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Motorola, one of the world's biggest producers of cell phones and semiconductors, said the downturn resulted from weak consumer spending and the resulting oversupply that led to semiconductor inventory buildup at many of its customers.
The firm's operations continue to suffer from weak consumer spending as the fallout from the European debt crisis affected the retail and corporate banking units.
Food service distributors will suffer, as their primary customers are restaurants, which have struggled from weak consumer spending.
The errors resulted from weak internal controls, Millennium said in a regulatory filing.
The crisis in the United States did not result from weak innovation or productivity — on the contrary.
But they and foreign-based manufacturers like Toyota and Honda still face more months of grim sales as a result of weak consumer confidence and tight credit.
The lack of buying on credit results more from a weak consumer finance system than anything else.
Management blamed the weak sales trends in the quarter on flagging consumer confidence resulting from factors like the loss of the tax credit stimulus, weak job creation, volatile stock market prices and the oil spill in the Gulf of Mexico.
If Japanese goods become cheaper at a time of weak consumer demand in the United States, the result could be accelerated layoffs in American factories.
Apart from the weak dollar, the Philips consumer division has had to cope with weak consumer sentiment, and it has lowered prices by as much as 12percentt since the start of the year.
Compensation resulting from changes in are much weaker.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com