NMW1982
Senior Member
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- Jan 18, 2005
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The longest American shopping spree on record is over.
The Commerce Department reported this morning that consumers sharply cut their spending this summer, causing the United States economy to shrink at annual rate of 0.3 percent. By almost all accounts, the economy is now in recession.
The last quarter in which consumers reduced their spending came in 1991. Since then, neither the recession of 2001 nor the slow income growth of the past seven years has kept households from increasing their consumption. They often relied on debt "” in the form of home-equity loans, mortgage refinancings and credit-card loans "” to continue spending.
http://economix.blogs.nytimes.com/20...s-cut-back/?hp
The Commerce Department reported this morning that consumers sharply cut their spending this summer, causing the United States economy to shrink at annual rate of 0.3 percent. By almost all accounts, the economy is now in recession.
The last quarter in which consumers reduced their spending came in 1991. Since then, neither the recession of 2001 nor the slow income growth of the past seven years has kept households from increasing their consumption. They often relied on debt "” in the form of home-equity loans, mortgage refinancings and credit-card loans "” to continue spending.
http://economix.blogs.nytimes.com/20...s-cut-back/?hp
