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12-10-2008, 06:39 PM #1
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Worst US Spending Slump Since 1942
Worsening Spending Slump Paces ‘Scary’ U.S. Recession (Update2)
By Shobhana Chandra and Andy Burt
Dec. 10 (Bloomberg) -- The biggest slump in U.S. consumer spending since 1942 will extend the recession and push the jobless rate to the highest level in a quarter century, according to economists surveyed by Bloomberg News.
Household spending will drop 1 percent in 2009, the biggest decline since after the attack on Pearl Harbor, according to the median estimate of 51 economists surveyed Dec. 4 through Dec. 9. By the middle of next year, the economy will have shrunk for a record four consecutive quarters, the survey showed.
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