One curious US industry has been growing along with the rest of the country’s economy: psychic services. While psychics’ business got hit by the recession, the industry been expanding steadily since 2010, according to an October report from IBISWorld, a publisher of business intelligence.As income rises, the industry can charge more for services, but belief in magic and superstition rises during periods of negative mood.
While you may have read your horoscope or even had your palm read, you might not think of fortune-telling as an “industry.” However, the IBISWorld report analyzes it as such and notes those in the industry — including people involved in palmistry, cartomancy, mediumship, aura readings and astrology — have about $2 billion in revenue a year. Roughly 85,000 people work in psychic services and make about $1.5 billion in total wages a year.
The IBISWorld report predicted the industry could do even better if the economy recovers more: “Improving economic conditions will continue to boost industry performance, as rising disposable income bolsters average customer spending on psychic services.”
Blurred [sovereign debt restructuring] lines
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Would an official sector creditor by any other name be treated as sweetly?
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