Despite the growth the economy has seen lately, as evidenced by the unemployment rate falling to 8.9% (lowest since April 2009), the increasing tension in Libya has sent gas prices up by 35 cents per gallon.
Prices are expected to continue rising, too, if problems in the Middle East and North Africa continue. In fact, this will have a significant impact on stock market investing, as well as the consumer market as a whole.
However, that doesn’t mean that there still aren’t plenty of new products to watch out for in the coming months, such as Apple’s iPad 2.
Oil Prices Rising
The oil price per barrel is now at $104.64, which is one of the highest levels it has been at since Sept. 29, 2008. Analysts expect the economy to maintain its current path of improvement if the oil price per barrel is able to stay at or under $120.
However, if prices rise to $150 per barrel or more, another recession may be on our hands. This would have drastic effects on our nation’s recovery, creating new claims for unemployment and increasing the record low unemployment rate.
Furthermore, new commuters emerging as a result of additional jobs created by the U.S. Department of Labor will face the added strain of paying for gasoline to drive to and from work. If oil prices continue to rise, commuters will likely have to use other methods of transportation, such as busses or trains.
Stock Market Falling
Stock market investing is further overshadowing the growth that the economy has seen lately, with the Dow average going down 323 points last week when tensions in Libya were at their worst. This is creating problems for the bull market, since investor confidence in what was a presumably stable economy is being shaken.
Apple iPad 2
Despite rising oil prices and a falling stock market, consumers still have many new and innovative products available to help make their lives easier.
One of these products is the Apple iPad 2, bringing a lighter and more comfortable version with that classic Apple styling. The lighter frame makes it easier to carry the tablet in your hands or bag, which addresses a common complaint about the original iPad.
This tablet also brings higher graphics resolution, creating a new platform for game and app developers to unveil their ideas. Not to mention that this little bundle offers all these features with 10 hours of battery life. The iPad 2 redesign brings features that make it a top choice for a tablet, at an affordable price for today’s cost-conscious consumer.
The iPad 2 release date will be on March 11, 2011, when consumers will have the chance to get their hands on this revolutionary piece of technology for just $499.
What This All Means for You
Even though oil prices are on the rise and the stock market may be taking a downturn, there’s no shortage of innovative technological products to encourage spending and help boost the economy. Be sure to carefully budget for an increase in fuel costs while leaving room for savings and a little fun, too.
