Posted on 07/16/2012 7:23:47 PM PDT by InvisibleChurch
The 0.5pc drop last month was marked by waning demand for goods ranging from furniture to electronics as Americans retrenched in the face of weak wage growth, a slowing jobs market and persistent fears over Europe’s debt crisis.
For the second quarter as a whole, retail sales fell at an annual pace of 0.8pc compared with an increase of 6.7pc in the first three months of the year when the country’s jobs market showed signs of improvement. With the consumer again cutting back, the report raised fears among some economists that the US could slide back into recession.
“The report offers no quarter for those looking for good news for the US consumer,” said David Semmens, an economist at Standard Chartered. Nine of the 13 categories covered by today’s report from the Commerce Department showed declines, with essential categories such as food among the handful to buck the drop.
Wall Street had been expecting a gain of 0.2pc.
The weakness of the report will bring into even sharper focus tomorrow’s appearance by Federal Reserve chairman Ben Bernanke before Congress....
(Excerpt) Read more at telegraph.co.uk ...
“Unexpectedly.”
I didn’t cut back because of any European crisis. I cut back because I didn’t have the need to buy anything.
I seem to be able to get along with less shopping anymore. I’m amazed how much of it was waste.
I am still buying things. I have just adjusted my buying habits and items.
Some items are “prepper” items. Some are tools of my trade.
My TV/Computer and other “toys” work just fine. So I am not replacing any of that stuff.
My old 277K van is still running so I don’t really see a need to replace it at this time. I did look at the offerings from Ford and Benz to replace it and chose to just repair my old van to save some $$
I agree with the “everything’s working just fine” point. I do have to replace a hydraulic pump on a zeroturn, but other than that I don’t see any big purchases anywhere in the future at all.
My garden’s coming in, so that will cut spending at the grocery, too.
I was at the mall on Saturday afternoon. In one store, there were two other shoppers. In the rest I was in, I was the ONLY one. It was almost eerie.
Prices were in the basement... got the girl two pairs of school jeans and a pair of dress boots for $15 total.
Check auction listings for your zero turn. Salvage yards might be worth a call as well. We’ve got a large mower cemetery nearby, I could check to see if they do internet or e-bay stuff for you if you think it would help. I go right past there twice a day for work commute.
Recession fears? How about recession confirmation.
Trying to spur the economy with federal spending is like giving an enema from the wrong end. It never works and makes the patient nauseous. Unfortunately the radical socialist from Chicago has been firmly brainwashed into that belief by his communist father, Saul Alinsky and America hating preacher rev Wright. Zero’s college writings are kept secret because my guess is there is a lot of socialist nonsense written in it.
Amen !
Perhaps people are finally realizing they don’t need 75% of the stuff they used to buy.
Maybe they didn’t have the money but now it is dawing on them that they really didn’t neead all that STUFF to begin with.
Maybe we can go back to referring to ourselvees as CITIZENS and not ‘consumers’ as the media has conditioned us to call ourselves.
“I seem to be able to get along with less shopping anymore. I’m amazed how much of it was waste.”
Millions more are doing the same; it is amazing how quickly the post-manufacturing economy failed.
I can’t believe this will be a close election; this economic carnage is visible to all.
A Kmart by me doesn’t even staff electronics anymore; when a cluster of three or more customers gather the lady in jewelry nearby calls someone on a public accress system.
I like the falling prices, but you’d be amazed how crappy some of the cheap Red Chinese stuff is; book bags where the zipper pulls come off in a week or two, sneakers where the seams tear after a couple of real uses, etc.
How much did these companies make selling this garbage for “American” prices while paying Red Chinese slaves pennies a day to make it?
“I am still buying things. I have just adjusted my buying habits and items.”
Same here; necessities rather than toys. On a positive note, I am probably participating in 99% of the boycotts advocated on Free Republic!
I buy food to supplement my garden...that’s about it. No restaurants, no movies, no toys...it’s really quite easy.
I agree with the crappy Chinese product comment.
I’ve had it simply not work right out of the box, I’ve had it fall apart as soon as it’s minimally used, and when dealing with tools, I’ve had them break after just a month of use.
So, I went back to quality US or European products (husquvarna). I try to get US, but it’s amazing that there are now only 2 US power tool manufacturers, DeWalt and Porter Cable. I did find a power drill by Milwaukee that was still US made, but I think they sold everything else to the Chinese.
I’ve not had problems since.
It’s a brand she’s had before so she knows they’re good quality and will last for years. A couple of years ago, the boy splurged and bought American Eagle jeans ($70) with some birthday money. Three months later they had completely fallen apart. Lesson learned for that one! LOL
In one store, their t-shirts (T-SHIRTS, mind you!) are always $70. As you said, I know that sucker cost 17 cents to make. I wonder who they donated to and how many $70 t-shirts they’re selling these days?
Yes, eventually it will be impossible to find US-made stuff (an more factories are shuttered). Europe does a better job protecting its manufacturing.
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