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+3.09 le dj encore du vent
07/12/2008 09:12
Dec. 7 (Bloomberg) -- Sales at U.S. retailers probably fell in November for a fifth consecutive month, pushing the economy deeper into the longest recession since 1982, economists said before reports this week.
Purchases fell 2 percent last month, capping the longest stretch of declines since records began in 1992, according to the median estimate in a Bloomberg News survey. Other reports may show prices slumped, led by plummeting commodity costs, and fewer Americans signed contracts to buy previously owned homes.
Consumers are limiting purchases as the labor market deteriorates and falling property and stock values hurt household wealth. The slump in personal spending, which comprises more than two-thirds of the economy, may contribute to a second consecutive contraction in gross domestic product.
“Consumers have less money, are earning less money, can borrow less money and are more worried about the future, which is always a good reason to cut back,” said Christopher Low, chief economist at FTN Financial in New York. “This is a consumer recession, and history tells us consumer recessions are much, much worse than corporate recessions.”
The Commerce Department’s retail sales report is due Dec. 12. A drop would follow October’s 2.8 percent decline.
Excluding automobiles, November sales fell 1.8 percent after slumping 2.2 percent the previous month, according to the Bloomberg survey.
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