- Sep 26, 2000
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http://news.yahoo.com/s/ap/200...on_bi_go_ec_fi/economy
Wholesale inflation last year shot up by the largest amount in 26 years while retailers suffered their worst December shopping season in five years as mounting economic woes caused consumers to put away their wallets.
The Labor Department reported that wholesale inflation was up 6.3 percent for all of 2007, reflecting a huge increase for the year in various types of energy costs ranging from gasoline to home heating oil.
Meanwhile, retail sales fell by 0.4 percent in December, the worst showing in six months, the Commerce Department reported. Consumer confidence has plunged, reflecting the worsening housing slump and a lingering credit crisis.
In a third report, the government said that inventories held by businesses rose by 0.4 percent in November, reflecting big increases in stockpiles held by manufacturers and wholesalers. The 0.4 percent rise matched a similar increase in September and was in line with expectations. Inventories had risen by a much smaller 0.1 percent in October.
The poor showing for retail sales and a disappointing quarterly report from Citigroup Inc. renewed recession worries on Wall Street. In early morning trading, the Dow Jones industrial average was down more than 100 points.
"Consumers held tight to their wallets in December, raising questions about whether household spending will be enough to keep us out of a recession," said Joel Naroff, chief economist at Naroff Economic Advisors.
Hey, I thought massive tax cuts for the rich was going to give us a great economy!
I guess the UTTER LIES OF THE BUSHIES AND THEIR TAX CUTS ARE NOW REVEALED.
WITHOUT THE MASSIVE GOVERNMENT DEFICIT SPENDING THE BUSHIES ECONOMIC PLAN WAS A COMPLETE AND UTTER DISASTER.
Wholesale inflation last year shot up by the largest amount in 26 years while retailers suffered their worst December shopping season in five years as mounting economic woes caused consumers to put away their wallets.
The Labor Department reported that wholesale inflation was up 6.3 percent for all of 2007, reflecting a huge increase for the year in various types of energy costs ranging from gasoline to home heating oil.
Meanwhile, retail sales fell by 0.4 percent in December, the worst showing in six months, the Commerce Department reported. Consumer confidence has plunged, reflecting the worsening housing slump and a lingering credit crisis.
In a third report, the government said that inventories held by businesses rose by 0.4 percent in November, reflecting big increases in stockpiles held by manufacturers and wholesalers. The 0.4 percent rise matched a similar increase in September and was in line with expectations. Inventories had risen by a much smaller 0.1 percent in October.
The poor showing for retail sales and a disappointing quarterly report from Citigroup Inc. renewed recession worries on Wall Street. In early morning trading, the Dow Jones industrial average was down more than 100 points.
"Consumers held tight to their wallets in December, raising questions about whether household spending will be enough to keep us out of a recession," said Joel Naroff, chief economist at Naroff Economic Advisors.
Hey, I thought massive tax cuts for the rich was going to give us a great economy!
I guess the UTTER LIES OF THE BUSHIES AND THEIR TAX CUTS ARE NOW REVEALED.
WITHOUT THE MASSIVE GOVERNMENT DEFICIT SPENDING THE BUSHIES ECONOMIC PLAN WAS A COMPLETE AND UTTER DISASTER.