One economist says shoppers and workers are finding out there is no Santa Claus this holiday season.
Lost jobs, wilting retirement accounts and shrinking home values top the list of reasons.
And another batch of bleak economic data is expected Thursday.
The number of newly laid-off people signing up for unemployment benefits last week is expected to climb by 8,000 to 537,000, according to economists' forecasts of what Thursday's figures will be.
Retailers are also expected to show grim results when they report their November sales. Factory orders are also expected to show a decline.
Federal Reserve Chairman Ben Bernanke, meanwhile, will speak about the housing crisis, which has driven up foreclosures and forced financial companies to log massive losses on soured mortgage investments.
And, the chiefs of Chrysler, GM and Ford are preparing to return to Capitol Hill Thursday and Friday to make a fresh plea for as much as $34 billion in emergency aid.
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