Retail Sales: Trouble Found Deeper in the Trend
Karl Denninger submits: A generally-declining trend, but as they say on CNBC, "better than expected:"
The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for May, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $387.1 billion, a decrease of 0.2% (0.5%)* from the previous month, but 7.7% (0.7%) above May 2010. Total sales for the March through May 2011 period were up 7.5% (0.5%) from the same period a year ago. The March to April 2011 percent change was revised from +0.5% (0.5%)* to +0.3% (0.3%)*.
The "first blush" look isn't so bad, although down The trouble is found here, in the trend: That's not so good. In fact, it's just plain sucky. The other interesting point is found in the internals. With seasonal adjustments we saw decreases in vehicles, furniture, electronics, food, sporting goods and general merchandise. WhereComplete Story »