Slowing Economy Hurting Alabamians - WSFA.com Montgomery Alabama news.

Slowing Economy Hurting Alabamians

Montgomery, AL (WSFA) -- With a credit crisis, record foreclosure rates, and a falling job market, the reality of a recession is growing.

The stock market surged about 400 points Tuesday after the Federal Reserve cut a key interest rate, but the gains have all but disappeared.

Within 24 hours the market lost 293 points..

Surging crude oil contracts have sent gas prices skyrocketing, causing problems for drivers across the state.

"I'm fixing up my bicycle," joked motorist Wayne Thorenton.  "I'm fixing about 2 or 3 bicycles up and getting ready to start riding one of those."

Pain at the pump isn't the only problem.  Food prices are on the rise.  Americans spend at least 10 percent of their yearly disposable income on groceries.

Mix that in with the drive to town for a gallon of milk--you're looking at a steep price tag.

"Most people are on a pretty tight budget as it is, and when you throw in the increased cost of fuel, it's not going down," explained Angela Fannin, a Ramer resident.

It's a different story on Dexter Avenue.  The fumbling economy will affect the state's general fund and budget--but not enough to make a major change.

"We have about 30 funds that bring in the revenue for the general fund, and always we have some that are up and some that are down, and they kind of offset each other," explained Jim Main, Alabama's Finance Director.

With an economy in a slowdown, Alabamians stand ready.

"I think it'll get worse, but I really hope it'll get turned back around, just for everybody's interests," admitted Luci Mitchell of Montgomery.

 

Reporter:  Cody Holyoke

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