Raleigh's First Friday may be a local indicator of economic rebound

Raleigh's First Friday may be a local indicator of economic... (Added: February 03, 2012)

Retail stores that are open on the first Friday of the month are seeing some improvements in sales as more people part with disposible income. (more)

0 Ratings | 18 Video Views

Post a Comment or Rate this Video

» View More Videos

Raleigh's First Friday may be a local indicator of economic rebound

Retail stores that are open on the first Friday of the month are seeing some improvements in sales as more people part with disposible income.

By: Steve Sbraccia | NBC-17
Published: February 03, 2012
Updated: February 03, 2012 - 11:09 PM

As the U.S. jobless rate fell to a three-year low, economists say it looks like the economy is starting to rebound a bit.

Layoffs are slowing, factory orders are picking up and economists say consumer confidence is starting to increase slowly.

In the Triangle, First Fridays in Downtown Raleigh are seen by some as a miniature barometer of the economy.

Retail stores that are open on the first Friday of the month are seeing some improvements.

Cimos on E. Hargett Street was booming Feb. 2. Specializing in trendy and unique items, it sells things that are not an everyday necessity.

"The economy is picking up," declared owner Amy Griffith. "Business has been wonderful."

A while back, Griffith said sales weren't so brisk. Now, she says, revenue in her store has increased enough that she's looking at adding more help.

"I have some part-time help now and I bring in extra reinforcements on First Friday because it is so busy,” Griffith said. "I would consider someone on a part-time basis, absolutely, if business keeps going as well as it has."

The government says fewer people are filing unemployment claims and consumer spending is increasing slightly as folks like Shassiety Collins are a little more inclined to spend money on luxuries these days.

"I'm finding myself able to get necklaces and things that I like more now," Collins said. "Before, I was just holding on to my money for my bills."

Amanda Carlson spent First Friday showing off a new social game she invented called Parley. It costs $95 and is meant to be played in groups of 10 or more people. It wasn't that long ago when she couldn't find people willing to buy it.

"I think people's mindset is changing, that's for sure," said Carlson, who senses a change in consumer attitudes now.

Although things are moving upward, economists say it won't be a smooth swing.