In this world of uncertainties problems occur and solutions are to be seeked but apart from all that is out of hand we humans still wish to improve and bring about changes in our lives in every way we can. The economy has seen a bad downturn and financial crisis creeps out of every stone upturned thus the consumers have lost confidence and the flow of capital is restricted to a great extent.
The financial crisis began with subprime mortgagees that flooded the market and the economy began to decline with the increasing number of bad debts. Several financial institutions such as Lehman Brothers got bankrupted and now the financial crisis has contributed to a slag in the economy. Consumer spending has reduced and so has business investment as a result so GDP is going down gradually. The Reuters/UniversityofMichiganhad the most dramatic and biggest drop in rate from 70.3 to 57.5 since 1978. The measure for manufacturing that is theinstituteofSupply Management’s index dropped to 43.5 simultaneously and sales for all retailers fell dramatically due to a fall in consumer spending overall. The economy has slowed down and unemployment is now an increasing problem. It’s the small firms that have employed 99.7% of the workforce of the nation but businesses have slowed down overall due to a drop in consumer spending and business investments (U.S; 2008).
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