Business & Economy

Layaway Makes a Comeback in Sagging Economy

Nov 24, 2008

The holiday shopping season is almost in full swing. But this year consumers may not be spending as much on gifts as the economy continues to slide south. In an effort to help customers and secure sales, retailers are pushing an old tradition - The layaway. Some retailers are aggressively pushing their plans, and at least one which had discontinued layaways, is bringing them back.

Gov. Ted Strickland says Ohio needs to target nine industries over the next decade to grow the state's economy.

Strickland released a strategic plan Wednesday that identifies key industries needed to improve the economy. They include advanced energy, polymers, bioscience and aerospace.

The plan, presented to hundreds of business leaders, aims to change the often-negative perception of Ohio's economy.

The Columbus Chamber of Commerce says the region's economy is still struggling. Chamber economist Bill Lafayette predicts less growth than in 2007.

"This year our average forecast is for growth of .4 percent. So, a touch less than last year." Lafayette says nearly all sectors, save transportation and warehousing have "underperformed." Housing is weak. Manufacturing is declining and Lafayette says retail employment will drop sharply this year.

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