65. The passage may be ________.

A. a traveling plan        B. an arrangement for a wedding ceremony

C. an arrangement for live coverage  D. an outing plan

C

Predictions for

consumer spending in 2009

Consumer confidence has taken an enormous hit in recent months, and Americans are expected to be tight with money early in the year 2009, then slowly increase their spending. The massive loss of wealth from the decline in stock and home prices has taken a huge toll on US households. Net worth was down more than 11% in the July-September quarter from a year earlier, according to the Federal Reserve. When people are less wealthy - even on paper - they tend to spend less. And Americans finally are building up their savings - after years of spending more than they earned.

“When unemployment is high and confidence is low, people accumulate a little bit of a nest egg,” Nationall City chief economist Richard DeKaser says. Retailers are preparing for the worst, with the most optimistic suggesting that the downward slide in sales will stop or at least slow in the second half of the year. But they’re not taking any chances. Nearly all chain stores have reduced plans to open stores. Some, including Sears and Ann Taylor, are expected to close stores well into next year and beyond.

Auto sales in the US are expected to be even worse in 2009 than in 2008, reflecting the lower sales volume that hit at the tail end of this year. Estimates range from 11. 5 million to 12. 5 million for 2009, a far cry from the 17-million-a-year sales level in 2001, the Detroit 3 automakers said in a statement this month as they sought a federal aid. Consumer spending accounts for over two-thirds of US economic activity. Economists all expect spending to increase in the April-June quarter. One thing that will help is the sharp drop in prices of commodities, particularly gas. It’s one of the good pieces of news.

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