An already weak holiday shopping season turned out to be even worse than expected for many of the nation’s retailers, who reported Thursday they had disappointing sales results for December. The poor performance raised more concerns about consumer spending, and in turn, the health of the economy.
The weak results came from across all retail categories, and prompted many stores to lower their fourth-quarter earnings forecasts. Particularly hard hit were apparel sellers including Limited Brands Inc. and AnnTaylor Stores Corp., as well as department stores including Macy’s Inc. Among the few bright spots was Wal-Mart Stores Inc., which posted results that exceeded Wall Street expectations, as it benefited from shoppers trading down to cheaper stores amid higher gas prices and a slumping housing market.
“It’s weaker than expected,” said Jharonne Martis, a retail analyst at Thomson Financial. “There’s definitely a consumer spending slowdown.”
10 thoughts on “Chimpy’s Second Recession”
2nd. is’t this like the 5th or something?
These geniuses are shocked, SHOCKED, that if consumers have to spend more on their mortgage, gas for their cars, fuel to heat their house, groceries, and on their healthcare, that they won’t have as much to spend on Christmas. We bought next to nothing this year. One of my kids got their tuition paid and not much else.
It’s coming and it has a flavor!
If trickle down theory and tax cuts
Were candy and nuts–
Oh, what a lovely Christmas!
Since it takes months before today’s economic indicators are published, who’s to say the RECESSION is not alreadey here? Go ask the folks in MI if they think they are in recession. They might tell you it is a DEPRESSION!
I am in MI. It’s brutal here. I’m speaking as someone who owns a small business. My personal income is down 20% this year over last. And as I said above, all my expenses have increased. Take the keys to the country away from these assholes.
did anybody see a bush tax cut?
Coming? It has BEEN here since the housing bubble burst a few months ago.
Economic indicators do not tell the shopper in the store story and THAT is where you see the real recession. When the price of milk is over the price of gas you KNOW you are in deep shit.
Someone in the (mostly liberal) Toronto Star put the ‘R’ word in print yesterday, in the context of Ontario getting one too. Thanks for sharing your germs, guys. (I knew it was coming; I actually pay attention to the stuff the wonks at the Bank of Canada say, and further, to what they actually mean.)
When the price of milk is over the price of gas you KNOW you are in deep shit.
Wild-ass subsidies you got there. Gas prices here — ~$1.00/litre. Milk prices — $1.89/litre. (I pay $3.29 for soy milk, myself.)
Recessions are what you get when you try to destroy the middle and working classes.
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