So, I’m usually an optimist. But the current economy ain’t lookin so good. Here are my notes on the slowdown from 2 weeks ago, and additional data seem to be adding fuel to the recession fire (see NY Times link below).
I would strongly suggest that congress and presidential candidates begin to think now about what it would take to provide a fiscal stimulus (Bush seems otherwise preoccupied). We don’t need to jump right away, but we need to have a plan in our collective back pocket if needed.
Crumbling consumer confidence and slumping home sales could prove to be a bad combination for retailers, and for the broader economy going into the holiday shopping season, if the labor market contracts further and chokes off spending, economic data showed Tuesday.