Spending and Saving

Spitzer’s Cabbie Econometer

How can you tell when the recession is really over? Former New York Governor Eliot Spitzer has an idea, and it doesn’t involve asking any economists or financial analysts for help. Spitzer thinks we should look to cabbies, instead.

“The moment that I can’t get a cab anymore, I will feel the economy is picking up. Right now, it’s raining this morning, but I have no doubt I can get 10 cabs in 30 seconds. That’s a bad sign for the economy.” (via The Takeaway)

As silly as it sounds, Spitzer does have a point. Luckily, the folks over at Kiplinger have taken it a step further, putting together a list of a handful of economic indicators that just might be as good an economic barometer as any stock picker on TV.

So what exactly are the everyday life clues we should be using to judge the economy? Glad you asked. Here are some of our favorites:

Crowded Theaters
Surprisingly, Americans go to the movies more often during a recession rather than less, since a $10 ticket is among the cheapest entertainment options available for families these days. So when the theater lines start thinning out, you can expect it’s because the downturn is over.

A Busier Love Life
Whether it’s the loneliness of being without a job and a soul mate, or the old adage that misery loves company, online dating services report a surge of new members looking for love every time the economy takes a dip.

Slow-Down at the Dry Cleaner
Dry cleaners across the country say customers head to the cleaner less frequently and take longer to pick up their clothes to avoid paying the bill during a recession, so if the back room at your cleaners is overflowing with clothes, now you know why.

Growing Gardens
According to the National Gardening Association, 19 percent more American households are growing their own fruits and vegetables in 2009 than 2008, often as a way to save on groceries. Let’s hope this trend sticks around even once the recession is over.

Sleepless Nights
You’re not the only one who’s been unable to sleep as of late. A recent poll showed that one-third of Americans has lost sleep recently over worries about finances. So when your fellow commuters start looking a little more bright eyed in the morning, take it as a sign that things are looking up.

Stephanie Miles is a freelance writer based in New York City.

Tags: economy, metrics, spitzer, taxis