[us economy] all's not roses approaching christmas

Wal-Mart, Target and Gap are heading for poor Christmases. Wal-Mart says it expects its November figures to be "approximately flat", Gap was among the poorest performers with a 7% fall in like-for-like takings and Target achieved a 3.9% rise but missed estimates of a 4.2% increase. The economy’s expansion of only 1.6% during the third quarter was the weakest rate since the first quarter of 2003. Julian Jessop of Capital Economics said he saw a 30% chance of a recession occurring. "Considering oil prices have fallen and the strength of the stock market, confidence should be very strong but the fact that it is not suggests there is something else going on." Lowered oil prices and a slowing housing market have been blamed by some.