Posted on 11/16/2022 2:19:54 PM PST by ChicagoConservative27
An October surge in retail sales is raising doubts about how close the U.S. economy actually is to a recession.
Americans spent far more money on consumer goods and services in October than economists had expected, according to Census Bureau data released Wednesday. While high interest rates and stubborn inflation have taken a chunk out of retailers’ profits, it’s done little to keep down sales as a whole. U.S. retailers made $694.5 billion in sales last month, according to the Census Bureau, an increase of 1.3 percent from September. Sales beat expectations of a smaller 1 percent increase, according to projections from experts, and rose broadly across the economy.
Sales also rose 0.9 percent when eliminating purchases at gasoline stations, which rose sharply as gas prices rebounded in October. Experts attributed some of the increase to the beginning of holiday shopping, kicked off in part by an Amazon Prime sales event held last month.
(Excerpt) Read more at thehill.com ...
Right you are.
1.009^12 = 11.4% annual inflation which is close to the real inflation rate. So that 0.9% month-over-month gain is just inflation! There is NO gain in REAL terms.
The good news is that REAL spending is not going down.
The retail spending by consumers will continue through Christmas, many of the purchases paid for by credit card, as the free cash out there is dwindling down. The hangover will come in January as all the bills come due with little money to pay for them. Then the true recession will rear its ugly head.
The big retailers all know this so they will fire people. Plus the supply chain remains out of whack, and inflation will go sky high now that the mid-terms are over and the artificial propping up of gas prices, etc. will be gone. And the weather in the top half states of the U.S. will suck big-time. Oil/gas prices will go up even higher.
You get what you voted for, you big chunk of idiots that voted for Dem/Socialist/Commies in the mid-term elections. Too bad you have to take down the rest of us with you, you ship of fools. Hard times ahead folks.
Indeed Christmas is nearing sales also rose 0.9 percent it may be the last one we have for a long time hard times ensue.
Maybe everyone who WORKS FOR A LIVING is spending their money as fast as they can before it looses it’s purchasing power due to inflation.
I did that back in the Jimmy Carter years.
Believe nothing The Hill.
When you’re feeding the chickens ,,, they don’t have idea of costs or the supply of the feed, them chickens just keep on being chickens
There’s no “impending” recession. We’re IN a recession. The media can stop lying about it now. The election’s over.
No, it does not. If you buy the data reported you need a mind adjustment.
Americans spent far more money...stop.
There actually may be a retail spike recently.
It’s people buying prepper supplies for what they know is coming.
I had a good long conversation with my cousin last week about this.
That and people are “pre-buying” in the knowledge that everything is continuing to skyrocket.
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