OK, Ure is pissed.
The markets are being hyped up over 100 at the open based on a minute drop in the All Items less food and energy in today’s CPI report.
What you are not hearing much is that retails sales laid a big fat goose egg.
Advance Estimates of U.S. Retail and Food Services
Advance estimates of U.S. retail and food services sales for April 2024, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $705.2 billion, virtually unchanged
(±0.4 percent)* from the previous month, but up 3.0 percent (±0.5 percent) above April 2023. Total sales for the February 2024 through April 2024 period were up 3.0 percent (±0.5 percent) from the same period a year ago. The February 2024 to March 2024 percent change was revised from up 0.7 percent (±0.5 percent) to up 0.6 percent (±0.1 percent).”
Credit to Bloomberg for at least reporting US Retail Sales Stall After Downward Revisions in Prior Months. We somehow didn’t see the story on the home page of CNBC…
Don’t look now kiddies, but this doesn’t keep up with inflation.
So we find ourselves (again) aghast at the lack of financial understanding by people dumb enough to put savings into a pre-crash stock market.
But ya’ll have fun. the real deal in America is growth. And we ain’t go none.
Did you miss the NY Fed report Tuesday?
“NEW YORK — The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $184 billion (1.1%) in the first quarter of 2024, to $17.69 trillion. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel.”
Have fun buying at the top.
Write when the delirium breaks,
George@Ure.net