Word: glumness
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Over 1 million layoffs so far in 2001, goes the glum economic headline from the head-counters at outplacement firm Challenger, Gray & Christmas, and it's just the latest. The economy is barely above zero growth. Wall Street keeps selling off its rallies. C, G & C claims that "there is no evidence reported by any industry that anything that could be called a significant sustainable rebound is on the horizon for this year or even into early next year...
...glum hesitation - the defining feature of this post-apocalyptic wasteland known as summer 2001 - is back in fashion and most of the big money remains on the sidelines, the season's last week will be a test of will for the few unfortunates in there slinging...
...then there was Friday?s report that growth for April-May-June was a pale 0.7 percent, which could have been worse - it could have been negative 0.7 percent, the official signal of a recession - but it sure as hell could have been better. Not only are corporate earnings glum and corporate profits glummer, corporate spending - the capital investment that makes the economy grow sustainably - was non-existent...
...time, Q3 was supposed to be the start of the turnaround; now it?s just another three months to wonder if this gets worse before it gets better. That brings us back to the consumer - who, according to Friday?s University of Michigan survey, is getting a little glum too - and whether $40 billion in rebates and 275 basis points in interest-rate cuts will be enough to keep wallets open and the economy above water...
...well-trained enough to be stolidly materialistic even in glum times like these. Boom or bust, we're soldiering on - leading our lives of quiet desperation and buy whatever gadgets we can to scratch the itch. Even if it means going a gazillion dollars in debt, we'll keep retail sales respectable until the seas boil...