Thursday, September 24, 2015

Retail sales in U.S. fall back to recession levels

The U.S. is no longer a manufacturing economy, and is instead a consumer based one where over 70% of the annual GDP is tied to consumer and government spending.  So when this single component drops by even a small amount quarter to quarter or year to year, it creates a huge impact on the overall growth for America.
Which is why new data from Johnson-Redbook shows that consumer spending growth has fallen to levels not seen since the Great Recession (2009), and forecasts for the upcoming holiday season are expected to be the weakest in five years.

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