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February 27, 2009
Posted: 06:00 PM ET
From CNN's Jack Cafferty: Signs that people have less disposable income these days are everywhere.
Restaurants are hurting as more Americans decide to stay in more. Take for example the earnings at large retailers like Target - where profits were down 41 percent in 4th quarter of last year. Or Macy's - which fared even worse, with profits down almost 59 percent during that same time. Some of the changes are more subtle but just as revealing. Wal-Mart says sales of starter sewing kits have shot up by 30 percent. Landscaping companies have seen their revenue drop 7 percent in the last year. And Procter and Gamble says more people are asking how to dye their hair at home - instead of spending more and going to the beauty salon. In addition – a lot of people are anxious about the possibility of losing their home to foreclosure, and more than a million people already have. Ask anyone and they will likely tell you they are at least a little bit uncertain about their job. Will it continue? Will they be laid off? Will they be asked to take a pay cut or work a reduced schedule or will they just be fired outright? The reasons for squeezing a nickel until the buffalo's eyes bug out are everywhere. (That's a variation on an old expression that can't be used on a family news program.) If people have a couple of extra bucks, they're probably inclined to hang onto it. So as Friday rolls around and thoughts turn to the weekend... Here’s my question to you: In light of the economy, what's different about how you spend your weekends? Interested to know which ones made it on air?
R. writes: Bill writes: Mike in Korea writes: P. in Arizona writes: Cindy writes: Tom from Bradenton, Florida writes: Anna writes: Filed under: US Economy |
Jack Cafferty sounds off hourly on the Situation Room on the stories crossing his radar. Now, you can check in with Jack online to see what he's thinking and weigh in with your own comments online and on TV. Send your comments on the "Cafferty File". Jack's Book
Read excerpts about Jack's battle with alcoholism and Jack's philosophy on parenting. CNN=Politics Screensaver
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