Holiday weakest since 1970, more retail cuts seen

NEW YORK (Reuters) – Not since at least 1970 has holiday shopping in the United States posted such dismal numbers, according to data released on Tuesday that was likely to prompt retailers to curtail their business even more in 2009.

Credit Crisis Update – US Treasury announces TARP Iinvestment in GMAC, US banks report trading revenue increase in Q3 as credit spreads deteriorated

iew of hedge fund launches, closures, trends, and regulatory and legal events – week 52 29. Dec. | Opalesque Exclusive: Sydney’s RTM multi-asset class fund up 1.16% in November, +5.60% YTD, Australian Fund Monitor’s average November return at -2.81% 29.

Consumer confidence and home prices hit grim records (Reuters)

Reuters – The U.S. economy continued its run of record-breaking dismal data on Tuesday, with consumer confidence and home prices registering a pair of grim milestones.

US consumer confidence plunges to all-time low (AFP)

AFP – US consumer confidence plunged to a historic low in December amid the rapidly deepening recession and the outlook for the next six months is “quite dismal,” the Conference Board said Tuesday.

December consumer confidence drops to all-time low (AP)

The company bowtie logo shines off the girlle of an unsold 2008 Silverado pickup truck at a Chevrolet dealership in Denver on Sunday, Sept. 7, 2008. General Motors Corp. on Tuesday, Dec. 2 said its U.S. sales fell sharply in November due to a 'significant' drop in retail demand and 'continuing economic uncertainty' that has negatively affected consumer confidence. (AP Photo/David Zalubowski)AP – Consumer confidence hit an all-time low in December, dropping unexpectedly in the face of layoffs and deteriorating markets for housing, stocks and other investments.

Holiday season weakest since at least 1970: ICSC

NEW YORK (Reuters) – The U.S. holiday shopping season is the worst since at least 1970 due to the recession, heavy discounting and harsh winter weather just before Christmas, the International Council of Shopping Centers said on Tuesday.

Holiday season weakest since at least 1970: ICSC (Reuters)

Last minute holiday shoppers walk past a sign at a retail establishment that has slashed prices by as much as 70 percent, in San Francisco, California December 24, 2008. (Robert Galbraith/Reuters)Reuters – The U.S. holiday shopping season is the worst since at least 1970 due to the recession, heavy discounting and harsh winter weather just before Christmas, the International Council of Shopping Centers said on Tuesday.

Consumer confidence at record low (Reuters)

A shopper reaches into his wallet to pay for a purchase on 'Black Friday' in Burbank, California November 28, 2008. (Fred Prouser/Reuters)Reuters – Consumer confidence fell to a record low in December as the worst job market in 16 years hammered sentiment, the Conference Board said on Tuesday.