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.
美国消费者就是个佐证。2008年下半年，美国实际个人消费支出将持续出现罕见的连续季度下滑，年均减幅约为3.5%。自1950年以来，实际消费者需求连续两个季度下跌的情况仅出现过四次。今年将首次出现第三、四季度跌幅都超过3%的情况。美国消费者还从未做出过如此反常的屈服举动。
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