As cash-hungry bookstores return slow-moving inventory to publishers to free up bucks to buy new books, and as the industry anxiously monitors the health of the Borders bookstore chain, there are signs that publishing is hunkering down like every other business enterprise these days.

Publishers Lunch Deluxe cites an Associated Press report that Random House is pulling in its horns on employee benefits. First, it’s freezing pensions at current levels; and second, new hires will not be offered pension participation. The company will continue to match employee contributions to 401k plans, however. Deluxe, publishing’s online trade newsletter, also mentions a Quill and Quire news item that Random’s Canadian division will not be exhibiting at the Canadian Book Expo.

Random House is a bellweather; whatever it does, the rest of the trade book business often follows.

However…

Before everyone starts running on fear itself, we should remind ourselves that books are still the most cost-effective, personal and meaningful holiday gift of all, and the pleasure of reading one can stretch over months.

I’ve never agreed with anything President Bush has said, but, my fellow Amuricans, maybe this is a good time for Americans to go shopping — for books. In fact, a wonderful initiative has been offered by a major publisher to promote books as gifts. It’s called Books=Gifts. Check it out. And when you do, notice who’s sponsoring it: Random House!

Richard Curtis