Almost two-thirds of Americans say a recession is likely in the next year and a majority believes the economy is already faltering, according to a Bloomberg/Los Angeles Times survey.
That means that holiday spending could be rough. Right now it is generally believed that the consumer will spend about 4% more during the Christmas season. But, the Bloomberg numbers indicate that the forecasts could be wrong.
Firms from Wal-Mart (WMT) to Best Buy (BBY) to Target (TGT) and CostCo (COST) are counting on improved sales in the fourth quarter to salvage their years.
Not likely.
Douglas A. McIntyre
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