Word: downturns
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...Meyer's restaurants are not alone. A survey released Friday morning shows businesses around the New York City area are already feeling the pinch of Wall Street's recent downturn. The survey, conducted by the local chapter of the National Association of Purchasing Management, found that business managers believe the Big Apple's economic conditions have deteriorated 21% from just three months ago, to an index level of 35.6. Any reading below 50 means the city's economy is contracting. The index stood at 59 just a year ago. "Managers say business conditions are bad and will stay that...
...much of this year, New York City has largely avoided the economic downturn that has hit a good portion of the rest of the country. Unemployment is still a mild 5.8%, compared with 6.1% nationally. That's because many of the problems the U.S. economy has run into - plunging housing prices, rising foreclosures, shrinking auto industry jobs - are mostly absent in New York City...
...Retailers, particularly those who cater to Wall Street, are already feeling a downturn. Hu says customers have downscaled their stogies and are increasingly asking for Rocky Patels, which can cost as little as $5 a cigar. Back in 2006, Hu says, the hot sellers were Opus X Fuentes, which can cost as much as $35, or $500 by the box. "Sales are off 30%," says...
Corporate fear stems in part from sliding consumer confidence, which this week hit its lowest point ever recorded. "Consumers have been impacted by a serious downturn in every form of wealth and income that supports consumer spending, and battered by high levels of volatility in their stock accounts," says Stuart Gabriel, professor of finance at UCLA's Anderson School of Management. The diminished value of stocks, falling home prices and fears about potential unemployment combine to create a negative "wealth effect," making consumers feel poorer. As a result, they spend less. Robert Hansen, professor of business administration at Dartmouth...
...concerns of today's students are drinking and study - in that order, says Hempseed: "It feels like we're missing out on something." The 23-year-old will be voting Labour for two reasons. One, the economy will need special care and Labour is more experienced. And two, the downturn will create a new batch of unemployed who'll need looking after. "There are a lot of people on benefits who really should be working," Hempseed says. "But there'll be a lot of others who'll need the safety net and I feel that would be at some risk...