Thursday, August 13, 2009

Retail sales down another month!

Latest data for July Retail Sales shows it down 0.6%, ex Autos. Overall Retail Sales were down 0.1% for July.The reason to take out the auto numbers is they were pumped up by gov't action from the "Cash for Clunkers" program. This is not good news going into the Back to School season. Import prices are down over 19.3% year over year and once again it shows us in a deflationary environment.The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government efforts to limit the damage. Nevada led the nation in foreclosures for July. Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday. More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice.

Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.

Unemployment unexpectedly increased for the week. The 4 week moving average is up to 558,000 lost jobs.

The Consumer is not returning to the marketplace according to these numbers and unless they do, more are going to lose jobs and more foreclosures are on the horizon. You feeling optimistic now? It's back to school soon and the reality of the world as people return from vacation. Take a deep breath!

Don't forget to take my Mini Poll on the right margin as to how long you believe the recession will last.

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2 Comments:

Anonymous Jason said...

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10:37 AM  
Blogger Mac said...

It's also interesting to note:

Consumer Prices Hold Steady in July
By JACK HEALY, NY Times
Published: August 14, 2009

In a sign that inflation is not roaring back as the economy stabilizes, consumer prices were flat in July from a month earlier, the government reported on Friday.

The Labor Department said its consumer price index was unchanged from June on a seasonally adjusted basis, and that prices this summer were 2.1 percent lower than last July, when soaring oil costs drove gasoline prices to $4 a gallon and lifted the cost of food and other products.

The drop in the last year has been the largest in almost 60 years, coming as the global economic crisis reduced demand for a host of goods and services.

Economists had been expecting no change in the cost of living in July. Excluding volatile food and energy prices, the so-called core rate of inflation rose 0.1 percent, also in line with expectations.

“For all the inflation fear mongering, the fact remains that prices have, in the near term, declined further rather than turned upwards,” Dan Greenhaus, chief economic strategist at Miller Tabak, said in a research note. “Such price action comes despite, among other things, a $787 billion dollar stimulus package and $1.75 trillion in asset purchase by the Federal Reserve.”

7:36 AM  

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