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Word Count: 487
For almost a year now it has become common knowledge to the economic sector that global economy is being dragged through what now seems like a long dark tunnel A slump in markets was taking minor progress during the first half of 2001 but after the tragedies of September 11 resulted in an immediate economic recession Nearing the year end economists were making hopeful predictions for the first and second quarter of 2002 Unfortunetely most were disappointed as the improvement seen was painfully slow if any at all Data reports have shown that the 6 consumer spending growth which slightly helped relieve the pain of last years recession fell short again forcing many big companies to close down or file for bankruptcy The final straw may just be on its way as early reports for sales in the second half of 2002 show an even greater shrinkage in demands for consumer goods For almost two years American consumer confidence has contributed largely to the success of the economy But the Conference Board reported in early August that consumer confidence was heading further downhill almost reaching a ninth month low The news directly effected supply stocks as many retailers have already reduced optimism forecasting severe drops in third quarter earnings This year fall the back-to-school best known for bringing boost in sales isnt quite living up to retail expectations Large department and discount stores such as Target Corp and Sears Roebuck all say sales were slumping worse than expected At this point in time suppliers are facing disequilibrium where low demands can no longer meet supply so that both the buyer and the seller are satisfied With no choice but to lower prices in fear of creating excess supply Stores are turning into rivals by cutting prices and deeply discounting most products earlier than usual a trend that will inevitably harm all their total incomes in the long run If any recovery is going to
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