Spinning the economic news... "Inflation" now called "Consumer spending"Submitted by paul4won on Fri, 05/14/2010 - 09:19
First, what we are not buying...
"Excluding autos, retail sales climbed 0.4 percent in April, matching expectations."
Cash for clunkers still reverberating... can't count autos, can we? Now, then, what ARE we spending money on?
"The 0.4 percent rise in retail sales in March was led by a 6.9 percent surge in spending at hardware stores. Spending was also up at health and beauty shops and gasoline service stations. Most other categories either showed outright declines or smaller increases than in March."
"Hardware." Tools and gardening supplies... :)
"Health and beauty shops" That is an odd couple... But did the threat of McCain's Codex bill perhaps had folks stock up? :)
"Gasoline service stations." Ummm, yeah, the price of gas went up, so did the price of all the water and munchables in the store. That is INFLATION, not discretionary spending.
They do try, but people are hurting, and enough pain will awaken one from even the deepest slumber...