A Major Contraction in US Consumer Spending
In Friday's edition, the Wall St. Journal reports that "Retail Sales Plummet" - citing data from MasterCard's SpendingPulse unit which reported that "total retail sales, excluding automobiles, fell over the year-earlier period by 5.5% in November and 8% in December through Christmas Eve." Michael McNamara, vice president of research and analysis for MasterCard Advisors, said "there has been a major contraction in consumer spending."
