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December 4, 2008 3:09:09 PM CST

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Wall Street Sneezes; Heartland Catches Cold

Posted Mar 21, 08 11:36 AM CDT in US,  Business 

(Newser) – The high-profile economic woes plaguing Wall Street and previously hot housing markets are spreading, raising the possibility of the worst recession Americans have faced in years. The New York Times crisscrosses the country, assembling anecdotal evidence—suddenly thrifty brides, unsold construction equipment, sinking earnings at FedEx—that suggests the slowdown could drag into 2009.

Especially worrisome are projections that show consumer spending dropping 1% drop in the first quarter. "That's a wow," says one economist. "Outright declines for real consumer purchases are unusual." Weighing a 6% drop in fourth-quarter home sales, more than 127,000 jobs lost since Jan. 1, and a steep drop in consumer confidence, “it’s not hard to construct very dark scenarios, primarily because the financial system is in disarray,” said another analyst.

Source New York Times

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Graphic charts monthly unemployment rate for the past 13 months and past five years.   (AP Photo)
Retail sales continue to drop as prices rise.   (AP Photo/Mel Evans)
Unemployed people wait in line at the California Employment Development Department in San Jose, Calif., in this Wednesday, Jan. 16, 2008 file photo.   (AP Photo/Paul Sakuma File)
A property in Los Angeles is offered for sale at reduced price. Home sales continue to slow.   (AP Photo/Damian Dovarganes, file)
Job seeker Anton Yun, right, of Seattle, talks with recruiters from potential employers at a recent job fair. More than 101,000 jobless claims were filed in February.   (AP Photo/Kevin P. Casey)
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credit crisis • economy • recession • inflation • unemployment • consumer confidence • home sales • heartland


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