The economic data we get has become so suspect it’s not reliable anymore. Now that the Obama administration changes the standards on job growth and tweaks other info, we’re kind of on our own.
I don’t like to go on anecdotal evidence, but I do think what retailers do tells the story. Joseph A. Bank seems as good an indicator as any. For a long time they have been giving deals that show they need business. Today’s deal is one that tells me the economy is stagnant at best. They are offering buy one suit, get two free. But wait, as they say, there’s more. You also get three dress shirts free.
You wonder how they can make a profit with these continual deals. Maybe they are hoping for traffic in the store that generates more sales. They are a white collar clothier and that tells us that jobs in that area are slack.
Friday we will get the May jobs report, but the way they jiggle the numbers doesn’t make it reflective of what’s really happening. Joseph A. Bank is as good as any.