Consumer confidence it at some of the lowest levels ever. Retailers are finding out real quick "that no Christmas is coming", as the final holiday sales are coming in - way down! We should see a number of retailing bankruptcies in early 2009. Malls are suffering along with individual retailers as shoppers are being more careful with the money they do have and are willing to spend. Restaurants are also getting hit as more people can't afford (or chose not to) going out to eat, preferring to stay at home for meals. This can help the grocery stores, but not the restaurants.
Commodity prices continue to be in the news as oil continues to hover just under $40 a barrel as global demand (or those who can afford it) declines. Gold is around $870 an ounce while Silver maintains itself just under $11.
If you were not quite sure whether this was just the United States, looking at foreign financial news would set you straight. This crisis is worldwide! Unemployment is up in France. The Nikkei 225 (Japan's version of a stock market index) was down 42% for the year. Germany is suffering as well as others in Europe who would sell parts to China who would use it to produce products sold to the United States. The United States is not buying - so China is not buying from Germany! In Russia, they devalued the rubble! This is a vicious cycle where everyone is waiting for the new administration to arrive on January 20th, in Washington, D.C. Don't hold your breath! There is a lot of work to do and I fear it is only going to get worse before it gets better!
Let's hope for a more prosperous 2009!
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