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US economy accelerates into depression as consumer spent at least 20 percent less
Fred Day
Dec. 26, 2008
Consumers spent at least 20 percent less during November and December, resulting in what may be the biggest holiday-shopping sales decline in four decades.
According retail experts, the mode is clear and simple. Consumers are spending on necessities, they’ll spend on what they need, but they’re being very particular in what they’ll buy.
Seventy percent of the US economy is based on consumer activities. A 20% slide in that translates to the deepest depression US ever saw.
More than a twenty retailers, including Circuit City Stores Inc., have sought bankruptcy protection this year as the credit squeeze and the U.S. depression dried up the funding. The holiday results indicate further 100 or more filings are possible, along with consolidation among similar companies.
US economy accelerates into depression as consumer spent at least 20 percent less.
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