Sunday, July 06, 2008

U.S. CONSUMERS CUT BACK ON SPENDING

Strong evidence is emerging that consumer spending, which makes up 70% of the US economy, has begun to slow sharply at every level -- from the working class to the wealthy.

The abrupt pullback raises the possibility that the country may be experiencing a rare decline in personal consumption, not just a slower rate of growth. Such a decline would be the first since 1991, and it would almost certainly push the entire economy into an "officially declared" recession -- in the midst of an election year.

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