Firas Askari, an analyst at BMO Capital Markets, said the US economy could no longer rely on consumer spending.
"This shows us the US consumer, who has been the stalwart holding up the US economy of late, is starting to buckle here."
Goldman Sachs predicted last week that the US economy would go into recession in 2008, while rival investment bank Merrill Lynch said the economy was already in a recession.
US interest rates are currently at 4.25% following three rate cuts in succession.
The Fed next meets to decide on interest rates on 29-30 January, with the latest inflation data suggesting they do have room to cut rates.
http://news.bbc.co.uk/2/hi/business/7189566.stm
alan kohler says biggest correction since 1987, page-9
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