Tuesday, April 14, 2009
Retail sales unexpectedly fell in March, but the way I read this chart, sales in March were higher than they were in December. The market has been priced to the expectation that the economy is entering a depression of almost biblical proportions. The best news to date is that the economy is not falling off a cliff—it is likely stabilizing, and that is a much better outcome than the market has been expecting. Sensitive indicators, such as commodity prices, are actually rebounding after plunging in late 2008.
Posted by Scott Grannis at 9:12 AM