The Context: Economic Conditions in Fashion Apparel and Accessories, 2000

In early 2000 the U.S. economy continued to weaken resulting in the overall apparel and accessory businesses to struggle with declining sales. During the time of the slow-moving economic situation the U.S. accessory companies had a challenge with the increase in Imports. During this time the apparel industry hired about 53,000 workers with a payroll being more than one billion dollars. However by the year 2001 the number went down from $2.04 billion (2000) to $1.92 billion shipments. “New fashion trends in the early 2000s were expected to counteract this decline, despite generally poor showings throughout much of the apparel industry”. The result of the economic recession was consumers were looking for values and savings, going from designer labels to a more casual and less expensive look. The drastic shift in consumer behavior caused improvement for discount mass but the opposite affect for the specialty boutiques and department stores.

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NAICS CODE(S) 315999 (Apparel Accessories and Other Apparel Manufacturing)

http://www.referenceforbusiness.com/industries/Apparel/Apparel-Belts.html

NAICS CODE(S) 315999 (Other Apparel Accessories and Other Apparel Manufacturing)
315212 (Women's and Girls' Cut and Sew Apparel Contractors)
315299 (All Other Cut and Sew Apparel Manufacturing)
315238 (Women's and Girls' Cut and Sew Other Outerwear Manufacturing)
http://www.referenceforbusiness.com/industries/Apparel/Women-s-Misses-Juniors-Outerwear.html

I think what we are seeing in retailing are certain sectors doing better than others. In general, the department stores have not been performing well," said Dorothy Lakner, retail analyst, CIBC World Markets. The big chains have not been doing well. Specialty retailers, again, not all of them have done well but some have done extraordinarily well. Tiffany is certainly a great example.

http://money.cnn.com/2000/08/16/investing/propicks/index.htm

A slowing economy, high oil prices and 'fashion malaise' make shoppers frugal:

http://money.cnn.com/2000/08/15/companies/retail/index.htm

Congress' Tax-Cutting Folly

-There is no good economic or social motive for the two $792 billion tax cuts just passed by the Republican Senate and House of Representatives.

-The record of economic forecasting is an abysmal one, not because the forecasters are stupid or biased but because the economy is just too complex to predict with any accuracy.

http://www.slate.com/id/1003322/