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Mar 10, 2008 7:11 pm US/Eastern
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4 Your Money: Gas Prices & College Grads
MIAMI (CBS4) ―
College graduates are getting some encouraging news in this 4 Your Money segment.
Gas prices are at record levels across the country. According to figures released by AAA, the average price of a gallon of regular nationwide is now $3.22. But in Miami-Dade it's $3.34/gallon and in Broward $3.30/gallon.
South Florida's average is significantly higher than the rest of the nation. Those high gas prices are starting to drive demand downward.
"The reports I'm getting back is anywhere from 4 to 7 percent down in sales, except for places like Orlando that are tourist destinations, Miami and other metropolitan areas aren't not too bad," said Jim Smith, with the Florida Petroleum Marketers.
With consumers scrambling to pay for gas and other basics, many are turning to plastic. The fed's most recent figures for January show consumer credit increased by an annual rate of 3.3 percent—almost double the increase during December.
But there is some good news for the class of 2008. Employers expect to hire 16 percent more college grads than they did last year, and salaries for these 20-somethings are up too, by an average of 4 percent. The grads in most demand are those with degrees in engineering, marketing and computer science.
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