Skip to: Content
Skip to: Site Navigation
Skip to: Search
Newser - Current News - Breaking Stories

SPONSORED NEWS ARCHIVE

Financial Crisis Freezes Consumer Spending in October, According to NRF

Article from: Targeted News Service Article date: November 14, 2008

The National Retail Federation issued the following news release:

As expected, consumers went into hibernation as the full scope of the financial crisis took hold in October. According to the National Retail Federation, retail industry sales for October (which exclude automobiles, gas stations, and restaurants) decreased 0.5 percent seasonally adjusted from September while increasing 1.3 percent unadjusted year-over-year.*

October retail sales released today by the U.S. Commerce Department show total retail sales (which include non-general merchandise categories such as autos, gasoline ...

Read the rest of this article with a Free Trial at HighBeam Research.
Newser gathers stories from across the web and packs what you need to know into about 120 words.
Check out these stories related to your search. Visit our grid for the latest news.

Spending Dive Sends GDP Down

Posted Oct 30, 08 8:28 AM CDT in Business 

Spending Dive Sends GDP Down
Source: AP Photo/David Zalubowski

(Newser) – The US economy shrank less than expected in the third quarter but still suffered the biggest contraction since the 2001 recession, reports Bloomberg. The gross domestic product fell 0.3%, led by the first fall off of consumer spending in two decades. The figure, out from the Commerce Department this morning, beat the forecast 0.5% annual rate but nevertheless rang alarm bells among economists who warned a prolonged recession is likely.

“The fourth quarter is going to be much worse as the crescendo of financial disruption reached a high point this month,” said one economist. Consumer spending was off 3.1%, more than expected and the most since 1980, reports the Wall Street Journal. Durable goods purchases were off 14.1%, and housing investment plunged 19.1%. "The crisis really kicked up in late September," said an analyst.

More about:  Financial Crisis • recession • inflation • consumer spending • GDP

MORE RELATED NEWSER STORIES
OPINION

Short-Term Solutions to Crisis Won't Cut It: Sachs

Economist argues for systemic adjustment

Guardian (UK) Guardian (UK) Nov 10, 08 2:15 PM CST
(Newser) - The financial crisis can't be averted, and the Obama administration would be wise to accept that and concentrate on "a steady policy that will steer us through an unavoidable short-run recession to arrive at a much healthier economy within three to five years," writes Jeffrey Sachs for the Guardian . Proposals of tax cuts, spending increases, homeowner bailouts, and 0% interest rates are “panic, not policy,” warns the celebrated economist. More »

More about:  Barack Obama • Financial Crisis • China • President Obama • recession • GDP • borrowers

OPINION

Chill Out: It's a Recession, Not the Apocalypse

London's mayor has some advice for the queen: Buy a dress

Daily Telegraph (UK) Daily Telegraph (UK) Oct 28, 08 12:33 PM CDT
(Newser) - If you’re fretting, panicking, or just plain moping about the economy, Boris Johnson has some advice: Wake up and go shopping. “This isn’t some disaster movie about a virus from Mars. It’s a recession,” the mayor of London writes in the Daily Telegraph . “It doesn’t mean we have to line our rooms with newspaper, get in the fetal position, and live on tins.” More »

More about:  Financial Crisis • recession • London • consumer spending • consumer confidence • Boris Johnson • Queen Elizabeth

 Fed Weighs 
 Emergency 
 Rate Cut 

As economy deteriorates, inflation becomes less of a concern

Wall Street Journal Wall Street Journal Oct 2, 08 9:28 AM CDT
(Newser) - Mounting fears that the credit crisis and continually worsening economic data will push a stagnant US economy into a severe recession has spurred the Federal Reserve to consider cutting interest rates from their current 2%, the Wall Street Journal reports. Even if the House follows the Senate in passing the $700 billion bailout, some action is likely. More »

More about:  Financial Crisis • bailout • Federal Reserve • recession • Ben Bernanke • inflation • interest rate cut


Other Business Stories