Posted on 06/11/2010 9:33:06 AM PDT by traumer
NEW YORK (TheStreet) -- Retail sales dropped unexpectedly for the first time in eight months in May, data that will likely reignite investor fears that a consumer recovery remains tepid and reinforcing the possibility of a double dip.
The Commerce Department said Friday that sales for the month tumbled 1.2%, even as economists forecast a 0.2% gain. This follows a 0.6% increase in April.
This is the first decline in retail sales since September 2009, when they tanked 2.2%. On a year-over-year basis, sales grew 6.9%.
Sales were particularly hurt by hardware stores, auto dealers, gas stations, department and clothing stores.
Auto sales dropped 1.7%, according to the Commerce Department. Ford(F), meanwhile, reported a 19% surge in sales for the month, while General Motors saw a 32% surge for its Chevrolet, Buick, GMC and Cadillac brands.
General merchandise stores, which include discount giants Wal-Mart(WMT) and Target(TGT), sank 1.1%, which was the biggest decline since December 2008.
There were some sectors that actually fared well during the month, including furniture, which rose 1%, and electronic and appliance stores, where sales advanced 0.6%. Health and personal care, Internet retail sales, sporting goods, hobby, book and music stores, restaurant and bars and food and beverage stores, also posted some gains.
(Excerpt) Read more at thestreet.com ...
Or an eruption of flatulence after a Boston Baked Bean dinner.
“Unprecedented”....I’m sure? [/s]
You're welcome. :-)
Unexpectedly unexpected.
Well, I for one expected the unexpected announcement.
Here in sunny California, all one needs to do is drive around and look at the former businesses, and the sparse patronage at those businesses remaining.
I wish I had more positive observations because many of my friends are getting (economically) clobbered; however, there never was any observable emergence from the Obama recession. Only massive governmental and media cheerleading.
.
Unexpectedly
DRINK!
Pack Leader in Chief
I just meant that as a joke...the chart is out of date.
(looks left) Let me be clear.
(looks right) These unexpected reports...
(look left) need their asses kicked
(looks right) The buck stops here
(looks left) but the previous administration left me with this problem
Underreported unemployment, low paying Census jobs, record personal and business bankruptcies, a shrinking economy, and these fools were expecting a good report????
Folks, this feels like the end of the tech bubble, when all the ridiculous tech companies would throw lavish parties for employees every Friday afternoon....all for the appearance of things going swimmingly. Except the checks to the caterers were bouncing and then payroll checks to employees. Then everyone's stock options were "unexpectedly" not worth the paper they were printed on.
The lamestream media is sugar coating everything. Forget Double Dip....that is a treat you can get at Dairy Queen. Everything is artificially better right now through the end of the year as people rush to get all their income they can into 2010...when the Bush Tax cuts expire any breath of recovery will be crushed.
When people smarten up and quit buying with borrowed money sales should drop another 50%!!!!
That is what the people I know are doing....not using borrowed money...only buying with cash. You are right though. As more people go bankrupt and lose their credit cards, the figures will become worse... and then where does the obamanation and his demons go for their figures??!
“then where does the obamanation and his demons go for their figures??!”
He might try used toilet paper!
Barack Unexpectedly Unprecedented Unsustainable "False Choice" Obama.
Yeah, that's about it.
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