Retail sales have been trending downward for the past couple of years but suddenly spiked upward in July:
That's an annualized jump of 13.7% from June, the biggest increase of the past 24 months aside from January 2023, which I think was an artifact of statistical revisions.
As always, a single month doesn't mean much, especially in the face of a long-term trend. Still, it's good news. People continue working and buying stuff, and that's what we want to see.
Ohhhh Noooooo....
Sure, it's good news, but that's bad news because now the Fed won't lower rates....
Retail sales has been slow this year and maybe are starting to catch up? People coming home from vacations and deciding to get some work done before school starts?
Note: Market rallies, DJT still falls...
Keep working and buying lots of stuff until at least November.
DJT keeps harping on the price of bacon. I don't buy the stuff myself, but I just looked on Amazon and you can get a full pound (16 oz) of Amazon Fresh brand bacon, applewood or hickory smoked, for $5.49. I think the culinary crisis is greatly exaggerated.
Here's how NPR reported this news earlier today:
"despite inflation retail sales went up in July" . They may even have said
"high inflation". Is it any wonder that there is such a large (and unusual) discrepency between people's positive perception of their own situation and negative preception of the overall economy ?