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Post by jeffolie on Dec 12, 2007 17:22:21 GMT -6
Consumers wary, delay gift-buying Last update: December 11, 2007 - 8:30 PM U.S. retailers' sales for the first week of December rose at the slowest pace in five years as consumers delayed purchases of holiday gifts. Sales at stores open at least a year increased 2.3 percent for the seven days through Dec. 8, the International Council of Shopping Centers and UBS Securities said. It's the smallest gain for the first full week of December since 2002, according to International Council data. The council expects this month's sales to rise 1.5 percent. Consumers are finishing their holiday shopping later than normal, the council said. Stores may further reduce prices, hurting profits, to lure shoppers who want more discounts as growing mortgage defaults and higher food and fuel costs erode their confidence in the U.S. economy. Next year "is going to be a more challenging year for retailers in general," said Sanjay Srikanth, vice president of retail at A.T. Kearney Inc., a Chicago-based consulting firm. "The big trade groups didn't understand the full impact what the subprime woes were going to do to consumer confidence." The collapse of the U.S. subprime mortgage market that led to about $76 billion in losses at companies this year made borrowing more difficult for businesses and consumers, which may threaten spending. www.startribune.com/business/12388761.html
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Post by unlawflcombatnt on Dec 13, 2007 21:52:32 GMT -6
Update: 12/14/07November's year-to-date Retail Sales allegedly increased 4.3% over November 2006. However, it's only a 3.3% increase when the downward manipulation of last November's number is stripped out. Compared to the originally reported Retail Sales for November 2006 of $3,945.236 billion, November 2007's $4,077.509 billion is only a +3.3% increase. The Consumer Price Index increased 4.3% since November 2006. This converts the current dollar increase into a -1.0% decline, in terms of real dollars. Thus, if last year's Retail Sales number hadn't been downwardly manipulated, the year-to-date change in Retail Sales, when adjusted for inflation, is -1.0%. Retail Sales is almost 1/3 of our GDP. A decline of -1.0% puts a huge dent in GDP growth.
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Post by unlawflcombatnt on Dec 14, 2007 22:07:55 GMT -6
Today's Consumer Price Index showed a year-over-year increase of +4.3%. However, yesterday's Consumer Price Index for November was only 201.5. Today, the November 2006 index was revised upward to 201.9. Had last this manipulation not occurred, today's CPI increase would have been +4.5%, instead of only +4.3%. Again, there are no numbers the government won't manipulate in order to deceive the public--whether it's Economic data, or anything else.
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