December 31, 2008
US Consumer confidence drops
Story link: US Consumer confidence drops
The shopping figures over the festive period were likely to likely to be the make or break of the economies worldwide and by the looks of it, it’s the break here.
The retail industry has always been a hard industry to survive in at the best of times, so its likely we will see many more drop over the next few months.
American house prices fell by their fastest rate on record last month amid deep pessimism over the economy and the expectation of the worst Christmas shopping figures for 40 years.
The data reveal that the world’s biggest economy shows no sign of recovery. This will increase pressure on Barack Obama, the US President Elect, to slash the rate of income tax as soon as he enters the White House on January 20.