U.S. Industries That Depend On Consumers May Struggle Until Unemployment Subsides

3677 word report published Nov 16, 2009

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Abstract:

With the U.S. unemployment rate at its highest in more than a quarter century--and likely to rise further--industries that depend on discretionary consumer spending may not rebound anytime soon. In October, The unemployment rate jumped to 10.2%--a 26-year high--and Standard&Poor's Chief Economist David Wyss predicts that it will continue to climb, reaching 10.6% in mid 2010. Even with Congress' extension of jobless benefits and the pace of job losses having slowed since the worst of the recession, Americans will probably remain frugal until there's a verifiable significant reduction in unemployment--and that could take years to happen. In addition, a still-unstable housing market and concerns that the economy could again falter continue to outweigh any so-called wealth effect that

Brief Excerpt:

RESEARCH Ratings Definitions U.S. Industries That Depend On Consumers May Struggle Until Unemployment Subsides Publication date: 16-Nov-2009 Primary Credit Analysts: Philip Baggaley, CFA, New York (1) 212-438-7683; philip_baggaley@standardandpoors.com...

Report Type:

Commentary

Sector:

Global Issuers, Structured Finance

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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