Double Dip Retail Recession?

Retail consultantcy Strategic Resource Group Managing Director Burt Flickinger asserted the US retail sector just entered a 500-day retail recession in an article on The Street website. He predicted weaker retail sales, more store closures, and more bankruptcies. He cited that a recent study by Moody's Analytics estimated that almost 20% of all US payments were jobless benefits, food stamps, Social Security, and disability. Moody's noted jobless benefits accounted for about $37 billion in spending -- as long-term unemployed lose the benefits, that money will not be spent. The continuing weak job market offers no quick fix, either. Toss in inflation effects, and Flickinger contended rough retail sailing for the next year and a half.