Encouraging Economic Trends – March 2010
Media executives planning to hire for the recovery are looking at these recent emerging trends:
- A very low rate of unemployment among affluent wage earners. The Wall Street Journal reported in early February a 3% unemployment rate for individuals earning more than $150,000 a year.
- Affluent shoppers have regained confidence and are spending again. A leading luxury market survey in January noted a 40% increase in spending by wealthy Americans over the last two quarters. Less affluent shoppers are joining the trend as February overall retail gains were the highest since November 2007.
- “Rebounding corporate profits” are fueling the National Association for Business Economics 2010 forecast for companies to start hiring and consumers to start spending.
The media industry also sees a more stable environment where advertising expenditures will start to recover:
- Seventy percent of executive respondents to an AdMedia Partners survey released on March 2 believe the economy will strengthen in 2010.
- The same survey projected overall advertising spending will rise 3% this year.
- Along with the continuing expansion of digital media, promising growth areas include cable TV and local media, says a BIA/Kelsey forecast in Media Daily News.
Sklar & Associates sees these positive trends firsthand as our candidates are not only receiving offers but are often entertaining multiple or counter offers. We are committed to helping media companies leverage this crucial first stage of recovery with candidates who recognize which trends make a difference.