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The minutes also reported that some committee members felt that less rapid consumer spending at that time might have been linked to lower stock prices.
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The Finnish company warned in a statement that the rapid changes in consumer spending would probably hit the mobile device market.
The stock of Apple ended the week down 19percentt after two stock analysts suggested that the rapid cooldown in consumer spending would put an end to the company's hot sales streak.
After all, he described China as "ruthlessly competitive" and a "highly dynamic market," with factors like mass immigration from the countryside to big cities and rapid growth in consumer spending and borrowing.
A spokesperson for Panasonic was unavailable for comment on Thursday, but in an official statement the company blamed the yen's "rapid appreciation" and "sluggish" consumer spending for the profit warning.
These factors, from continued innovation and efficiencies, paired with automation that reduces jobs and prices, has led to fewer consumer purchases and rapid overall declines in aggregate consumer spending — and could lead to serious problems for employment and the overall economy.
Over the past decade, the supermarket industry has been buffeted by recession, intense competition, rapid developments in technology and changes to consumer spending habits.
Many retailers are still acting as if consumer spending is growing at a rapid rate.
"Now you need a rapid improvement in the job market to give consumer spending a chance," said Aaron Smith, a senior economist at Moodys.com.
China's consumer spending is expanding with the nation's rapid economic growth, which reached 12% in the first quarter of the year.
Growth in general and consumer spending in particular have "slowed noticeably this spring from the unusually rapid pace observed late in 1999 and early this year," Mr. Greenspan said.
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