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News, Spin

Turning the Economy Takes Time

Apparently, it’s not just the banks.

It’s not just the automakers.

Not just the newspapers.

This, from today’s Wall Street Journal:

Shoppers continue to pare back spending even on basic household staples, resulting in lower-than-expected sales for Procter & Gamble Co. and Colgate-Palmolive Co. The consumer-products giants are responding by raising prices to keep profits from plunging.”

Ellen Byron’s article goes on to say that consumers increasingly are buying private-label (store) brands, or cheaper brand names: P&G’s Gain and Luvs are bought instead of its Tide and Pampers, respectively.

But increasing prices as the solution? The Journal continues:

Analysts said higher prices could backfire.”

Analysts, go to the head of the line.

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