Retail Sales Stumbled In October, Which Isn’t Surprising Because People Are, You Know, Starving
Some will call it inevitable.
US retail sales rose just 0.3% in October, less than expected. The market was looking for a 0.5% gain. It's probably a bit hyperbolic to call this a coal mine canary, but there it is -- I just did.
The letdown comes on the heels of a blistering September beat which looks to have been revised lower. October's report will likely serve as fodder for those who insist the US consumer can't continue to shoulder the burden of the recovery without additional fiscal stimul
Economic data is important for what reason? I thought it was all about the central bank backstop in which confidence is over the top and that is all that matters. And if data is important does it mean bad news is good news. Tell me why confidence in central bank put is likely to crumble and then I will care. Too harsh? Maybe, I am not oblivious to the human cost and the fact that this analysis is just the thing that only bolsters the 0.000000001% and is not kind the the 99.99999999%.
You are not being too harsh.
Many of us feel similarly. We don’t want to get messed over for what little savings and money we have while at the same time we recognize the plight and suffering of so many fellow citizens.
The CB put is all that matters for it is the only policy keeping this hot mess from turning into a deflationary siphon. You are not being too harsh.
Well put, Vladimir. Not only does the economy not matter, earnings and corporate debt levels can safely be ignored. Is it a big stretch to suggest that stocks are now not much different than gold or, dare I say it, Bitcoin?
For a few years all that mattered was buy-backs. This year it has been central bank largesse and what implied volatility levels will trigger system buying. These things pass, eventually … someday ….
The retrospective on this period in American history will be all to easy to research and understand.
Here we are, witnessing real-time policy blunders. And the evidence is being digitally archived for us.