That is the first time in history that has happened during a boom. Manufacturers knew that if they raised their prices foreign producers would kill them. The negative consequence is that it forces manufacturers to cut all costs and become more productive. That sounds great, but what it really means is increased worker layoffs. The downtown is coming too late to affect this Christmas season very much.
People still have jobs and see a lot of companies advertising for help.
It is next year that I am very concerned about. Consumer confidence will likely decline after the new year starts and Christmas 1999 does not look good. Woodland Mall will be especially interesting to watch. They will have to face a new regional size competitor, tremendous growth of internet retailing, and a poor economy. I hope they make a lot this year while they still can.