After Black Friday, media analysts were giddy about sales. Record sales they proclaimed! It’s proof we’re out of a recession! GDP will shoot up!
Enter today’s data. Well, Black Friday came up short. Analysts were expecting sales to rise .6%. Instead, minus autos, they got a puny .2%. More of a gray Friday, actually.
It happens every year (when the Democrats are in charge). Economists see happy days ahead until the real numbers come out. Realists had said that stores were selling a lot in volume, but their profit margins were low. Others said the consumer seemed to be shooting his wad immediately after Thanksgiving to take advantage of big sales, then shutting his wallet for the rest of the season.
So far they haven’t used that old faithful blame game crutch – the weather. Sales would have been much better except for the fill in the blank: hurricane, tornado, ice, blizzard, flooding.
But wait, there’s still time for that to surface.
ZeroHedge blog cautions to expect GDP revisions based on this data. Downward, that is.