US recession? Look at what rich Americans do on Black Friday

Nordstrom and other retailers that cater to America’s upper middle class have experienced weakening results. — Bloomberg

RICH Americans are curtailing their spending ahead of Black Friday, a worrisome sign for an economy that has so far depended on the US consumer to stave off a recession.

In the three months ahead of the all-important holiday shopping season, a group of retailers that cater to the upper middle class – including Apple, Coach and Nordstrom – saw its biggest sales drop in two years, according to an exclusive analysis of Bloomberg second measure data. The malaise also hit top-performing malls in wealthier areas, even as overall retail-sales figures march higher.