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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (86575)	12/10/2000 6:03:46 PM
From: Spekulatius	Read Replies (3) of 132070

Did the Grinch steal Christmas? I have been in the downtown shopping mall today. This is the first time since I came into this country that I saw many free parking spaces. My estimate is, that the foot traffic must be down more than 20% compared to last year. Most of the shopping mall space is just plain vanilla stuff, like Sears, Macy's etc. not the fancy gizmo electronic retailers or jewelliers. I haven't really seen any change in consumer behavior until October but my impression was that Thanksgiving was already fairly slow. Its kind of strange because the economy in the town I live is very very strong.Unemployment is virtually nonexistant and many people have been making money in the stock market hand over fist. Real estate is still as strong as usual, so the spending weakness is not across the board. I wonder is that my experience today was just an aberration. If my experience today is even remotely representative for the state of affairs in consumer spending, then we are heading full steam into a recession. Did anybody see a similar signs of spending slowdown?

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