Retail Sales Rise 0.8% On Expectations Of 0.6%, Down From 1.7%, Ex-Autos Up 1.2%
And the comedy continues. After Best Buy makes it clear that not even liquidation level prices are enough to draw consumers in, the Department of Truth is out with its latest attempt to make Americans believe that even with $10 billion in November credit card and other revolving debt declining $10 billion from October, and home equity loans outstanding falling another $2.6 billion, coupled with a drop in average hourly wages, retail sales actually picked up by 0.8%, better than expectations of 0.6%, a decline from the October reading which was revised from 1.2% to 1.7%. Retail sales ex-autos increased by 1.2%, on expectations of 0.6%, a decline from the revised October increase of 0.8%. Not too surprisingly, the biggest beneficiary in the pick up in spending was at gasoline stations which saw $38.1 billion in spending compared to $36.7 billion last month. Expect much more strength in gas sales going forward as the Chairman's genocide plan becomes appreciated by all: after all the PPI also jumped from 0.4% to 0.8%, beating expectations of 06% by a wide margin.