Retail Ruh-Roh
U.S. retail sales took an unexpected dip in April, surprising economists and putting the kibosh on optimistic predictions for a rosier second quarter.
The era of big government-induced economic lethargy is not over, it would appear. Far from it.
Combined with an unexpectedly-large downward revision for March, the Commerce Department’s April report sent Wall Street investors scurrying for cover. The Dow Jones took a 184-point hit, or 2.2% of its total value. That loss comes on the heels of a 156-point loss Monday, which until today was the biggest one-day sell-off in over a month.
Stocks rose during March as investors bought into the government spin that the economy was turning a corner.
Oh, and as banks showed better numbers thanks to their bailout billions.
Comments
By Liberty For Me on May 14th, 2009 at 6:42 am
The stock rally is just a fake-out before the real problems occur.There is no way this country can get around defaulting on the debt.China is selling its dollors and buying all the commodities it can and we are left buying our own bonds…wake up people.We are 18-24 months away from some serious shit!!
By nick_cocnal on May 14th, 2009 at 8:15 am
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By James the Foot Soldier on May 15th, 2009 at 10:55 pm
Fitsnews fell right into the MSM/New Yack Times terminology trap. Why was the dip in retail sales termed “unexpected”???
HELLO – 600,000 Americans a month are losing their jobs.
What would be “unexpected” in the lovely vortex we’re in is if retail sales actually CLIMBED.