Worries increase as retail sales continue to fall.
Wired PR News – A second consecutive month of falling retail sales has led to increased worries about the recession. As reported by the Associated Press (AP), consumer spending was shown to still be down after reports on retail sales for the month of April reveal decreases for the second month in a row. Layoff worries and unpaid job leaves are stated to be major reasons many are holding back on spending.
As noted in the report, the stock market reacted negatively to the news on Wednesday, with sharp declines in major indexes. David Wyss, New York based Standard & Poor’s chief economist, is quoted in the report as stating, “People are obviously still very nervous and not spending… The economy is still in a recession, and I don’t think we will hit bottom until late summer or early fall.”
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