re: Schlumberger announces 9000 job cuts due to low oil prices

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And you'll spend the money you would have dedicated towards gasoline elsewhere. It will take some time, but increased demand for everything else will open up jobs for these people.

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Those unexpected extra billions didn’t all go to retailers—in fact less a third of the windfall did. U.S. consumers actually used a big chunk to drive more, go to the movies more and eat out more.

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Customer Growth Partners, a retail consulting firm that tracks stores’ sales, dug into the Department of Commerce’s numbers for November and December and estimated that the $13 billion in savings from cheap gas were used in the following manner:

$4.9 billion more was spent on simply using more gas.
$1.8 billion more went to entertainment and services, such as movies, theme parks, content downloads and smartphone subscription/service fees.
$1.3 billion more was spent at restaurants, fast food and bars.
$1 billion more went to things like tobacco, beer, and other “sin” products.
$4 billion more went to the kind of items included in the NRF tally.
Specifically:

Food and beverage stores: $1.5 billion.
Home improvement: $1 billion.
Clothing $1 billion (this is a key category for department stores like J.C. Penney and Macy’s).
Consumer electronics: $500 million.

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