The economy fell at the sharpest rate in nearly three decades in the fourth quarter of last year, and the Economic Advisory Committee (EAC) of the American Bankers Association says it believes the economic downturn will continue through the first half of 2009 before rebounding in the second half. It’s a perspective the National Retail Federation (NRF) apparently shares.
Bruce Kasman, EAC chair and chief economist for JP Morgan Chase, New York, says the committee believes the first half of ’09 will be marked by consumers continuing to retrench, saving more, spending less, and further weakening demand for goods and services.
The NRF, in its 2009 economic forecast released today, says it sees more challenges ahead as consumers continue to shift their spending priorities.
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