The year 2009 has closed on a negative note for the US, leaving much room for 2010 to be positive in comparison. Yes, the effects of the economic recession have been dwindling all the way leading to the countdown for the New Year, but that hasn’t made the economic scenario a rosy one either. At best, people should be thankful that the downward flow has decreased to a trickle, though the numbers at Wall Street have been, by no means, encouraging. The effects of recession have also been felt in another key industry, tourism, which is very much susceptible to and has a direct correlation with the state of the economy.

Wall Street ended the year in red, on both the accounts of S&P 500 as well as the Dow Jones average. While the Asian bourses have been much more encouraging, both Dow Jones and NASDAQ lost around a percentage point each as the year came to a close. However, the consolation factor has been the unemployment figures – the latest fresh unemployment claims from the labour department statistics have indicated the lowest figures for over the past year and a half, with joblessness declining steadily over the period. The trend points out to increasing business confidence as companies gear up for a better playing field, going for fewer job cuts than what they have been exercising during the course of the recession.

The marginal decline on Wall Street as well as a steady fall in unemployment claims may augur well for the economy in the days to come, coming as they do after such a long haul of losses and layoffs in the US economy. However, the flow of tourists to New York has also been much less than what it used to be around this time of the year, when festive spirits would be in the air, driving people to party at the dawn of the New Year. That there are fewer people flying down to the Big Apple is proof enough of the fact that there isn’t much cheer in people’s minds – which would naturally reflect on the all-important consumer confidence in the economy.

The underlying idea is that businesses are much more confident and optimistic than consumers are, and consumer spending may take a while before businesses get to reap the rewards. Organisations have set on their path, but to reap the rewards through consumer spending may be still a while away – and that’s what 2010 may usher in over the next few months.