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Opening Arguments

Happy holidays -- go spend now

Hey, big spender, gonna be patriotic and give the country an economic boost with a nice, big Christmas?

The holiday shopping season is almost here, and for some it's already begun. Will you spend more this year than last? Economists are optimistic about the State's financial outlook.

One reason for hope, unemployment in Indiana is down from this time last year. In September, it was 8.5%. down nearly a percentage point from 2010. Simply put: more people are working, so more people have money.

Some organizations like the National Retail Federation predict that will translate into holiday sales, about 2.8% more than last year. As the IU Kelley School of Business lays out it's economic forecast for 2011 today, it sees housing and credit problems still plaguing Americans, but recovery, economic experts say is slowly happening. And if that prediction for holiday sales up 2.8 percent is correct, it would be slightly higher than the 10 year average.

Coincidentially, the editorial page's weekly poll this week asks how much people plan to spend this holiday season. So far, 40 percent say they'll spend about the same, and 53 percent plan to spend less. Only 6 percent say they'll spend more this year. Either this area has more penny-pinchers and worriers than the rest of the state, or those peddling the optimistic outlook are wrong. (Go here if you want to participate in the poll).

Posted in: Hoosier lore

Comments

Andrew J.
Thu, 11/03/2011 - 9:13am

I believe it's the former; lots of penny pinchers and double couponers and "I haven't seen an all-u-can-eat buffet I didn't like" customers in that part of the Midwest.
AJ

Tim Zank
Thu, 11/03/2011 - 10:45am

Andrew, looks like you have quite a selection of "all u can eat" places in Fort Myers:

Pot/Kettle?

Andrew J.
Thu, 11/03/2011 - 2:24pm

All u can eat are for all our Midwestern snowbirds.
And we don't have grocery double coupons!
AJ

Tim Zank
Thu, 11/03/2011 - 9:48pm

I have a hunch AJ, that your fellow locals in Ft Myers are every bit as "stingy" as the "penny pinchers" in Ft Wayne. If not, they certainly should be:

Fort Myers unemployment rate 11.2%
Fort Wayne unemployment rate 8.1%

Fort Myers median income $33,266
Fort Wayne median income $41,038

Those stats, coupled with the world famous foreclosure rate you have in Fort Myers sort of makes your "looking down your nose" at us midwest "coupon clippers" pretty frickin' ironic now doesn't it?

Nothing wrong with being a snob really, just helps if your more aware your surroundings.

Bob G.
Fri, 11/04/2011 - 9:50am

Tim:
...You RAPSCALLION, you...

;)

Tim Zank
Fri, 11/04/2011 - 10:26am

Bobby, ha! That's the nicest thing i've been called on this blog in years!!

Harl Delos
Sat, 11/05/2011 - 8:02am

Seems to me they have that same poll every year, and every year people vow to spend less -but they always end up spending more than they planned.

It's as much a holiday tradition as a New Year's Day resolution to lose weight!

Andrew J.
Thu, 11/10/2011 - 2:17pm

It's coming your way; from Thursday's Miami Herald:

In some states, the number of homeowners put on notice by banks for missing payments far exceeded the national average for October.

Florida posted a 28 percent jump in October from September in homes receiving an initial default notice. Pennsylvania saw a 50 percent increase and Indiana registered a 61 percent gain, according to RealtyTrac.

Read more: http://www.miamiherald.com/2011/11/10/2495033/us-foreclosure-activity-hit-7.html#ixzz1dKMgVbdi

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