Retailers Report a Sales Collapse

[Celebration]

http://www.nytimes.com/2008/11/07/business/07retail.html?em

Sales at the nation’s largest retailers fell off a cliff in October, casting fresh doubt on the survival of some chains and signaling that this will probably be the weakest Christmas shopping season in decades.

Sales at Neiman Marcus, the luxury department store, dropped nearly 28 percent in October compared with the same month last year. Sales fell 20 percent at Abercrombie & Fitch, nearly 17 percent at Saks, 16 percent at Gap and nearly that much at Nordstrom.

Of the more than two dozen major retailers that reported on Thursday, most had sales declines at stores open at least a year, the majority of the decreases in double digits. Deep discounters like Wal-Mart and BJ’s Wholesale Club reported gains.

Consumer spending represents two-thirds of the nation’s economic activity, and analysts said the striking sales declines at retailers almost certainly portended an extended, severe recession. The reports highlighted once again the depth of the economic problems confronting President-elect Barack Obama.

[Sarah Ibarruri]

1. It's our fault - 3 decades of Repugnicans and we've finally arrived in hell nt

[GreenPartyVoter]

2. My husband hasn't worked much in 3 weeks. What little we had saved is gone. I'm worrying about

how to get groceries and toilet paper this weekend. Not thinking so much about shopping at Neiman Marcus.

[gardenista]

4. GPV

:hug:

better days are coming!

[GreenPartyVoter]

6. I hope so. *hugs* He is a computer repair guy. If he's not working it means other people

are hurting too and cutting back on repairs.

[gardenista]

3. Well at least Palin did her part to try to keep NM's doors open n/t

[JohnWxy]

8. and Saks 5th Ave.

[Double T]

5. The consumer, 70% of the US economy, has been raped, pillaged and burned by.........

criminal corporate america. This is NOT a recession; most certainly a depression. BO has his work cut out for him; I would be surprised if there is much progress with our destroyed financial system and economy by the end of his second term.

[phantom power]

7. The fucknuts who gave us this mess are in charge until Jan 20...

meanwhile the economy continues to bleed out. Bad times.

[JohnWxy]

9. Republicans never get it, if you keep concentrating the wealth in the hands of those who are already

well off, the greatest part of the population keeps getting less and less of the pie. And eventuallly when people don't have that much money except for necessities they just can't support the expectations of businesses to sell lots of stuff. And the when businesses don't sell as much they lay off people and then there is less demand for goods and services and then more get laid off. and so goes the vicious circle.

But Republicans will never learn this simple economic fact of life. For people to spend money they have to have money in the first place.


http://www.geocities.com/jwalkerxy/Republican_sucker.htm">Joe the Plumbers wife