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And this belt-tightening trickles into industries that arent essential, affecting businesses across the board.
Its a chain reaction that eventually touches almost everyone.
Here are five types of business most affected by arecession and how this may impact your wallet.
For homeowners, this results in falling home prices and trouble in selling the home, he said.
Even parts suppliersof automakers, dealerships and this would hurt as well, he explained.
Manufacturing
There is a downturn in everything that is manufactured since there is less consumer demand.
Such slow advancement is detrimental to both thelocal and international supply chain, Templeton said.
It usually starts withluxury items and servicesthat people can live without.
Retail suffers because fewer people are out shopping or traveling, he said.
Templeton said, Almost all kinds of trades raise their prices because of similar reasons and because they can.
Thus, customers receive less for more.
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