Spending nationally is down considerably in the last quarter. Many local businesses (retail and food establishments) have been talking about this since October. Many speculated that this was the community "cutting back" due to the Simchas Torah massacre. However, it seems abundantly clear that this is in fact part of a national trend.
I know anecdotally of large organizations who are deeply concerned (choosing my words carefully here) and are already scrambling to replace some of the income they have to come to rely upon, mostly from donors who have careers in real estate.
One last note. During the Motzei shabbos keynote at the Agudah Convention, I heard R' Menashe Miller refer to the "current financial crisis" which is why I chose that terminology.
