Top Retail Analyst: "I Think What’s Going On ... Is That We Are In A Depression For 80 Percent Of Americans"

CBS station KNX 1070 in Los Angeles reports:

More stores across the U.S. that offer deeply-discounted products are seeing their sales decline after years of growth amid America’s “Great Recession” — and one analyst said on Monday it’s another sign of even deeper downturn.

***

“I think what’s going on in those stores is that we are in a depression for 80 percent of Americans,” top retail analyst Howard Davidowitz told KNX 1070.

America’s three largest discount chains — Dollar General Corp., Family Dollar Stores Inc. and Dollar Tree Inc. — all recently missed their quarterly earnings targets.

Davidowitz pointed to the weakness of the dollar and a gloomy consumer outlook as some of the factors behind the stores’ slump.

“In those stores, somebody comes in with $12 to do all their shopping,” said Davidowitz. “The person who used to come in with $12 now comes in with $8.”

“In other words, the economy is continuing to be worse, the ... depression continues to explode,” he added.

(For more on Davidowitz, see this and this.)

This reminds me of Joe Biden's statement that "it's a depression for millions of Americans", Wal Mart CEO's statement that Wal Mart shoppers are running out of money, and many top economists' assertion that we're in a Depression.

And see this.