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September Sales Plunge By 1.2%

By Justin Gardner | Related entries in Economy

Doesn’t seem like much until you put it into perspective…

This is the worst quarter in a decade.

A 0.8% drop had been predicted, so the market’s down…again.

Sales in July and August were revised lower.

“We have a full-blooded consumer recession,” wrote John Ryding and Conrad DeQuadros of RDQ Economics, who expect sales will weaken further in the fourth quarter as the credit squeeze begins to really tighten on consumers’ ability to spend.

Economists at Morgan Stanley said consumer spending probably fell at a 3.4% annual pace in the third quarter. “This would be first decline in consumption since the 1990-91 recession and largest since 1980,” they said.

The bright side? If people spend less, they might be able to dig themselves out of debt a little quicker and maybe things will pick back up.

Fingers crossed.

Still, with median wages dropping over the past 8 years, the only thing that’ll really help the middle class is a robust tax cut.

This entry was posted on Wednesday, October 15th, 2008 and is filed under Economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “September Sales Plunge By 1.2%”

Jimmy the Dhimmi Says:
October 15th, 2008 at 10:16 am
Median wages per household dropped or remained stagnant. Median wages per income earner actually increased over the past 8 years.

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