It is the fall of 2022, and you are attending a large family gathering and enjoying quality time and food with your three cousins Mike, Mariam, and Rakish. Mike works for a construction company, Mariam works as an accountant, and Rakish is an auto mechanic at a local dealership. One of your cousins pulls out their phone and shares the following figure that shows changes (increase and decrease) in consumer spending and asks you to explain the data to them.

So, answer the following questions:

Based on the data in the figure, which industries will have the most growth, and which industries will have the most decline? And why?

Which one of your cousins is more likely to be unemployed in the near future? And which one(s) is/are more likely to remain in their job and have wage growth? And why?

What advice would you give to your three cousins so they are better prepared for the changes in consumer spending presented as follows?

This figure shows the changes in monthly consumer spending as of November 2022.

• Housing and utilities increased by 23.4%.
• Financial services and insurance increased by 16.4%.
• Food services and accommodations increased by 14.8%.
• Other services increased by 14%.
• Health care increased by 11.6%.
• Final expenditures of NPISHs increased by 10.6%.
• Food and beverages increased by 7.7%.
• Recreation services increased by 6.4%.
• Other nondurable goods increased by 3%.
• Other durable goods decreased by 0.5%.
• Clothing and footwear decreased by 2.6%.
• Recreational goods and vehicles decreased by 6.1%.
• Furnishings and durable household equipment decreased by 6.7%.
• Gasoline and other energy goods decreased by 16.3%.
• Transportation services decreased by 18%.
• Motor vehicles and parts decreased by 38.1%.