More Negative Effects of the Economy (excerpt Wall Street Journal)

Neiman Marcus Sees Bleak Holiday

Luxury-Goods Retailer Reports a Doubling of Its Quarterly Loss
And Warns the Wealthy Are Cutting Back

Upscale retailer Neiman Marcus Inc. offered a bleak outlook for the holidays and said its quarterly loss more than doubled from a year earlier, signaling a further downturn in the U.S. luxury-goods market.

Neiman, which posted a $35.7 million loss for its fiscal quarter ended Aug. 2, warned that the American luxury market is likely to be hit hard by the recent financial crisis as wealthy and upper-middle-class consumers change their attitudes toward spending.