And the Retail Recession Continues

Tuesday, April 19, 2016
Posted in category Economics

Nordstrom inventory is stale and not moving, profits are forecasted to be 30% down in the first two quarters this year, and 400 employees at corporate HQ are getting the pink slip. Additionally, Intel is cutting 12,000 jobs. This is added to the long list of retail closings and layoffs just since mid-2015.

The cuts confirm a terrifying new reality for high-end retailers: Wealthy shoppers are reining in spending and — along with the rest of American consumers — refusing to pay full price for anything.

Yet Obama insisted he reigned over an era of private sector job creation that is unprecedented.

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