Economy
The Recession Will Not Go Gentle Into That Good Night
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“Do not go gentle into that good night.” –Dylan Thomas
The recession, which was supposed to be ending, is hanging on for dear life if some of the economic data out this week are any indication. Housing figures on prices and foreclosures from Zillow and Trulia were quite bad. The market was also disappointed that retail sales dropped last month despite the “cash for clunkers” activity that drove buyers to car dealers.
Now, consumer sentiment, which had been improving, has crashed again. The Reuters/University of Michigan index fell to 63.2 in August from 66 in July. MarketWatch reports thatWall St. expected a number of 69. The figure has not been this low since March, which may be remembered as one of the most depressing and desperate months the economy has gone through in decades.
Douglas A. McIntyre
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