Consumer Spending’s Nine Lives May Have Run Out
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
“It wouldn’t surprise me if Ebenezer Scrooge, instead of Santa, comes down the chimney on Christmas Eve,” Los Angeles money manager Arnold Silver says. The head of A. Silver Associates adds: “Stores on Rodeo Drive tell us people are spending less, and if it’s happening there it’s happening everywhere. It could be the consumer is finally running out of steam or perhaps getting a lot more worried.”
A Morgan Stanley economist, Richard Berner, also expresses concern about consumer spending — the salvation of economic growth in recent years — warning clients that the ingredients are in place for a “perfect consumer storm.”
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