New York Times-Weak Economy and Retail Sales Hurt Shares
The article I read was published on the New York Times website on Jan. 14, 2009. The article spoke of our econominc crisis and recession since December 2007. Specifically, the article brought to surface the fact that retail sales have dropped for six consecutive months. Through the months Nov.-Dec. 2008 retail sales were down 2.7% and the article predicted retail sales to drop further through the next couple of months. The article also mentioned that layoffs have increased and manufacturing around the world has "slumped", with unemployment in the U.S. reaching 7.2%.
The economic recession is obviously greatly affecting the retail and fashion industry. With the decrease in retail sales comes a reduction of manufacturing and in-store inventory, meaning more job loss within the manufacturing setting and retail setting. If there are less customers buying and less inventory, sales associates are not needed.
I chose this article because the recession and job layoffs, especially in the retail sector, greatly affect my chances of finding a job when I get my diploma in hand in August 2009. I am almost fearful that I will not be able to find a job that I will satisfy me, and also fearful of becomming financially independent since the job market is narrow. I am almost at the point of WANTING to graduate college at a later point in time.
Hopefully everything will work out, and I will be able to find a good intro. job.
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