How bad is the recession? The latest figures from Hormel Foods, maker of Spam, tell us things are bad and getting worse.
While Hormel's profit fell 8%, the data showed strong sales of Spam as consumers tighten their belts and hunker down. That took its earnings to 60 cents a share when analysts on average were expecting profit of 51 cents a share, reports the New York Times.
That in itself is a sign of hard times. As NYT columnist Frank Rich says, Spam, along with Campbells Soup, Big Macs and Hershey's chocolate, is among the four food groups of the apocalypse.
Let's not forget that Spam first hit the market in 1937. Students of economic history will recall that as the year of the Roosevelt recession where there was a temporary reversal of the pre-war 1933 to 1941 economic recovery. It's back to the future.
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