Consumers - the engine that kept the American economy humming - seem to be losing confidence, and the ability to shop. From NY Times:
Suddenly, our consumer society is doing a lot less consuming. The numbers are pretty incredible. Sales of new vehicles have dropped 32 percent in the third quarter. Consumer spending appears likely to fall next year for the first time since 1980 and perhaps by the largest amount since 1942.
Well… I will say this, up to this fall, when I would send out follow-up emails to folks at other companies, I’d say 99% of those emails would go through… then in September, I saw about 5-10% bounce back, now, I’d say 10-15% seem to bounce back. Not all of those are explained by layoffs, but a good portion are.
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