The American consumer is a case in point. Real personal consumption expenditures are on track for rare back-to-back quarterly declines in the second half of 2008, at roughly a 3.5 per cent average annual rate. Since 1950 there have been only four instances when real consumer demand fell for two consecutive quarters. Declines will exceed 3 per cent in both quarters for the first time. Never before has there been such an extraordinary capitulation of the American consumer.
美國消費者就是個佐證。2008年下半年，美國實際個人消費支出將持續出現罕見的連續季度下滑，年均減幅約為3.5%。自1950年以來，實際消費者需求連續兩個季度下跌的情況僅出現過四次。今年將首次出現第三、四季度跌幅都超過3%的情況。美國消費者還從未做出過如此反常的屈服舉動。
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