As the stalemate continues, 19.1% of college graduates under the age of 25 are in lower-paying jobs for which they are overqualified, while the overall youth unemployment rate in this country is 16.4%.
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New York, NY (PRWEB) July 10, 2012
While many believe consumer spending will resume in 2012 preventing the U.S. economy from entering a recession, Michael Lombardi, lead contributor to Profit Confidential, thinks that it’s far more likely consumer spending will continue to decline.
In the article “Consumer Spending Broken,” Lombardi says that there are at least 15 job bills that have not been passed or that are still stalled, as the jobs market continues to deteriorate, and the U.S. Senate and Congress are split between democrats and republicans.
“This stalemate is unlikely to resolve with the upcoming election so close,” says Lombardi. “As the stalemate continues, 19.1% of college graduates under the age of 25 are in lower-paying jobs for which they are overqualified, while the overall youth unemployment rate in this country is 16.4%.”
Lombardi believes that the extraordinary length of time that the jobs market has experienced such sluggish growth means that more and more people have been forced to dip into their savings to survive, delaying life-changing decisions like getting married or having children.
“This has long-ranging effects on consumer spending and highlights how irresponsible it is not to introduce job bills that are necessary to help the jobs market get back on its feet,” says Lombardi.
Lombardi thinks that in light of all of these headwinds in the jobs market, it is odd that there are still those noting strong consumer spending.
Profit Confidential, which has been published for over a decade now, has been widely recognized as predicting five major economic events over the past 10 years. In 2002, Profit Confidential started advising its readers to buy gold-related investments when gold traded under $300 an ounce. In 2006, it “begged” its readers to get out of the housing market... before it plunged.
Profit Confidential was among the first (back in late 2006) to predict that the U.S. economy would be in a recession by late 2007. The daily e-letter correctly predicted the crash in the stock market of 2008 and early 2009. And Profit Confidential turned bullish on stocks in March of 2009 and rode the bear market rally from a Dow Jones Industrial Average of 6,440 on March 9, 2009, to 12,876 on May 2, 2011, a gain of 99%.
To see the full article and to learn more about Profit Confidential, visit http://www.profitconfidential.com.
Profit Confidential is Lombardi Publishing Corporation’s free daily investment e-letter. Written by financial gurus with over 100 years of combined investing experience, Profit Confidential analyzes and comments on the actions of the stock market, precious metals, interest rates, real estate, and the economy. Lombardi Publishing Corporation, founded in 1986, now with over one million customers in 141 countries, is one of the largest consumer information publishers in the world. For more on Lombardi, and to get the popular Profit Confidential e-letter sent to you daily, visit http://www.profitconfidential.com.
Michael Lombardi, MBA, the lead Profit Confidential editorial contributor, has just released his most recent update of Critical Warning Number Six, a breakthrough video with Lombardi’s current predictions for the U.S. economy, stock market, U.S. dollar, euro, interest rates and inflation. To see the video, visit http://www.profitconfidential.com/critical-warning-number-six.