Nothing could be worse for the fragile Memphis job market. If gas prices continue to rise, it could indicate a very strong problem within the job market. The industry is unlikely to see improvements in jobs when the cost of fuel continues to rise. Memphis jobs have been growing but many economists say that unless there is a slowdown in the cost of gas, those jobs could be at risk.
The average cost of a gallon of gas in Memphis rose to $3.56 last week. It has risen by 22 cents in the last few weeks. That added with the risk of $5 a gallon fuel, which many see happening by Memorial Day especially if tensions overseas continue to grow, could stop the growth of the US economy. In many ways, this could have a negative impact on the economy as a whole.