In Chicago, the average cost per gallon of gas rose to $3.84 this week. With some economists expecting the increase to continue to rise, even as high as $5 a gallon by some extremists, there is a big risk to the job market. Will companies be affected? They definitely will. Will consumers be hurt in return? That could happen too.
Jobs Hard to Find
Some of those looking for jobs in Chicago have been looking for more than a year. Many of those individuals are struggling to find the type of jobs right for them because many of Chicago's largest companies are still cutting jobs. With the rise in fuel costs, this will further strain businesses. The underlying problem is that when gas prices increase, it instantly triggers the costs of product and labor. Businesses have to pay more for producing goods, transporting them and purchasing products. This increase in fuel cost is hard to offset any other way besides reducing costs. Therefore, jobs could be further on the line.