| Publication |
2007.
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| Summary/Abstract |
The prevailing explanation for the sluggishness of consumer spending is that companies have been slow to raise wages despite the sustained increase in their profits. But other factors have been at work, including the loss of upward momentum in the stock market. Also, the shift in the structure of employment is leaving more workers stuck in part-time or temporary jobs; these people tend to scrimp on discretionary outlays. The upcoming retirement of large numbers of baby boomers is liable to act as a further drag on consumption
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