Unemployment Rate Highest Since 1983
According to the government's latest reading on the battered labor market for the first three months of the year 2 million jobs have been lost and 5.1 million jobs have been lost since the start of 2008. The unemployment rate climbed to 8.5 percent in February the highest since November 1983. We read daily about companies requesting bailout packages. This will all have a huge impact on the sports world and there is a good chance the start of the MLB season and the NBA Playoffs will give us a really good gauge as to just how much the sour economy will impact ticket sales and sponsor sales. In regards to MLB the economy was just starting to nosedive last Fall as the 2008 MLB season wrapped up. Now that the economy is in the tank how will it effect ticket sales for the MLB season that starts this Sunday? MLB Commissioner Bud Selig has warned teams that their business could be down by as much as 20%. And the NBA playoffs start in a few weeks. Some teams making the playoffs will require you to put down your money now for season tickets next year if you want a ticket to this year's playoffs. If you won't put your deposit down for season tickets next year the team will require you to pay for all 16 NBA playoff games up front and then if your team does not advance all the way through the playoffs you will be issued a refund for the games not played. The point is that most people are just trying to make ends meet and have little disposable money for the entertainment dollar. Even the employed are nervous about the economy and they are tightening their belt. So watch the attendance numbers for the NBA playoffs (and NHL playoffs for that matter) and the new MLB season closely as I believe we will see a serious dip.