570) 421-0100
PBJ's Economic Report: Wages and Commuter Stats issue
Getting From Panic To Confidence: Getting consumers to spend again
Lilly Ledbetter: Is the gender wage gap narrowing?
Roads Less Traveled: The story of the Pocono non-commuter
Compensation Creativity: Holding onto talented producers when you can’t give a raise
Professional Profile: Auto sales react to economy, jumpy gas prices
Coming
Next Month...August 2009:
PBJ's Non-Profits/Business With A Social Conscience issue
United Way, Gateway to Community Support: Business reaches out to the non-profit world
Watching the Watchers: How does a Board of Directors function?
PA Tourism Facing Devastating Cutbacks: The implications of S.B. 850
Thrift Sector Sees Upswing: Shift in consumer spending affects traditional retail market
Professional Profile: Girl Scouts blend cookies and profits
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