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All Press Releases for October 30, 2013 »
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Red Ten NYC Express Concern for US Economy Following Government Shutdown

Red Ten NYC expresses concern over a recent survey which demonstrates that the American public has lost confidence in the state of the economy.
 
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    NEW YORK, NY, October 30, 2013 /24-7PressRelease/ -- The poll, which was conducted by CNN and ORC, shows that the number of Americans who say the economy is in good shape has dropped to the lowest level of the year. This figure is just 29%, representing a drop of 4% since late September. Following the government shutdown, 71% of Americans polled believed current economic conditions to be 'poor', while almost 60% of respondents predicted that the situation a year from now would be no better. 40% predicted that the economy would be in a good state a year from now, a drop of 10% since June this year and the lowest level of optimism since October 2011. "It's concerning to hear that the American public is pessimistic about the state of the economy," said a source from Red Ten NYC. "The concern is that this could lead to a drop in spending, which will have an impact on longer-term economic growth."

About Red Ten NYC: http://www.redtennyc.com/

The government shutdown started on October 1st and lasted until October 16th, making this the third-longest shutdown in US history. Standard & Poor's economic analysis estimates that the shutdown cost the US economy in the region of $24 billion. This will have the effect of slowing growth in the fourth quarter of this year; this was predicted to be 3% before the shutdown but has now been revised to 2.4%. The National Retail Federation estimates that Halloween spending will drop by $1 billion this year due to consumer caution brought on by the shutdown.

Red Ten NYC is an outsourced marketing and sales company based in New York City. The firm provides cost-effective, results-focused customer acquisitions for clients in the telecoms, energy and charity sectors. The firm is most concerned about the impact that the shutdown may have on small businesses. Initial surveys are not looking positive, with small business social network Mantra reporting that 62% of small business owners surveyed believed that the shutdown will have a negative impact on the economy, and just under half agreed that their business will be negatively affected. "One particular problem is that the Small Business Administration (SBA) went into shutdown with the rest of the government, causing a backlog of business loan applications. This means it will take longer to get a business loan approved, which is not an ideal situation for start-up entrepreneurs," said Tommy Smith from Red Ten NYC.

Red Ten NYC does not expect to be severely affected by the shutdown. "We have a business model which is designed to work in times of severe economic strife. Success is all about having a product that is essential to consumers - we can still guarantee results for our clients. We would advise business owners to be creative and look for new ways to get customers. Although the circumstances are difficult, we believe that resilient business owners should keep an optimistic outlook," said Managing Director Tommy Smith from Red Ten NYC.

Sources:
http://edition.cnn.com/2013/10/22/politics/poll-economy-optimism-shutdown/

http://money.cnn.com/2013/10/16/news/economy/shutdown-economic-impact

http://money.cnn.com/2013/10/15/news/economy/halloween-consumer-spending/index.html?iid=EL

http://www.forbes.com/sites/meghancasserly/2013/10/02/government-shutdown-small-business-good-bad-and-uninformed/

http://www.forbes.com/sites/drewhendricks/2013/10/01/how-will-the-government-shutdown-impact-your-business/

Red Ten NYC is an outsourced sales and marketing firm based in Manhattan, New York. Follow Red Ten NYC on Twitter for more business news @RedTenNYC



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