Word: consumerization
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Dates: during 2000-2000
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So far, at least, that's not too much. Consumer spending in October rose a paltry 0.2%, and during the second week of the holiday season, sales at specialty stores in malls were down nearly 10% from a year ago, according to the International Council of Shopping Centers. Sears has...
Last week's bad news showed just how much. Retail sales fell 0.4% in November, led by the biggest drop in car sales in more than two years. Both UPS and FedEx reported that holiday shipments are slackening, while Microsoft and Compaq became the latest tech titans to blame poor...
Did Greenspan, who hiked interest rates six times to head off wage pressures and inflation, do his job too well? The Commerce Department on Thursday revised third-quarter economic growth Thursday down to 2.2 percent, the lowest since 1996 and a far cry from Q2's 5.6 percent. And barring...
Before the New Economy showed up, 2.2 percent growth wasn't shabby at all; now it's dire news. The Tech Decade didn't just produce Greenspan's "irrational exuberance," it produced his "wealth effect," in which fat portfolios make for long shopping lists. Consumer spending kept us afloat while...
But inflation is so last year. Clinton and Gore, Rubin and Summers, are all leaving. Tech's impregnability is a fading memory. Consumer spending kept us going when the rest of the world was tumbling, and now wallets are closing across the country. President-elect George W. Bush finds that...