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October 11, 2002

Forecast: Pain- Retail Sales Plunge

Retail sales fell by 1.2 Percent last month-- a probably death sign for imminent recovery. The only thing that has kept the economy treading water for the last year has been the history-defying willingness of consumers to keep spending even as business investment plunged. But if consumers have hit the end of the line -- and credit limits -- then we are probably looking at intense pain for the near (and possibly far) economic future.

Posted by Nathan at October 11, 2002 11:37 AM

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