ECONOMY GOES … PFFFFFFT
|| By FITSNEWS || WTF, economy? Another month and America’s promised “consumer renaissance” still has yet to materialize …
After taking an unexpectedly vicious beating to close out 2014, retail spending has tanked once again … dropping 0.8 percent in January (after a 0.9 percent decline in December), according to U.S. Commerce Department data.
That’s the worst back-to-back showing for retail since October 2009 – when America was in the throes of the “Great Recession.” It’s also twice as steep a decline as economists were anticipating.
“The tone of this report was disappointing as it points to a weak start to spending activity this year, despite the significant boost to disposable income from lower gasoline prices,” one analyst told CNBC.
Again … WONDER WHY.
Good times, huh? Yeah …
Of course if you’d prefer to continue believing “everything is awesome,” well … the rainbow and unicorns crowd has got you covered.