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Commerce Department Releases Consumer Spending Data Early - Worst YoY Growth Since May 2013
In yet another government SNAFU, the US commerce department has released spending data prematurely. Instead of tomorrow morning, its website released the data at 1923ET.. and it is not good. Despite a 0.3% rise in November, thanks to downward revisions, the YoY growth in Spending was just 2.9%. May 2013 was the last time YoY growth was weaker than this and corresponds with spending weakness seen in each of the last 3 recessions.
The figure, which was to be made public Wednesday with the agency’s
report on personal income and spending, was released early on the Bureau
of Economic Analysis’ website
Personal consumption in Nov. rose to $12.43t, up 0.3% from a revised $12.39t in Oct.
That constitutes a 2.94% rise YoY...
Deep in recessionary territory.
Charts: Bloomberg
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"Dammit Judith! Can't you do anything right!? I said delete not send! I'm not flying back there to fix your mess ya know!!!"
It's transitory. It's the weather. Let us get the climate deniers in prison and start full scale geo-engineering via HAARP and Chemtrails because it's worked so well for the last 4 years in CA, what could go wrong? Then everything be so good not even Rick Santelli will be popular anymore! Nah... just gotta up the strength of the HAARP signals and double the barium and aluminum in the chemtrails... triple the fluoride and they'll be good to go.
drool
Aha!!! This explains why Orange Juice futures are up and Cocoa futures are down.
Oh, for Christ sake, these early releases are done ON PURPOSE because they have already been arranged to advantage certain "parties in interest" with favors like this.
This has to be the 150th time key data was "accidentally released early". How fucking hard is it to tell the person responsible "at 8am push this button"? Probably no more difficult that telling them "now that we've paid you, push this button at 9pm the night before".
When the price of oil began collapsing in the summer of 2014, retail sales continued to soar. The meme emerged that, sure, certain aspects of the Texas economy would be hit by the oil price plunge, and there would be some layoffs, but it would be contained, and the vast diversified Texas economy would keep firing on all cylinders and overcome the struggles of the oil patch. And that meme was correct – until suddenly it wasn’t.
http://wolfstreet.com/2015/12/14/retail-sales-in-texas-plunge/
The next shoe to drop are overpriced houses and way overpriced raw land in Texas.
" It's contained...."
Good article / info to keep an eye on. Thanks
The American consumer is like the horse that won't drink.
Cocoa futures are down? Crikey, you just can't believe anything any more. Spiegel reported it'll be in short supply and getting more and more expensive. Who makes these things up? Must read more Schopenhauer.
"I've got a pen; and I've got a phone". But in this case I've got plenty of white-out and lots of scratch paper...
Origami anyone?
Colouring in books for adults are probably better!
(Not making this up, saw it on TV last night and no, they didn't seem to be 'adult' imagas, just flowers, ornamental, just relaxing stuff to keep you away from the screens.)
Looks like its bottoming out - its all up from here!
When I see so many retailers offering "Free Overnight SHipping", I know its going to be bad, so no surprise to me. Merry Wishmas!
FORWARD SOVIET BKs!
No more recessions ever!
Was that Robert Rubin or Bubba, it all starts to run together after a while ;-)
Land rights for gay whales!!!
That data wasn't released by accident. By releasing it tonight it will have little to no impact on the markets tomorrow morning. Got it?
It just doesn't matter
It just doesn't matter
It just doesn't matter
It just doesn't matter
It just doesn't matter
It just doesn't matter
It just doesn't matter
It just doesn't matter
It just doesn't matter
http://www.youtube.com/watch?v=DMHvrfsx0HU
In the year 2003
In the year 2003
In the year 2003
Bernie Sanders asks Alan Greenspan, It just doesn't matter!!!
https://www.youtube.com/watch?v=rPh-qGcYruw
... and then, in the year 2004 (11 years ago) Alan Greenspan disagrees with Bernie Sanders' conclusion.
https://www.youtube.com/watch?v=_GHSrySrn4U
u know its interesting watching the phony Silver paper price trading...
every approach at $1430 is immediately stricken down with a very large sell order...as opposed to the rises that r incremental...just sayin.....
http://www.livecharts.co.uk/MarketCharts/silver.php
yeah off topic but whats the point commenting on worthless government data.
Was just peeking myself. Gold was roughly doing the same.
yeah its stupid..
its like why do they pick meaningless "lines in the sand" leaving obvious footprints...
i mean do they really think that the fake ass equities can trade all over the fucking place yet we're supposed to believe that the Gold and Silver phony paper prices can land at the same price point days in a row????????
fuck off with that bullshit......
Big dump coming the. Grab a long .. QE finite here we come
Transitory
They have been working steady for many years now to make everyone think reality is what they are publishing. The government tries to hide the fact that only publishing of lies and fiat is under the control of the government. This gives them the ability to keep the CONfidence of the masses under the control of the government.
When reality comes to town, there will be an ugly fight.
wife went to WalMart to get prescriptions this morning at 9:30 and she said the store was practically vacant. More employees than shoppers. Still no deep discounts or sales on ammo, though.
Insecure jobs = reduced spending.
It must be very difficult to understand that wage dampening and flexible/insecure jobs lead to people keeping their wallets shut. Do I really need this? is the question since the 2008 crisis and often enough we decide no, I can live without it. Very, very difficult to understand.
So, May 2013 signalled a recession? This article is deep in something, but not recession.
I didn't buy shit this fall or winter. Instead, I have saved for medical bills now and taxes and my Obamacare penalty in 3 months. I suspect that there are a few million folks like me.