Consumer Confidence was down big...
But that may be just a down payment on what's to come...
My totally unscientific indicators, (local retail cashiers), tell me that people aren't spending money on "luxuries" anymore... If you're selling soap and toilet paper...you're probably OK... Ditto Food, Beer and liquor and at some low end resturants, people like to eat!
...and, of course, lottery tickets. And Gas for the car is Numbero Uno too! And the electric bill has to be remembered, or the lights have a nasty way of going out.
When Walmart got into groceries and away from clothing, housewares, knick-knacks...and other "dry goods" they did the right thing. People are simply buying the essentials now. Or, as some might say: If you can't eat it, your don't need! it...
This is a long term trend...and it will be confirmed in spades in the coming numbers.
