Posted on 08/15/2019 7:21:06 AM PDT by DoodleDawg
U.S. consumers spent more in July than economists expected, the federal government said on Thursday, as retail sales rose 0.7% vs. the 0.3% estimated. Excluding automobile sales, a more volatile component, retail sales rose 1% — double what economists anticipated.
Why it matters: Consumers were largely unfazed by the increasing economic uncertainty in July, defying other indicators that point to a global slowdown or recession. The data also comes as Walmart, one of the world’s biggest retailers, posted strong financials for its most recent quarter.
The indicators are wacky due to the tariff war over China. This is something our economy has not had to deal with.
I’m just a average dude living my life. In my daily life the economy seems just fine. What uncertainty are they talking about?
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"Nine of the last four recessions have been predicted by: economists, media, the market etc….there truly is (nearly) nothing new under the sun.”
I’ll tell you what defies recession talk: my drives to Flagstaff along I-40. There is no end to the incessant 2-mile-long trains on the BNSF; and the wagon-train of semis going 75 mph (except on the long grades uphill, that’s when they doe their slow drag races side-by-side). I’d be annoyed by the trucks EXCEPT: I get to celebrate the hell out of MAGA; the trucks and trains are visual proof that there’s steam in the Trump-o-nomic train!
The tariff war is bad for Wall Street.
It is not necessarily bad for the US in the long run.
Trump’s election was a watershed. Going forward what’s best for Wall Street will not necessarily be regarded as being best for the economy.
Wall Street is predictably having its stampy-foot hissy fit about this.
They’re talking about the TDS people in the financial sector who are trying to tank the economy but failing! In a way it’s great because this should open people’s eyes and expose the traitors who are working against us...meaning US!
The MSM want a recession and they’ll lie their heads off to try to get it
Deplorables, pulling through.
In my daily life the economy seems just fine.
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To your point the malls, restaurants, airlines, hotels, etc. all seem to be doing a brisk business.
There are lots of delivery trucks driving through our neighborhood everyday.
To the average person the economy seems to be doing quite well and unemployment is not a problem.
Rhe media is overwhelmingly anti-Trump and they are unquestionably talking down the economy in hopes of defeating him. These same people would never, ever predict a recession if a Dem was president.
Add in a billion people who have no idea what a free election is, and a couple hundred million who most certainly do know, along with Chinese cash getting low, and you've the makings for the ancient curse... ‘May you live in interesting times.’
Who knows what the future will bring; I know what the past brings and if that is the best we can do, I'll roll the dice on the future.
“they are unquestionably talking down the economy in hopes of defeating him”
And that’s all that’s happening.
Even See BS had a woman on their “news” shows yesterday admitting that the silliness on Wall st will become a self fulfilling prophecy of recession where none was expected.
Unless they can recruit the Soros gang to make a run on the currency like they did back in ‘08 what will happen is this will just turn into a buying opportunity as the stupid wears off and the fear mongers get stomped.
Agree. For decades all economists and politicians cared about were the investment class. Ship jobs overseas or hire foreign cheap labor; thus hollowing out the country. We have more people at work and more small business than ever before. Im not too worried (except I am expecting another real estate correction).
A “recession” is something being concocted between the Fake News media, the DemocRats, and the Chinese as part of their effort to remove Trump from office, now or in 2020.
In case no one has noticed, a large number of ‘Rats have come out as socialists, just like their elite friends in China.
They will be crying recession from now until 11/20. They know a severe economic downturn is essential to get rid of Trump. The drumbeat is just starting so a reduction in consumer spending will lag. Let’s pray it doesn’t happen.
We can print and print and print and spend and spend and spend
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Debt levels across the board (governments, mortgage, personal, student) are all very high yet the economy rolls along. If the economy should falter paying off those debts will be problematic, to say the least.
The recession call was pure bullsh*t and done with the sole purpose of tanking the markets. In part the attempt was successful but only in the short term.
Numbers coming out today show exceedingly strong productivity on top of the very strong consumer spending numbers. Consumer spending represents fully 2/3 of our entire economy.
There is a phrase used by traders, “Sell in May and go away”. The pros go on vacation and leave the second stringers to trade and they are quick to hit the button at the drop of a hat. Markets traditionally do poorly in the Summer and start to get it together in the late Fall.
"Wishcasting": now that's an apt term if I ever saw one.
I often refer to it as "thinking with their mouths".
The drumbeat is just starting so a reduction in consumer spending will lag. Let’s pray it doesn’t happen.
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There is one very important factor helping to drive the economy forward and that is the power of advertising, which has become a very sophisticated force. The ads are relentless, ubiquitous, clever and effective. (They are also annoying but they wouldn’t be running them if they didn’t work.)
We are literally bombarded with ads 24X7. It never stops.
And now there are rewards programs and countless other incentives to get people to spend.
Not saying that’s all it takes to drive an economy but it is one of the engines pushing it.
I think the power of advertising and its effect on the economy are underappreciated. We have an amazing and powerful advertising industry in this country.
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