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Wednesday, January 14, 2009


the death of retail sales

the corresponding story to a disastrous collapse in the global trade of finsihed goods is a disastrous collapse in the sales of those goods. and that's exactly what we got today -- accompanied, thanks to calculated risk, by a chart that should be on the front page of every financial journal in the world, so important is it to understanding that we have gone through the looking-glass into a global depression.

Although the Census Bureau reported that nominal retail sales decreased 10.2% year-over-year (retail and food services decreased 9.8%), real retail sales declined by 11.3% (on a YoY basis). This is the largest YoY decline since the Census Bureau started keeping data.

they started keeping the data in 1967, though CR's chart dates only to 1993. but it won't be the record for long, as sales will continue declining from here as unemployment continues to accelerate.

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