Post by unlawflcombatnt on Apr 3, 2007 13:42:16 GMT -6
Today's stock market rally was based on the most optimistic spin imaginable from the thinnest of positive information. The Pending Home Sales Index (from the pack of liars known as the National Association of Realtors) increased +0.7 over the last month. However, over the last year, the Pending Home Sales Index has decreased -8.5%.
Next comes the Same Store Sales information which was up +0.3% for the last week. Year-over-year, those sales are up +4.9% in current, non-inflation adjusted dollars. With a year-over-year increase in the CPI of 2.4%, that makes the inflation-adjusted annual increase only +2.5%.
Overall Retail Sales declined for the week ending March 31st by -0.8%. Compared to the same week in 2006, retail sales were up a mere 1%. Again, with a Consumer Price Index increase of 2.4% over the last year, that puts last week's "real" retail sales at 1.4% less than last year.
In addition, the auto recession continues to deepen. Ford Motor's American sales declined -9% last month. Daimler-Chrysler AG's sales fell -4.1%. Daimler-Chrysler sales declined from 228,047 the previous month down to 206,435 for March. (More automobile sales information can be found in the Yahoo News story Ford, DaimlerChrysler March sales fall )
GM auto sales are also down over 7% for the year, meaning the big 3 U.S. auto makers are in recession.
Apparently auto sales to affluent buyers have not declined, however, as evidenced by a 1% increase in Mercedes sales in March to a record of 21,612.
If the economy is "strong, and getting stronger", its only for the top 1%. For the rest of us, the economy continues to worsen.
Next comes the Same Store Sales information which was up +0.3% for the last week. Year-over-year, those sales are up +4.9% in current, non-inflation adjusted dollars. With a year-over-year increase in the CPI of 2.4%, that makes the inflation-adjusted annual increase only +2.5%.
Overall Retail Sales declined for the week ending March 31st by -0.8%. Compared to the same week in 2006, retail sales were up a mere 1%. Again, with a Consumer Price Index increase of 2.4% over the last year, that puts last week's "real" retail sales at 1.4% less than last year.
In addition, the auto recession continues to deepen. Ford Motor's American sales declined -9% last month. Daimler-Chrysler AG's sales fell -4.1%. Daimler-Chrysler sales declined from 228,047 the previous month down to 206,435 for March. (More automobile sales information can be found in the Yahoo News story Ford, DaimlerChrysler March sales fall )
GM auto sales are also down over 7% for the year, meaning the big 3 U.S. auto makers are in recession.
Apparently auto sales to affluent buyers have not declined, however, as evidenced by a 1% increase in Mercedes sales in March to a record of 21,612.
If the economy is "strong, and getting stronger", its only for the top 1%. For the rest of us, the economy continues to worsen.