It's not as if we got dumb all of a sudden

By Sue Kirchhoff, USA TODAY

WASHINGTON — More signs of a slowdown emerged Thursday, with a major retailer announcing lower-than-expected sales and the housing slump deepening. At the same time, spiking gasoline prices pushed consumer inflation higher in October.
The Federal Reserve has predicted that the economy's growth will slow, but not freeze up, through the end of the year and into 2008. Business and consumers face tighter credit markets, rising energy costs and dropping home sales and prices.

J.C. Penney CEO Myron Ullman III told investors during a conference call the slowdown reflected broader economic factors. One area of decline was home furnishings, tied to the slowdown in housing.
"It's hard to sell window coverings to homes that aren't being built," Ullman said. "It's not as if we got dumb all of a sudden."