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?

Figure B:Changes in Monthly Consumer Spending, November 2022

Changes in Monthly Consumer Spending, November 2022 Consumer spending increased $19.8 billion Goods Services Housing and utilities 23 4 Financial services and insurance 16.4 Food services and accommodations 14.8 Other services 14.0 Health care 11.6 Final expenditures of MPISHS 10.6 Food and beverages 7.7 Recreation services 64 Other nondurable goods 3.0 Other durable goods -0.5 1 Clothing and footwear -26 0 Recreational goods and vehicles -6.1 Furnishings and durable household equipment -6.7 Gasoline and other energy goods -16.3 Transportation services -18.0 Motor vehicles and parts -38.1 Billions of dollars