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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.
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Yep...like I said...BB will be seen as a fluke....rally on! all is well....ignore the signs.
That's despite the fact that BB sits at the node of best known, discount, high volume electronics supermarket. If the frivolous US consumer isn't spending his/her last dime on flat screens and gizmos, then obviously there isn't enough Kool Aid in the drinking water
yes, more kool-aid is needed.
For something that should go down because of the horrendous deflation (at least according to the paper bugs), prices show no interest to do so.
Because price discovery (practically) works when there's (practically) one bidder with (practically) infinitely deep pockets?
If Bernank is for stocks, who can be against them?
Retail sales fell a better than anticipated 25% from a previously estimated -50%? Just pump it.
See - there's an app for that.
there must come a time when there will be a shortage of greater fools to sell to. This "bull" market started with Bwarney Fwank forcing an end to mark to market accounting. It is all based on super low volume and deception. You have to give them credit---the whole world is guzzling the kool-aid. If a large position is dumped--watch out. Jim Rickards has said it wouldn't surprise him to see the dow plunge 1,000 points in a single day. The question is how long can the Ben Bernank keep it levitated---especially with Ron Paul looking over his shoulder.
that is a jobless, saleless, recoveryless....recovery
It's an everything positiveless recovery. Just what the good Doctor ordered
All the good boys and girls' 401(k)s feel all "recover"-y.
Yea? Well they better dump those 401K's while they can.
It's a perfect Goldilocks recovery! The loss of jobs and sales is cooling the inflationary trends from loose money!!! Bernank/Greenspan are geniuses!
Of course the retail sales number is in nominal dollars. Based on the PPI and most likely the CPI I would assume that "real" retail sales would be flat to up 0.1%.
BB's miss barely got a mention on B-Berg/CNBS. Reporters moved quickly on once the less than good news came out. If earnings had exceeed expecs- we'd still be hearing the MSM giddily brag on the news. Move on. Another day of pathos theatre.
You hit that nail right on the head...it also astonishes me how MSM continues to cheerlead the "recovery" while they do their few little side stories about how average Americans are struggling to survive. They will throw in an inspirational story or two every now and then that says, "Oh, but this person never gave up hope! They got that job at McDonald's after applying 22 times! It's the American Dream!" Remember, we're in a recovery folks...rah, rah, rah...
hmm coffee costs 40% more than in Sept, could it be we have higher sales $ on lower volume..
I am sure CNBC will be all over this.
I am sure glad I bought two cases of those huge cans of arabica at Walmart in June. A trader needs his coffee! Sadly this has been my best trade this year. Almost a double.
Rather muted reaction in S&P futures to the data . Will be interesting to see how things play out after the NYSE open . I can't understand how retail sales increased in this environment . Perhaps the moratorium on home foreclosure and the wave of tactical debt default ( or outright refusal to pay ) is responsible ?
The sheeple stopping mortgage payments, so they can buy the latest and greatest gadgets from Apple.
The money still comes from somewhere- in one pocket and out the other.
Every tick down in the futures is met with a tick down in the dollar.
Oil Futures at 120 USD today? Is that correct your it´s a bug, from Finviz.com futures charts hour time frame?
http://finviz.com/futures_charts.ashx?t=CL&p=h1
Soon they will include food sales from food stamps as a positive... oh wait, they already do!
It's painfully obvious this market is being set up to be pushed off a clifff. I feel like I'm watching comedy central. This stuff is funny, hilarious. I fell bad for those who aren't memebrs of the Zerohedge community. When the day of reckoning is upon us they will sure be surprised.
Many choose to be ignorant. That being said, when it falls, it may be vindicating to watch the collapse, but it won't be funny. I'm prepared for the worst.
"The superior man, when resting in safety, does not forget that danger may come. When in a state of security he does not forget the possibility of ruin. When all is orderly, he does not forget that disorder may come. Thus his person is not endangered, and his States and all their clans are preserved."- Confucius
Silver getting monkeyhammered before the bell.
OH NOES silver is down 0.8% as we speak. THE HORROR. And gold is ONLY up $3.
Btw, where were you yesterday, when silver went up by a buck?
Is your avatar your wife? Quite charming really.
I wish. It's Anna Chapman.
Blythe Masters strikes back...
Wh00T! Buy the f'king dips!
clinking on BB adds here on ZH, free phones wheeeeee..
can't eat a phone, can't pay for texting, internet apps..
anyone know a way to get free service from att or verizon..now that would be a package.
the change at the margin was in gold coin sales
America 2010- "Where everything was better than expected". "Honey, you got laid off! My god, what are we going to do?" " Don't worry darling, I found a job at mcdonalds and the pay is better than expected". My house is underwater by 30% but thats ok, it's better than I expected. See, I feel better already.
You made a mistake. No worries, I fixed it for you.
America 2010- "Where everything was better than expected". "Honey, you got laid off! My god, what are we going to do?" " Don't worry darling, I found a job at mcdonalds and the pay is better than expected". My house is underwater by 30% but thats ok, it's better than I expected. See, I feel better already.
That's it!
Well, the phucking money-worshipping criminals at Goldman Sachs, J.P. Morgan & the rest of their ilk bought off the government and then rigged, crashed, re-rigged the entire capital markets, there was Kabuki Theater by their Manchurian Candidate's like Hank Paulson to get the taxpayers to provide the money to ensure they could get paid off from their bookies' on all their derivatives' and other junkie bets (hello, AIG scam), the real economy is fleeced of much of its capital and productivity to ensure banksters get their stash, and people not living in Manhattan or Washington D.C. who actually work for a living, actually providing goods and services that people really do need get it stuck up their ass, while the criminals in government keep the charade going with investigations of Waddell & Reed and an arrest of a piker here and there.
But hey - 50 million people on food stamps, 1 out of (probably) 8 households either in foreclosure or delinquent on their mortgage, a real unemployment rate of something close to 20%, people who were making 90k taking work for 30k, college students or would be college students literally not going back or to college, people unable to pay for medical insurance, and with the same assholes employed in Manhattan and Washington, D.C. -
Things are better than expected from what Hank Paulson (ex CEO of the Giant Vampire Squid) told Congress would have been thermophuckingnuclear explosions, right?
I buy my coffee and toilet paper in 12 month supply blocks. Sorry for the cost increase mates!
You're still 'buying' coffee?! Even tho they have proven you can make coffee from rodent droppings (Kopi Luwak)? Rat shit is the new Columbian.
How can retail sales beat?
Cotton is on a tear
Costs have not been fully passed on yet. Expect many stores to show massive margin compression for the ones that report in Jan onward.
Cmon we need faster qe. Getting behind.
Not to worry! With rising PPI even slightly better sales will kill retail business!!
It's a Goldilocks recovery! Buy Gold!
Bernanck and Co are going to buying a lot of SPY today - must push ytd returns higher so they can get re-elected. Terrible numbers today = higher close. I can't wait for Rand to expose the Fed financials and see how many millions of SPY they have on the sheets.
Denninger says gasoline is down on an unadjusted basis, and that gross spend on gasoline is down. I'm not smart enough to figure out who's right, and maybe it's on a different time frame or something. But until I hear differently, I'll believe what I read on ZH. Bitchez.
You gotta love the spin on some of this stuff:
The National Federation of Independent Business Index of Small Business Optimism rose 1.5 points in November rising to 93.2, the highest reading since December 2007, and the fourth consecutive monthly gain. The bad news: 93.2 is, from an historical perspective, still a recession-level reading (the average was about 100 before the recession started). The last time the Index was this low (prior to 2008) was in 1993. The recovery in the Index continues to underperform all recovery periods since 1973, the start of the NFIB surveys.
If congress passes the unemployment extention/tax break they will have to melt up the markets.
Isn't it funny how the SOB's include gas and food in retail sales but not in CPI. Not conducive to market manipulation. Dickheads! I do say that with the utmost respect.
That thought came to my mind as well. How long have they included necessities to the retail sales figures? I really don't equate buying the latest cell phone with buying the gas I need to get back and forth to work and run all of my necessary errands. Food should never be included in this figure either. I guess it's the vital smoke & mirrors the lords and ladies need to keep the empire rollin'. Hey, is that a cliff up ahead?
Anybody besides me notice the blurbs on CNBS to "send us your recovery stories" every now and then, but then they don't actually air these "stories?"
I am tempted to send in my recovery story. I goes something like this: In 2007, I was just scraping by with my home-based business, but noticed in August the market turned. After a false run-up in October, I was sure a bear market had commenced. That's when I decided to start buying silver coins on ebay. The price of silver was still under $15/ounce.
I also convinced my father to go in halves with me on some Countrywide 20 puts, about 6 months out. By January, 2008, when CW dropped below $7/share, we sold at fat profits.
The rest of 2008 was not so good, though I did continue to accumulate silver and when the crisis hit in the fall, I bought even more.
My father died in July, 2009, leaving me his possessions, including his house, the one I grew up in. After looking over the mortgage he had taken out with - ironically - Countrywide, I decided to stop paying on it due to the various frauds I discovered, and I rented out my home and moved into my father's larger, and better, house.
My home-based business continued to do well and does to this day, especially since I have a new source of rental income and pay no mortgage. I'm in foreclosure, but not worried, because Bank of America can't produce the original note, so the foreclosure proceedings are stalled.
I await the day that silver is $100 per ounce or more and I can file for adverse possession, getting my dad's house for free. Until then, the recession and recovery have been very good for me. I do hope Uncle Ben keeps printing more and more FRNs, so my home value drops and silver soars.
Say hi to Mandy for me. I'll be picking her up in a Bentley some day soon.
You need to spend some time on the BLS site learning about CPI.
Food and fuel most certainly *are* included in CPI. They are included and are weighted by the % each represents in the total consumer monthly budget -- which is how anyone trying to measure monthly budget behavior would do it.
Where's Harry?