That's not good news for companies such as electronics retailer Circuit City. The company has already filed for bankruptcy and cut nearly 7,000 jobs as it closes stores. Also reflecting decreased consumer demand for electronics, chip maker Advanced Micro Devices is cutting 500 jobs.
Fewer goods purchased also means less work shipping them.
For instance, shipping company DHL is cutting its U.S. operations. And Neptune Orient Lines, a container-shipping company in Singapore, just cut 1,000 jobs in North America, about 9 percent of a its global workforce.
A slower economy also means less businesses and individuals making phone calls. Qwest Communications plans to cut 1,200 jobs. And Yahoo plans to cut 1,500 jobs, in part reflecting an advertising decline in newspapers, television, radio and the Internet.
Finally, government tax collections are down, forcing them to reduce services and jobs.
"Local school boards," White said, "are realizing that they have less money to spend and they will cut back."
Where will it all end? No one knows, but many think it's likely to get worse before it gets better.
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