Showing posts with label consumption. Show all posts
Showing posts with label consumption. Show all posts
Friday, April 27, 2012
Want EU and Eurozone growth? Then ...
Markit data for Germany, France and Italy for April shiowed in all 4 surveyed post lower sales, with record decline in France. UK is recession again, based on GDP on Q4 of 2011 and Q1 of 2012. The situation in Greece, Spain, Portugal is also well known.
And while there seems to be a a shift in the dynamics of austerity (see my April 19 post), in my opinion, what the EU and the Eurozone need, for growth, is a neither Merkelian austerity nor good old Keynesian spending, but a combination of:
a) Curbing of over-legislation at national and EU levels (polynomia) and the resulting red tape that suffocates EU and Eurozone firms, especially the SMEs (exception from curbs: some sectors including the Financial one which actually needs heavier EU legislation-regulation even w/o G20 agreement)
That does not cost a lot of money, but requires lots of work.
b) Raising the trade walls of the EU by art at least a few meters. No need to go chasing growth via exports to the other 4 continents (especially given the narrow scope of WTO rules) when the EU has 500,000,000 at home and the Eurozone 330,000,000 (more than the USA). Abandon the WTO in favour of bilateral agreements with China, ASEAN, USA, Brazil or Mercosur, India, etc (agreements that include not only trade and other econ but econ immigration as well, etc)
c) Revamping of the Fiscal Coimpact, removing fixed and sclerotic targets and increase the co-operation of EU and EZ economic policies w/o transfer of sovereignty. Based on targets that are realistic given the global and European conditions.
d) Spending for growth, but wisely and within reason, probably less than you would be required without (a) and (b).
.
Part of my above post I also posted as commentary to the 27 April 2012 "Plan B for the Eurozone – it's not what you might hope for" article in The Deep End of Conservative Home.
Friday, July 23, 2010
Wisdom vs Consumerism: In search of a new equilibrium
Asian and other wisdom has been penetrating the US and the rest of the West for some time now. Can it help adopt a healthier way of life?
US and other Western consumer and other elements have been penetrating the rest of the world in recent times. Effects already visible.
Thus which of the two influences will be more effective? What will the new equilibrium be? For a) West b) Asia et al c) World?
US and other Western consumer and other elements have been penetrating the rest of the world in recent times. Effects already visible.
Thus which of the two influences will be more effective? What will the new equilibrium be? For a) West b) Asia et al c) World?
Saturday, February 13, 2010
US January retail sales up!
The US Dept of Commerce announced that January 2010 US retail sales were up +0.5% over Dec 09, and + 4.7% over Jan 09.
That is a positive sign for the US economy after the disappointment of negative growth of retail sales recorded in Dec 09 (over Nov 09): Yet the figure has been revised from the initial -0.3% -0.1% (December 09 sales compared to November 09 sales).
That is a positive sign for the US economy after the disappointment of negative growth of retail sales recorded in Dec 09 (over Nov 09): Yet the figure has been revised from the initial -0.3% -0.1% (December 09 sales compared to November 09 sales).
Friday, January 22, 2010
UK: December retail sales only slightly up
According to data of the UK's Office for National Statistics:
Retail sales data for December 2009
Summary: Retail Sales December 09: When compared with November 09, only +0.3 in volume but +0.9% in value; +2.1% in sales volumes and +3.6% in sales value from December 08.
I. In value terms:
Retail sales by value were stronger in December rose by 0.9% compared with November.
The seasonally adjusted value of retail sales for December 2009 was 3.6 per cent higher than in December 2008 and the three months to December 2009 was 3.0 per cent higher than the same period a year earlier.
II. In volume terms:
1) Between November and December 2009:
Total sales volume increased by only 0.3 per cent. In other words, sales volumes did not gain a lot due to Christmas this year (but money (sales value)) spent was up 0.9 per cent).
a) Predominantly food stores sales increased by 0.3 per cent
b) Predominantly non-food stores increased by 0.1 per cent.
Within predominantly non-food stores, household goods stores increased by 0.5 per cent and other stores increased by 0.7 per cent. There were decreases for non-specialised stores at 1.0 per cent and textile, clothing and footwear stores at 0.1 per cent. Non-store retailing and repair increased by 2.8 per cent.
2) Year on year (December 2009 vs December 2008):
The volume of retail sales in December 2009 was 2.1 per cent higher than in December 2008.
a) Predominantly food stores increased by 2.8 per cent compared to the same period a year ago.
b) Predominantly non-food stores increased by 0.7 per cent.
Within predominantly non-food stores, all sectors showed growth apart from other stores which decreased by 3.0 per cent. The largest rise was textile, clothing and footwear stores which increased by 4.7 per cent, driven by clothing. Non-store retailing and repair increased by 9.4 per cent.
Plus:
Sales volume in the three months October to December increased by 0.7 per cent when compared to the previous three months. Three-monthly growth increased by 0.4 per cent for predominantly food stores while predominantly non-food stores increased by 0.5 per cent. Within predominantly non-food stores, household goods stores increased by 2.5 per cent, driven by electrical stores, and non-specialised stores increased by 0.5 per cent. Other stores decreased by 0.5 per cent and textile, clothing and footwear stores decreased by 0.1 per cent. Non-store retailing and repair increased by 5.1 per cent.
Total sales volume in the three months to December was 2.7 per cent higher than the same period a year ago. Sales volume for predominantly food stores increased by 1.8 per cent. Predominantly non-food stores increased by 2.5 per cent. Within predominantly non-food stores, the largest rises were textile, clothing and footwear stores at 7.0 per cent and non-specialised stores at 5.0 per cent. The only decrease was other stores at 2.9 per cent. Non-store retailing and repair increased by 11.1 per cent.
ONS Notes :
1. The December 2009 period covered 5 weeks from 29 November 2009 to 2 January 2010.
2. Retail sales volume is the total takings adjusted for inflation and the value of retail sales is the total actual takings.
3. All volume statistics referred to above are seasonally adjusted and chainlinked.
4. Sales refer to average weekly sales.
Retail sales data for December 2009
Summary: Retail Sales December 09: When compared with November 09, only +0.3 in volume but +0.9% in value; +2.1% in sales volumes and +3.6% in sales value from December 08.
I. In value terms:
Retail sales by value were stronger in December rose by 0.9% compared with November.
The seasonally adjusted value of retail sales for December 2009 was 3.6 per cent higher than in December 2008 and the three months to December 2009 was 3.0 per cent higher than the same period a year earlier.
II. In volume terms:
1) Between November and December 2009:
Total sales volume increased by only 0.3 per cent. In other words, sales volumes did not gain a lot due to Christmas this year (but money (sales value)) spent was up 0.9 per cent).
a) Predominantly food stores sales increased by 0.3 per cent
b) Predominantly non-food stores increased by 0.1 per cent.
Within predominantly non-food stores, household goods stores increased by 0.5 per cent and other stores increased by 0.7 per cent. There were decreases for non-specialised stores at 1.0 per cent and textile, clothing and footwear stores at 0.1 per cent. Non-store retailing and repair increased by 2.8 per cent.
2) Year on year (December 2009 vs December 2008):
The volume of retail sales in December 2009 was 2.1 per cent higher than in December 2008.
a) Predominantly food stores increased by 2.8 per cent compared to the same period a year ago.
b) Predominantly non-food stores increased by 0.7 per cent.
Within predominantly non-food stores, all sectors showed growth apart from other stores which decreased by 3.0 per cent. The largest rise was textile, clothing and footwear stores which increased by 4.7 per cent, driven by clothing. Non-store retailing and repair increased by 9.4 per cent.
Plus:
Sales volume in the three months October to December increased by 0.7 per cent when compared to the previous three months. Three-monthly growth increased by 0.4 per cent for predominantly food stores while predominantly non-food stores increased by 0.5 per cent. Within predominantly non-food stores, household goods stores increased by 2.5 per cent, driven by electrical stores, and non-specialised stores increased by 0.5 per cent. Other stores decreased by 0.5 per cent and textile, clothing and footwear stores decreased by 0.1 per cent. Non-store retailing and repair increased by 5.1 per cent.
Total sales volume in the three months to December was 2.7 per cent higher than the same period a year ago. Sales volume for predominantly food stores increased by 1.8 per cent. Predominantly non-food stores increased by 2.5 per cent. Within predominantly non-food stores, the largest rises were textile, clothing and footwear stores at 7.0 per cent and non-specialised stores at 5.0 per cent. The only decrease was other stores at 2.9 per cent. Non-store retailing and repair increased by 11.1 per cent.
ONS Notes :
1. The December 2009 period covered 5 weeks from 29 November 2009 to 2 January 2010.
2. Retail sales volume is the total takings adjusted for inflation and the value of retail sales is the total actual takings.
3. All volume statistics referred to above are seasonally adjusted and chainlinked.
4. Sales refer to average weekly sales.
Friday, January 15, 2010
U.S. retail and food services sales for December 2009 down compared to November !
The U.S. Census Bureau announced on January 14:
Advance estimates of U.S. retail and food services sales for December 2009 - adjusted for seasonal variation and holiday and trading-day differences, but not for price changes - were $353.0 billion.
That represents
1) a decrease of 0.3% (±0.5%)* from November 2009
2) a 5.4% (±0.5%) increase from December 2008.
* The 90 percent confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different than zero.
Total sales for 2009:
Total sales for the 12 months of 2009 were down 6.2 percent (±0.2%) from 2008.
Total sales for the October through December 2009 period were up 1.9 percent (±0.3%) from the same period a year ago.
The October to November 2009 percent change was revised from +1.3 percent (±0.5%) to +1.8 percent (±0.2%).
Retail Trade Sales
Retail trade sales were down 0.2 percent (±0.5%)* from November 2009, but 5.9 percent (±0.5%) above last year.
Gasoline stations sales were up 33.6 percent (±1.5%) from December 2008 and nonstore retailers sales were up 10.3 percent (±1.7%) from last year.
Note: The advance estimates are based on a subsample of the Census Bureau's full retail and food services sample. A stratified random sampling method is used to select approximately 5,000 retail and food services firms whose sales are then weighted and benchmarked to represent the complete universe of over three million retail and food services firms. Responding firms account for approximately 65% of the MARTS dollar volume estimate. For an explanation of the measures of sampling variability included in this report, please see the Reliability of Estimates section on the last page of this publication.
The Advance Monthly Retail Sales for Retail and Food Services for January is scheduled to be released February 11, 2010 at 8:30 a.m. EST.
Advance estimates of U.S. retail and food services sales for December 2009 - adjusted for seasonal variation and holiday and trading-day differences, but not for price changes - were $353.0 billion.
That represents
1) a decrease of 0.3% (±0.5%)* from November 2009
2) a 5.4% (±0.5%) increase from December 2008.
* The 90 percent confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different than zero.
Total sales for 2009:
Total sales for the 12 months of 2009 were down 6.2 percent (±0.2%) from 2008.
Total sales for the October through December 2009 period were up 1.9 percent (±0.3%) from the same period a year ago.
The October to November 2009 percent change was revised from +1.3 percent (±0.5%) to +1.8 percent (±0.2%).
Retail Trade Sales
Retail trade sales were down 0.2 percent (±0.5%)* from November 2009, but 5.9 percent (±0.5%) above last year.
Gasoline stations sales were up 33.6 percent (±1.5%) from December 2008 and nonstore retailers sales were up 10.3 percent (±1.7%) from last year.
Note: The advance estimates are based on a subsample of the Census Bureau's full retail and food services sample. A stratified random sampling method is used to select approximately 5,000 retail and food services firms whose sales are then weighted and benchmarked to represent the complete universe of over three million retail and food services firms. Responding firms account for approximately 65% of the MARTS dollar volume estimate. For an explanation of the measures of sampling variability included in this report, please see the Reliability of Estimates section on the last page of this publication.
The Advance Monthly Retail Sales for Retail and Food Services for January is scheduled to be released February 11, 2010 at 8:30 a.m. EST.
Friday, January 8, 2010
EU and Eurozone retail trade volumes in November
According to the first estimates of Eurostat, the statistical office of the European Union, in November 2009, compared with October 2009, the volume of retail trade:
a) fell by 1.2% in the Eurozone (16 of the 27 member states of the EU)
b) fell by 0.8% in the EU as a whole (27 member states)
In October retail trade rose by 0.2% and 0.5% respectively.
In November 2009, compared with November 2008:
The retail sales index decreased by 4.0% in the Eurozone and by 2.1% in the EU.
Details:
1) November 2009, compared with October 2009
In November 2009, compared with October 2009,
“Food, drinks and tobacco” declined by 0.4% in both zones.
The non food sector fell by 1.6% in the Eurozone and by 1.0% in the EU.
Among the Member States for which data are available, total retail trade fell in fifteen and rose only in Poland (+1.0%) and the United Kingdom (+0.2%). The largest decreases were observed in Lithuania (-4.8%), Estonia (-3.1%) and Latvia (-2.3%).
2) November 2009, compared with November 2008
In November 2009, compared with November 2008,
“Food, drinks and tobacco” fell by 2.9% in the Eurozone and by 1.6% in the EU.
The non food sector dropped by 4.2% and by 1.7% respectively.
Among the Member States for which data are available, total retail trade fell in twelve, rose in four and remained stable in Finland. The largest decreases were observed in Latvia (-30.2%), Lithuania (-27.8%) and Estonia (-21.2%), and the highest increases in Poland (+4.6%) and Belgium (+3.7%).
a) fell by 1.2% in the Eurozone (16 of the 27 member states of the EU)
b) fell by 0.8% in the EU as a whole (27 member states)
In October retail trade rose by 0.2% and 0.5% respectively.
In November 2009, compared with November 2008:
The retail sales index decreased by 4.0% in the Eurozone and by 2.1% in the EU.
Details:
1) November 2009, compared with October 2009
In November 2009, compared with October 2009,
“Food, drinks and tobacco” declined by 0.4% in both zones.
The non food sector fell by 1.6% in the Eurozone and by 1.0% in the EU.
Among the Member States for which data are available, total retail trade fell in fifteen and rose only in Poland (+1.0%) and the United Kingdom (+0.2%). The largest decreases were observed in Lithuania (-4.8%), Estonia (-3.1%) and Latvia (-2.3%).
2) November 2009, compared with November 2008
In November 2009, compared with November 2008,
“Food, drinks and tobacco” fell by 2.9% in the Eurozone and by 1.6% in the EU.
The non food sector dropped by 4.2% and by 1.7% respectively.
Among the Member States for which data are available, total retail trade fell in twelve, rose in four and remained stable in Finland. The largest decreases were observed in Latvia (-30.2%), Lithuania (-27.8%) and Estonia (-21.2%), and the highest increases in Poland (+4.6%) and Belgium (+3.7%).
Wednesday, December 23, 2009
US consumer spending in November
According to Commerce Department stats, US consumer spending was +0.5% up in November, following a rise of +0.6% in October.
Thursday, December 3, 2009
Retail sales in the Eurozone and the EU in October 2009
According to first estimates of Eurostat, the Statistical Office of the European Communities (EU), in October 2009, compared with September 2009, the volume of retail trade:
a) Eurozone: remained stable (0.0%)
b) EU: rose by 0.3%
In September retail trade fell by 0.5% and 0.3% respectively.
Compared with October 2008, the retail sales index in October 2009 decreased by 1.9% in the Eurozone and by 0.9% in the EU.
Categories:
“Food, drinks and tobacco”: In October 2009, compared with September 2009, retail sales volume declined by 0.3% in the Eurozone and remained stable in the EU. Compared with October 2008, “Food, drinks and tobacco” fell by 1.6% in the Eurozone and by 0.8% in the EU.
The non-food sector grew by 0.3% in the Eurozone and 0.7% in the EU compared with September 2009. and decreased by 1.3% in the Eurozone, but rose by 0.1% in the EU compared to October 2008.
Member States:
Among the Member States for which data are available, total retail trade rose in 11 and fell in 6, compared with September 2008.
The highest increases were observed in:
Lithuania (+1.9%), Portugal (+1.7%) and Poland (+1.6%)
The largest decreases were recorded in:
Romania (-1.9%), Slovakia (-1.7%) and Latvia (-1.3%).
Compared with October 2008, among the Member States for which data are available, total retail trade in October 2009 rose in 5 and fell in 12.
The highest increases were observed in :
Belgium (+4.4%), Sweden (+4.1%) and Poland (+3.9%),
The largest decreases were recorded in:
Latvia (-29.1%), Lithuania (-24.7%) and Estonia (-18.6%)
a) Eurozone: remained stable (0.0%)
b) EU: rose by 0.3%
In September retail trade fell by 0.5% and 0.3% respectively.
Compared with October 2008, the retail sales index in October 2009 decreased by 1.9% in the Eurozone and by 0.9% in the EU.
Categories:
“Food, drinks and tobacco”: In October 2009, compared with September 2009, retail sales volume declined by 0.3% in the Eurozone and remained stable in the EU. Compared with October 2008, “Food, drinks and tobacco” fell by 1.6% in the Eurozone and by 0.8% in the EU.
The non-food sector grew by 0.3% in the Eurozone and 0.7% in the EU compared with September 2009. and decreased by 1.3% in the Eurozone, but rose by 0.1% in the EU compared to October 2008.
Member States:
Among the Member States for which data are available, total retail trade rose in 11 and fell in 6, compared with September 2008.
The highest increases were observed in:
Lithuania (+1.9%), Portugal (+1.7%) and Poland (+1.6%)
The largest decreases were recorded in:
Romania (-1.9%), Slovakia (-1.7%) and Latvia (-1.3%).
Compared with October 2008, among the Member States for which data are available, total retail trade in October 2009 rose in 5 and fell in 12.
The highest increases were observed in :
Belgium (+4.4%), Sweden (+4.1%) and Poland (+3.9%),
The largest decreases were recorded in:
Latvia (-29.1%), Lithuania (-24.7%) and Estonia (-18.6%)
Thursday, November 5, 2009
EU and Eurozone retail sales in September
Source: Eurostat
September 2009 compared with August 2009
Volume of retail trade down by 0.7% in euro area
Down by 0.4% in EU27
September 2009 compared with August 2009
Eurozone the volume of retail trade fell by 0.7% (-0.1% in August)
EU the volume of retail trade by 0.4% (-0.3% in August)
September 2009 compared with September 2008
Eurozone the volume of retail trade up by 3.6%
EU the volume of retail trade by 2.5%
September 2009 compared with August 2009
Volume of retail trade down by 0.7% in euro area
Down by 0.4% in EU27
September 2009 compared with August 2009
Eurozone the volume of retail trade fell by 0.7% (-0.1% in August)
EU the volume of retail trade by 0.4% (-0.3% in August)
September 2009 compared with September 2008
Eurozone the volume of retail trade up by 3.6%
EU the volume of retail trade by 2.5%
Thursday, October 29, 2009
German consumer confidence down in October
German consumer confidence inn October down for the first time in 13 months, according to GfK.
Friday, October 16, 2009
US Retail Sales in September 2009
The U.S. Commerce Department’s Census Bureau released retail sales figures for September 2009.
Retail sales fell 1.5%, led by a 10.4% decline in motor vehicle sales (after the rebate program cash for old cars, expired in August).
The drop in total sales was smaller than the decrease of 2.1% expected by private analysts, noted the Dept.
Gasoline sales rose 1.1%.
Sales excluding motor vehicles and gasoline increased 0.4%.
In the third quarter (Q3) as a whole, total retail sales rose 6.4% at an annual rate, and (or but?) sales excluding the volatile motor vehicle and gasoline components rose 0.6%.
Retail sales fell 1.5%, led by a 10.4% decline in motor vehicle sales (after the rebate program cash for old cars, expired in August).
The drop in total sales was smaller than the decrease of 2.1% expected by private analysts, noted the Dept.
Gasoline sales rose 1.1%.
Sales excluding motor vehicles and gasoline increased 0.4%.
In the third quarter (Q3) as a whole, total retail sales rose 6.4% at an annual rate, and (or but?) sales excluding the volatile motor vehicle and gasoline components rose 0.6%.
US Retail Sales in September 2009
The U.S. Commerce Department’s Census Bureau released retail sales figures for September 2009.
Retail sales fell 1.5%, led by a 10.4% decline in motor vehicle sales (after the rebate program cash for old cars, expired in August).
The drop in total sales was smaller than the decrease of 2.1% expected by private analysts, noted the Dept.
Gasoline sales rose 1.1%.
Sales excluding motor vehicles and gasoline increased 0.4%.
In the third quarter (Q3) as a whole, total retail sales rose 6.4% at an annual rate, and (or but?) sales excluding the volatile motor vehicle and gasoline components rose 0.6%.
Retail sales fell 1.5%, led by a 10.4% decline in motor vehicle sales (after the rebate program cash for old cars, expired in August).
The drop in total sales was smaller than the decrease of 2.1% expected by private analysts, noted the Dept.
Gasoline sales rose 1.1%.
Sales excluding motor vehicles and gasoline increased 0.4%.
In the third quarter (Q3) as a whole, total retail sales rose 6.4% at an annual rate, and (or but?) sales excluding the volatile motor vehicle and gasoline components rose 0.6%.
Tuesday, October 13, 2009
UK Retail Sales in September
According to the British Retail Consortium (BRC)- KPMG Retail Sales Monitor, UK retail sales values in September 2009 rose 2.8% on a like-for-like basis from September 2008 (when sales had fallen 1.5%, due to turmoil in financial markets hitting consumer confidence and very wet weather).
In addition, Bank Holiday Sunday and Monday fell in the September trading period in 2009 but not in 2008.
On a total basis, sales rose 4.9% against a 1.0% gain in September 2008.
Stephen Robertson, Director General, British Retail Consortium, said that "for some customers confidence is trickling back. These are the best total sales growth figures since January 2008" but "we mustn't get carried away" he warned. "They are compared with a weak performance last September."
In addition, Bank Holiday Sunday and Monday fell in the September trading period in 2009 but not in 2008.
On a total basis, sales rose 4.9% against a 1.0% gain in September 2008.
Stephen Robertson, Director General, British Retail Consortium, said that "for some customers confidence is trickling back. These are the best total sales growth figures since January 2008" but "we mustn't get carried away" he warned. "They are compared with a weak performance last September."
Tuesday, October 6, 2009
EU and Eurozone retail sales in August 2009
Eurozone volume of retail trade in August 2009 down 0.2% compared with July, down 2.6% with August '08 (source: Eurostat)
In the EU as a whole (27 states) the volume of retail trade in August 2009 was down 0.3% compared with July - up in 4 states, down in 13 - and down by 1.8% when compared to August 2008.
In August 2009, compared with July 2009:
a) “Food, drinks and tobacco” rose by 0.5% in the Eurozone (16) and by 0.3% in the EU (27)
b) the non food sector fell by 0.6% in both zones.
In August 2009, compared with August 2008:
a) “Food, drinks and tobacco” fell by 1.3% in the Eurozone and by 0.3% in the EU (27).
b) the non food sector fell by 3.2% and 2.1% respectively.
In the EU as a whole (27 states) the volume of retail trade in August 2009 was down 0.3% compared with July - up in 4 states, down in 13 - and down by 1.8% when compared to August 2008.
In August 2009, compared with July 2009:
a) “Food, drinks and tobacco” rose by 0.5% in the Eurozone (16) and by 0.3% in the EU (27)
b) the non food sector fell by 0.6% in both zones.
In August 2009, compared with August 2008:
a) “Food, drinks and tobacco” fell by 1.3% in the Eurozone and by 0.3% in the EU (27).
b) the non food sector fell by 3.2% and 2.1% respectively.
Wednesday, September 30, 2009
Thursday, September 17, 2009
UK retail sales in August: 2 bad news
Growth is food sales was more than offset by lower sales in clothing and footwear thus UK retail sales in August remained the same as in July (ie 0% rise). On top of that, the Office for National Statistics (ONS) revised down the sales growth figure in July from 0.4% to 0.2%!
Thus putting a bit of a dent in the optimism after a recorded retail sales growth of 1.3% back in June.
Thus putting a bit of a dent in the optimism after a recorded retail sales growth of 1.3% back in June.
Thursday, September 10, 2009
Instead of "shopping therapy" ....!!!
philosophy - consumerism :
"Shopping Therapy": a relic of economics past? Instead, ..... (alter ways of satisfaction)
"Shopping Therapy": a relic of economics past? Instead, ..... (alter ways of satisfaction)
US households are cutting their debt levels
US households are focusing on cutting back debt levels during the recession.
Consumer credit fell in July by USD 21.6bn compared with June, according to the Fed, following another cute, USD 15.5bn in June.
With US consumers are focusing on paying off debt, that of course affects consumer spending that makes up about 2/3 of the US economic activity.
That is where, in theory, where the US stimulus package comes in, ie public spending, to make up for the slack and more, but that increases an already huge US national (federal) debt!
The complicated signals from the (complicated?!) US economy also include: US manufacturing grew in August for the first time in 19 months and home sales reached a two-year high in July.
Have economic systemics become a runaway train?
Note: Compare the US to Germany. Germans it seems had high levels of savings, as opposed to being in debt, and that helped them weather the storm, and Germany, aided by exports, is out of the recession since Q2 2009!
Consumer credit fell in July by USD 21.6bn compared with June, according to the Fed, following another cute, USD 15.5bn in June.
With US consumers are focusing on paying off debt, that of course affects consumer spending that makes up about 2/3 of the US economic activity.
That is where, in theory, where the US stimulus package comes in, ie public spending, to make up for the slack and more, but that increases an already huge US national (federal) debt!
The complicated signals from the (complicated?!) US economy also include: US manufacturing grew in August for the first time in 19 months and home sales reached a two-year high in July.
Have economic systemics become a runaway train?
Note: Compare the US to Germany. Germans it seems had high levels of savings, as opposed to being in debt, and that helped them weather the storm, and Germany, aided by exports, is out of the recession since Q2 2009!
Thursday, August 20, 2009
UK retail sales
UK retail sales were 0.4% in July compared with June, 3.3% up from last year(ONS stats). Clothing and footwear sales (up 10.3% from a year ago), furniture and electrical goods were some of the main "drivers".
Tuesday, August 18, 2009
US retail sales
US Retail Sales declined, unexpectedly, 0.1% in July, after a 0.8% increase in June.
When one excludes sales of car and auto parts, retail sales were down 0.6% in July!
When one excludes sales of car and auto parts, retail sales were down 0.6% in July!
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