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Article: Tight fists choke stocks.(TOP 75 PUBLIC COMPANIES)
- Article from:
- Business North Carolina
- Article date:
- August 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 Business North Carolina. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Slowly, it seems, Americans are opening their wallets, swiping their plastic and buying more. Consumer spending rose 0.3% in May, the latest month figures were available, but it will take a lot more than a tiny bump to pull the country out of recession.
Tight consumer and corporate purse strings strangle stock prices, says Mark Vitner, senior economist at Wells Fargo Securities LLC in Charlotte. "For companies that sell into the domestic marketplace, the underlying demand for their products has weakened even more than the gross domestic product. Revenue and earnings have taken a huge hit, and that's had a significant impact on their share prices."
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