It was thought invulnerable to the spastic flailing of the dot-com sector. Chambers warned that plague on U.S. tech spending would continue through 2001 and infect other nations. It doesn't stop at the second-tier. From there, the infection spreads out more generally, in all directions. Inventories have stacked up.
Data shows a clear trend toward U.S. recession.
It should be no better this quarter. The Consumer Confidence Index is at the lowest level in four years. Second-tier companies are cutting staff and spending. Unemployed folks are falling back on savings. People who watched their day-traded stocks and mutual funds shrink suddenly don't need items like, say, new wireless phones.