Wednesday, January 14, 2009
the death of retail sales
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.