Wall Street Woes Trickling Down To Main Street
MIAMI (CBS4) – The closing bell may have reverberated throughout Wall Street and among financial analysts, but not so much among many Americans on the street.
Including those still out shopping in Miami-Dade County.
“I’m not worried!” said shopper Jennifer Louis.
After all the drop in the Dow only means the drop in the price of all but one of 30 companies that make up the Industrial Average.
A drop that analysts blame on concerns about the shaky economies of Italy and Spain as well as fears here in the US about a slow-down in future purchases from companies that make up the Dow, companies like automaker General Motors and retailers Target, The Gap and Macy’s.
Part of that uncertainty revolves around the job market. New, expected poor, employment numbers are due out Friday.
Michael Bowmen knows all about that,he’s been out of work a year and a half and is now begging on the corner of a busy Miami intersection.
“I’m worried soon others will be in the same spot as me,” said Bowman.
CBS4’s Stephen Stock reports that one company that makes up the Dow did see a rise in its stock price, Kraft Foods, maker of these fine products actually saw its price go up.
After all, economists say everyone’s got to eat.
But not even that appears to be secure right now.
Stock spoke to some shoppers worried about the price of basic essentials.
“I’m worried about commodity prices going up and that will mean my groceries bill will go up,” said Juan Deabreu.