The Home Depot store closings announced today just seven months after Home Depot CEO Frank Blake said the company had no plans to reduce the number of its core retail stores is bearish omen for the US economy.

The Home Depot closings are also a clear sign that consumer spending cutbacks are hitting America’s blue chip companies. Home Depot is the world’s number one home improvement store chain.

According to the AP news wire, it’s the first time Home Depot stores have closed for performance reasons.