Retail Sales Miss the Mark as Consumers Curb Spending

cnbc.com ^ | 7/09/09 | moose2004

[moose2004]

Retailers were posting disappointing monthly sales Thursday as consumers curbed spending amid higher gasoline prices and rising unemployment.

[moose2004]

People are scared, and rightfully so, our savings rate has climbed to 6.9%, the highest we've seen in many years. If Obambi is banking on a consumer driven recovery than he is sorely mistaken. People will only spend when they have confidence, and since The One's bullsh*t about "green shoots" has been roundly criticized as fiction, I think most people will sit on their cash for a long time to come.

[Jagman]

I’ll tell you what, if that +$700 billion had been given out as across-the-board tax breaks, we’d be in tall cotton right now.

[St. Louis Conservative]

Wait, but I thought the recession was over because the weekly jobless claims weren’t as low as predicted?

[tubebender]

Costco is reporting same store sales are off 6% but the local store has fewer checkers working. On the other hand a basket of items costs a hell of a lot more then it did in the past...

[immadashell]

Hmmm. Let's see, lower spending, higher unemployment, higher gas prices. Hmmm.

[moose2004]

Target’s numbers were way off too.

[KarlInOhio]

If Obambi is banking on a consumer driven recovery than he is sorely mistaken. People will only spend when they have confidence, and since The One's bullsh*t about "green shoots" has been roundly criticized as fiction, I think most people will sit on their cash for a long time to come.

And it won't be a business driven recovery until a stake is driven in the heart of socialized medicine and cap and tax. No business wants to expand if they have no idea how expensive hiring employees will be, but laying off employees is easy.

We might have a very rough year and a half econoically until the 2010 election. Longer if the Republicans drop the ball again.

[moose2004]

Rick Santelli had the best answer I’ve heard this morning regarding the 565,000 first time filers. He pinned the lower number on “seasonal adjustments,” and said the better indicator of the real job market is the 6.88 miilion, a new all time record, who continue to collect benefits. Also, there’s a federal benefits program that’s part of the “stimulus” plan that provides extended benefits after State benefits have run out, and that program is now at an all time high.

[moose2004]

I agree. We should rescind the “stimulus” plan immediately and eliminate the federal capital gains tax for one year with the option to extend it one more year. We should also temporarily cut personal and corporate tax rates by 50%, that would really get things going.

[moose2004]

“No business wants to expand if they have no idea how expensive hiring employees will be, but laying off employees is easy.”

Very well put.

[Stand Watch Listen]

'... and since The One's bullsh*t about "green shoots" has been roundly criticized as fiction,..."

Ahhhhh more green shoots to cultivate in my vegetable garden

Yes, Mr Secretary Geithner…I do see ‘green shoots’ coming up

“Mr Buffet, as I told the Treasury Secretary…there ARE green shoots”….

[Zeddicus]

KD also observed that the unemployment offices were closed on Friday for the 4th holiday, so it was only a 4-day reporting week, which of course would result in a lower weekly figure.

Those “green shoots” are poison ivy.

[mr_hammer]

So very correct...!

[moose2004]

Great pics, great movie!

“Ahhhhh more green shoots to cultivate in my vegetable garden”

Don’t you mean mold?

[Achilles Heel]

Great line: The green shoots are poison ivy. Good for a tea party poster along with the 8 Rino traitors.

[mewzilla]

Meanwhile.....

White House denies manufacturer's boast that First Lady carried their $5,950 bag

[NaughtiusMaximus]

Christmas sales this year are going to be in the tank. I’m sorry for independent retailers. The reason I’m obsessing on this in July is that this is the season for wholesale orders for the Christmas market.

[moose2004]

Green shoots, I mean mold shoots.

http://www.epa.gov/mold/images/photo2.jpg

http://www.afeflorida.com/Quickstart/ImageLib/mold2.jpg

[moose2004]

I know someone in the wrapping paper business, his customers place their orders about this time of year, I should call him and ask how things are.

[mysterio]

Retailers were posting disappointing monthly sales Thursday as consumers curbed spending amid higher gasoline prices and rising unemployment.

Gee whiz, whoodathunkit? Ship out manufacturing and eventually the credit runs out and people stop buying stuff.

The outsourcing model has failed. Make stuff here in the states if you want a good economy.