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Worse Than We Thought

July 16th, 2008 by flanews

The price you pay for almost everything is going up. The Consumer Price Index made its largest jump in almost 20 years during the month of June. In a report released Wednesday, state economists said the economy is weaker than they expected. As Whitney Ray tells us, some people are cutting back just to eat.

Hear it Here: Worse Than We Thought

Shoe Time sells footwear and womens accessories. Elliot Monroe began working at the store in January. Since then sales have slowed.

When I first got here business was between 10,000 to 15,000 maybe even more within a weeks time. Now were making maybe 7,000 dollars a week, said Monroe.

Despite discounted prices and huge sale signs posted throughout the store customers are buying less.

Before I would buy maybe three or four pairs of shoes a month. Now I only buy one, said Shoe Time customer Sabrina Wester.

Shoes arent the only commodity people arent buying. A recent study found nine out of every 10 Americans are cutting back to meet the demands of four dollars a gallon gas and high prices

The Consumer Price Index grew by a percentage point in June. Its been 17 years since the Index rose that fast. FSU business professor Wayne Hochwarter says while prices are up, pay checks arent.

Theres no raises, so this real distance between what things cost and what folks are bringing in continues to grow, said Hochwarter.

Some people are cutting back just to eat.

Things that use to be a dollar, a dollar fifty, are now three dollars, four dollars, like sandwich meat, lunch meat, said Nicole Tune

Floridians spending less means sales tax collections will tank. The state has already slashed five billion dollars from the budget.

State economists say Floridas financial health is worse than they expected. A report released late this afternoon, claims four dollar a gallon gas and high food prices are taking a toll on the states economy.

The state budget has declined two years in a row for the first time in Floridas history. Next years tax collections could be lower still. The state hasnt released those estimates yet. Economists say things will likely get worse before they get any better.

Posted in Business, Gas Prices, Housing, State Budget, State News | 1 Comment »

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