Are you curious about the economic impacts of high gas prices? Here are three impacts that you may or may not have considered.
- Discretionary Spending Decreases. Spending more on gas means we have less to spend on everything else, leading to downstream impacts for industries like entertainment or retail.
- Hiring Will Be Put on Hold in Some Sectors. Companies that provide transportation or logistics services may freeze hiring due to the rising cost of doing business.
- Job Choice is Limited. The high price of gas can price workers out of certain commutes, leading to reduced income and further cuts to discretionary spending.
In times like this, it is important to think long-term. Prices will come down again, but it may be a while.
Business Spotlight: Michael Maloney of Brand Force 5