""Reducing disposable income has ripple effects throughout the economy. That's the big takeaway: We're all affected.""
""We already know our region in general has higher prices for groceries - and this will exacerbate that.""
""The anticipated loss of 2,600 jobs from business belt-tightening will cut across a wide range of industries, from housing and hospitals to restaurants and retail.""
Gas prices in Santa Clara and San Mateo counties have surged nearly 30% to an average of $5.98 per gallon, impacting household income and job availability. Estimates indicate a $1.1 billion reduction in disposable income and a loss of 2,600 jobs due to increased energy costs. The economic output is projected to drop by $706 million if current gas price trends continue. Low-income families are particularly affected, as they spend a larger portion of their income on gas and groceries, which are also experiencing price hikes.
Read at San Jose Spotlight
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