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August retail sales came in a bit stronger than expected, but it's hard to look at this chart and find any impressive strength. Sales are up at a 5% annual pace since bottoming at the end of 2008, but they are still about 4% below their peak level of late 2007. This amounts to a relatively modest but ongoing recovery, and that's the same story that is reflected in a variety of economic indicators.
6 comments:
I realize that we want the economy to grow but is it necessarily true that if we don't return immediately to 2007 highs in retail spending we haven't recovered? I always thought it strange that we needed to have a Target on every other street corner.
This economy needs Geritol.
The dithering Japan Wing of the Fed needs a shot of whiskey and testosterone.
Hey everyone, my letter to the editor has been published by the WSJ, page a20, 9/14.
Benj,
Congrats for having your letter printed! I read it...good job.
Thanks John.
One problem is that all that growth arose from rise in food prices and fuel costs. In fact, discretionary retail sales were down.
Drill the numbers. BTW has anyone else read Bronte Capital analysis of NYSE:UTA -- a Chinese travel agent. Fascinating analysis http://brontecapital.blogspot.com/
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