Malcolm Edey
Malcolm Edey
compared current mild note previous sector unusually
Having said that, however, I should note that the current downturn in this sector is an unusually mild one compared with previous cycles.
adjustment continue growth household pattern reduce risk sector sharper skewed spending towards
A pattern of growth that was heavily skewed towards household spending was not going to be able to continue indefinitely, and the balance-sheet adjustment now occurring in the household sector should reduce the risk of a sharper adjustment later.