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 ...
Maybe the sales ‘spiked’ because most the prices went up.
see tagline
Target has issued a profit warning and announced severe cost-cutting measures. This does not agree with the article posted, although it couldn’t happen to a “nicer” business. /s
Wait, the Amazon Prime event moved the national retail needle? Hard to imagine. Show me the corresponding aggregate credit card debt level for the same period.
And the amount spent on credit cards skyrocketed,causing another looming debt crisis. I wonder if ole Joe will want to forgive that too?
The only question I have is, Did the people pay for their stuff with cash reserves? Or did they use the credit card, and go further into debt?
so that’s why amazon is laying off 10000 and bezos is saying lookout below then...
Exactly. Inflation raises prices, people spend more just to buy the same stuff. The government says “retail spending is up! Everything is cool!” Oh and btw, when they take out spending for gas the “spike” was all of .9%.
Impending? The full-blown recession is, and has been here! We’re headed towards a depression. Stupid liberal reporters.
Cause Thanksgiving and Christmas. And a whole bunch of stupid people who will pay the prices anyhow.
The Hill = a hill of bullshit
That's easy to answer. With credit card interest anywhere from 18 percent to 28 percent (as bad with banks as with loan sharks), you can bet that people are going further into debt. They have no cash reserves. I saw worried looks on the faces of some young people at the grocery store today as they were buying a few meager items.
I'm thinking Bezos is a bit more aware of the economic outlook than this bozo.
On the other hand, the retail sales spike could be fueled by the Biden student loan debt cancellation and the gas price reduction due to the sell off of the Strategic Petroleum Reserve.
In other words, people squandered their savings they are going to need now that gas prices and inflation are going to skyrocket and the loan debt cancellation is canceled
Mencken is going have the last laugh on gullible American voters
Darn, I just bought a new TV because Geko’s were shorting out the power supply on my nearly 30 year old Sony big screen.
Does that count as a spike?
No wonder Jesus Christ took a whip to these lowlifes...
There is something to the “Americans avoided the Red Wave because they hadn’t felt enough pain yet.” On another thread today.
True.
Idiots will move as sheep through the ramps up to the Dem vote in 2024 to totally destroy the freedoms enjoyed and fought for in America-——unless they suffer now.
Only a little sadism on my part, the rest is practical political strategy.
“$694.5 billion in sales last month, according to the Census Bureau”
Facts and figures to support those claims, please. Seems the
Census is counting a great deal these days, including the sperm count (declining) which could be causing a decrease in our overall American population.
“All is well,
All is well !”
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.