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Posted by: Michael Mandel on January 11
Only the beginning, I think.
From today’s NYT:
The nation’s big retail chains, a closely watched barometer of economic health, reported dreary December sales on Thursday, which may stoke fears of a recessionary downtown.
Sales fell at chains as varied as Nordstrom, Macy’s, Abercrombie & Fitch and American Eagle Outfitters when compared with those in the period a year earlier.
Stores cited a pullback in spending by consumers and a quirk in the calendar that pushed more holiday shopping days into November than December.
The size of the sales declines surprised analysts. Sales fell 11.4 percent at Kohl’s, 7.5 percent at J. C. Penney and 6 percent at Gap.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.