Retail sales plummeted in June. I’m sure this news was very unexpected to the people who think they’re smarter than you and me.
If the worst retail sales number in 12 months doesn’t send the S&P to 1,700 nothing will. Because that is precisely the data point we got moments ago when the Census bureau reported June retail sales growth of 0.4%, missing expectations of a 0.8% print and down from a downward revised 0.5%. However, the only growth in the headline number was thanks to auto and gas sales. Ex autos retail sales were unchanged on expectations of a 0.5% increase, while ex autos and gas the print was down -0.1%, crushing hopes of a +0.4% increase. Any minute now, however, the Fed’s S&P500 trickle down wil, with a 4 year delay, hit the end consumer:the entire Princeton economics department pinky swears. (Read More)
I wonder if this has anything to do with all of the American workers whose hours have been cut thanks to Obamacare.