Retailers salvaged their December sales figures with deep discounts, but the results released Thursday could spell trouble for the coming year for both the industry and the economy at large....
The results show the American consumer has not bounced back from the recession, analysts said. Consumer spending accounts for the largest portion of the economy. But the shaky holiday results add to an already weak snapshot of the consumer situation, including flat incomes and a slow job market....
“Keep in mind, sales were O.K.,” Mr. Lejuez said; the problem was profits. ... “What’s more concerning is, this is December, and people are in the mall,” he said. “If you have to be this promotional to drive sales when you have captive traffic in the mall, what happens in January and February?”THIS AIN'T GOOD NEWS.
AND THE RECENT UPTICKS IN EMPLOYMENT ARE ALL TEMPORARY/SEASONAL.
WE ARE HEADED FOR ANOTHER ROUND OF SERIOUS BELT-TIGHTENING.
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