All this talk of a fantastic sales season jumps the gun, I think. Let’s wait til January and see what the real sales – and PROFITS – tell us about the Christmas season. You can have terrific sales and stores filled with buyers, but if you don’t make a profit, what good is that? In the end, many retailers will have to fire people if they aren’t doing OK.
Then this morning came a new ad from Joseph A. Bank. I have often found them a good indicator of the real state of the economy. “For the first time ever,” the voiceover said, “buy any suit and get 7 things free.” Seven! That’s a record even for them.
Here’s what you get: two more suits, two dress shirts, two silk ties and an android phone. This is crazy!
You can’t tell me that the economy is perking along happily. There’s big trouble ahead. With four more years of Obama, it could be catastrophic for many.