Economy takes toll on Fayetteville big businesses
Jessica Powviriya
Issue date: 11/24/08 Section: News
The depreciating home prices are a double whammy, Deck said.
People tend to use home equity for money, affecting retailers and, in turn, affecting jobs.
In August 2008, the U.S. Building Permits were 857,000 compared with 1,343,000 just a year earlier.
For Arkansas, 682 permits were recorded in August 2008, compared with 1,012 permits the year before, according to the U.S. Census Bureau.
Although there is no one factor to see how the economy is faring, employment is a significant foundation of the economy.
The unemployment rate for the country is at 6.0 while Arkansas is at a 4.6 unemployment rate, according to the U.S. Commerce Department.
Jobs are the key to everything, Deck said.
963,400 people are employed in Arkansas as of July 2008, according to the Bureau of Labor Statistics. This is a continued growth of the workforce in Arkansas.
Students at the UA are concerned about different parts of the economy than unemployment.
"In general, we have no idea how poor we are," Katharine Tully, a senior pre-med and art major, said. "They have created endless lines of credit and people think they have all this money until the bills come."
Keeping the money students already have has also been an issue.
"You can see the difference [of the economy] in the news and especially in the grocery store," Carla Hugg, a junior journalism major, said. "Everyone stresses to save, save, save."
"I'm not really worried, but then again, I know I should be worried," Cassandra Ellington, a senior marketing major, said. "The economy will affect my financial aid for graduate school and my career choices after that."
"Employment is why people spend money," Deck said.
People tend to hunker down and wait for a rainy day when their jobs are not secure, she said.
People tend to use home equity for money, affecting retailers and, in turn, affecting jobs.
In August 2008, the U.S. Building Permits were 857,000 compared with 1,343,000 just a year earlier.
For Arkansas, 682 permits were recorded in August 2008, compared with 1,012 permits the year before, according to the U.S. Census Bureau.
Although there is no one factor to see how the economy is faring, employment is a significant foundation of the economy.
The unemployment rate for the country is at 6.0 while Arkansas is at a 4.6 unemployment rate, according to the U.S. Commerce Department.
Jobs are the key to everything, Deck said.
963,400 people are employed in Arkansas as of July 2008, according to the Bureau of Labor Statistics. This is a continued growth of the workforce in Arkansas.
Students at the UA are concerned about different parts of the economy than unemployment.
"In general, we have no idea how poor we are," Katharine Tully, a senior pre-med and art major, said. "They have created endless lines of credit and people think they have all this money until the bills come."
Keeping the money students already have has also been an issue.
"You can see the difference [of the economy] in the news and especially in the grocery store," Carla Hugg, a junior journalism major, said. "Everyone stresses to save, save, save."
"I'm not really worried, but then again, I know I should be worried," Cassandra Ellington, a senior marketing major, said. "The economy will affect my financial aid for graduate school and my career choices after that."
"Employment is why people spend money," Deck said.
People tend to hunker down and wait for a rainy day when their jobs are not secure, she said.
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Business Opportunities
posted 11/29/08 @ 1:57 AM CST
Part of life is the economy going up and down. Some lose money when the economy is doing great. Some do very well when the economy is doing bad. It is mostly up to you. (Continued…)
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