Huffington Post’s Sam Stein reports that one of Alan Greenspan’s most trusted economic indicators — men’s underwear sales — is forecasting more bad economic news to come. Key quote:
A revised survey by the leading global research company, Mintel, shows relatively large drops in the sales of men’s underwear in the United States. The study, to be released April 9, projects a 2.3 percent drop in sales of all men’s underwear products in 2009. Underscoring just how quickly the market has gone south, in November 2008, Mintel had forecast sales to grow by 2.6 percent in 2009. A serious downturn led to a serious revision.
Maybe we haven’t hit bottom yet, so to speak.