Back To School? Where?
Courtesy of Karl Denninger at The Market Ticker
Uh, what back-to-school sales?
That’s nasty – one week before school starts in most of the country, and both weekly and year-over-year changes are deeply negative!
Note that the week/over/week change was expected to be strongly positive, which correlates well with the "back to school" surge.
No dice – that’s a miss of 1.1%, enormous by any standard.
The reason is simple: The consumer is tapped out.
Those "green shoots" are in fact hallucinogenic weeds.
