Courtesy of John Nyaradi
Retail Sales dead in the water for August add to evidence of sharply slowing U.S. economy
by Wall Street Sector Selector Staff
Retail sales, like employment growth earlier, came in at 0% for August, missing the expected +0.2% and dropping from July’s +0.3%.
Electronics and appliances made gains, along with sports and book stores, while cars/trucks declined -0.3% to hit the lowest level since May.
Bottom line: Consumers continue to retrench which can’t be good news for an economy dependent on consumer spending. Big ticket items like cars and houses remain depressed and the only question now is if “slow growth” can be maintained or will it become “no growth.” Wall Street Sector Selector remains in a defensive configuration.
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