Friday, December 16, 2022

Retail Sales Off Huge in November

Don't forget the effect of BidenFlation!

...Keep in mind, retail sales are calculated in dollars spent by consumers.   November 2022 retail sales as reported by the commerce department today [DATA pdf], reflect a 0.6% decrease in spending vs October.  November data includes Thanksgiving, Black Friday and the traditional early holiday shopping.  0.6% less dollars were spent, despite prices being double digits higher than the prior year....

Figuring (conservatively) a 7% y-o-y price increase for the same goods, you're actually looking at a seven-and-one-half percent drop in retail goods moved.

And that drop in gasoline prices?  That has to do with demand, not the benevolence of Bai-Den; except that his policies are forcing demand to drop, too.  It's called "incipient recessionary indexing."

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