We in the United States have lived free from a tyrannical government
for over two hundred years. It becomes easy, therefore, to succumb to
the notion that government is benevolent and can do us no harm. But the
founders of our nation knew otherwise, as do millions of people today
who have come here from countries that do not have our basic freedoms.
It is easy to slide insidiously into repression. Just ask Jews who
lived in Germany in the early 1930s. Over the years, novelists have
warned of the consequences of an expanded and centralized government.
Dystopian novels like Alduos Huxley’s Brave New World, Fahrenheit 451
by Ray Bradbury and A Clockwork Orange by Anthony Burgess, among
others, have dealt with a future in which dehumanized people led lives
fearful of an all-knowing and all-powerful government. Technology and
surveillance systems today have rendered such possibilities as
probabilities. The fear of terrorism has made us more willing to
tolerate increased government intrusion. Predator drones attack our
enemies without putting our soldiers at physical risk, seemingly
inconsistent with their job description. There is no halting
technological development, nor should there be. Nevertheless, the risk
of an unscrupulous person gaining power exists. Our democracy is based
on a system of checks and balances. However, since 1933, the executive
branch of our government has assumed increasing powers – today
manifested in the 38 “czars” working in the Obama Administration – 33
of whom function without Senate confirmation. In the wake of Communism
in Russia and Nazis in Germany, Sinclair Lewis titled his 1935 novel,
It Can’t Happen Here. So far it hasn’t, but that is no reason to let
down our guard.
Today,
in advance of their sworn testimony, each witness to the Senate
Agricultural Committee's MF Global hearing was requested to disclose
what their prepared remarks would be. Sure enough, CME executive
chairman Terry Duffy did that, and his prepared testimony can be found here.
In and of itself there was nothing unexpected about said speech, the
relevant section of which has been transcribed below. Where things got
very ugly for Corzine, is when Duffy literally veered from the
script, and added three unexpected sentences, catching everyone in the
committee off guard (including those who had given up on the
testimony which came just after Corzine's) and which according to most
news wires could have buried Corzine's defense strategy, exposing him
for a liar under oath, and potentially costing him his freedom. The
video of the relevant 2 minutes is attached below.
Good evening Ladies and Gentlemen: The stock market reversed course on news that Merkel will not increase any bailout funds for Europe. This caused the Euro to tumble and caused bourses to falter. (courtesy zero hedge). EUR Tumbles To Lows On Report Merkel Rejects Raising Upper Limit On ESM Bailout MechanismSubmitted by Tyler Durden on 12/13/2011 10:32 -0500 RANSquawk Reuters Having
In what can only be described as completely unsurprising, Larry Yun of the National Association of Realtors (NAR) has admitted, according to CNNMoney, that maybe possibly they overstated, purely by accident, the number of existing homes sales statistic that has formed the cornerstone of his constant corner-turning commentary over the past few years. We have unequivocally challenged the Ph.D.'s claims as fudged and fabricated this year and even the Wall Street Journal, back in February of 2011,
saw 'challenges' in the NAR's data when compared to other unbiased
sources of the same reality. We can only assume that when Yun explains,
in true Baghdad-Bob-style, the adjustments (when they are released on
December 21st) that they will be either a signal that the bottom is in
for home sales or that from such a low base, things can only get better.
From our perspective, the NAR data remain irrelevant and
untrustworthy with the CoreLogic data seemingly always less naturally
biased to an organization desperate for a foothold on the
glimmering slope back to the American Dream. Yun emphasized that the
revisions will have no impact on consumers because median home price
data will not be revised - all good then!
Derivatives,
unlike stocks where the equation has always been murky, are for the
most part zero-sum products: one's gain is someone else's loss (net of
commissions) unless of course the entire system collapses in a
daisylinked chain reaction (think AIG). And MF Global's bankruptcy, by
dint of being a derivatives broker, and the resulting massive losses to
both shareholders and clients, means that some entity, on the other
side of all these failed bets, made off like a bandit. Which bring us
to a rather disturbing theory proposed by Walter Burien of CAFR1.com
who has floated the rather the chilling idea, and what some may call an
outright conspiracy theory, that by scuttling MF, Corzine effectively
helped some shell company (or companies) which were controlled by a
"cabal" of his closest confidants (we will let readers come up with
their own theories who the former CEO of Goldman Sachs may have been
close with) to make the offsetting profit that resulted from the
accelerated and massive losses borne by MF's stakeholders in the
vicious liquidation. As Burien says: "A government and media cover up
would just focus on MFG's loss. A true and open investigation would be
focused on "who" took the other side of the coin; the profit." And now
that we know that Corzine allegedly lied to the Senate, just how much
deeper does his transgression go, and did his really hand over the
company on a silver platter to some anonymous "Hold Co" by taking on
massive risks he knew were going to blow up in his face, albeit knowing
the "other" side of the trade would compensate him for it? After all,
Corzine's legacy may have been forever tarnished, but if there was one
thing the man knew after all those mostly successful years at
Goldman, it was risk. So did he really blow up MF on a idiotic risk
miscalculation bet within two years of joining, purely by mistake, or is
there something more?
CBO on Tobin Tax - "Don't do it!'
Jim Sinclair’s Commentary
QE to Infinity is unavoidable due to The Formula in action.
Greetings Jim,
I thought you would find the following data trend interesting.
Best,
Erik McCurdy
Prometheus Market Insight
http://www.prometheusmi.com
Sharp Decline in Withholding Tax Receipts Signals Imminent Recession
The forward indicators that produce the most reliable signals with respect to recession forecasting continue to indicate that a return to economic contraction is highly likely in early 2012. Our computer models have been predicting the likely start of a new recession in the US for the past several months and the data trends continue to weaken as we approach the end of the year, suggesting that the recession scenario is becoming even more likely. One indicator that has weakened significantly during the last two months is the trend in Federal withholding tax deposits. Economist John Williams of Shadow Government Statistics discussed the deterioration in this data set in a recent commentary.
A sharp downturn in the annual change in withholding tax receipts by the U.S. Treasury is signaling a deterioration in personal income. The shift in tax revenues began to surface in Treasury reporting of October 2011 and has continued through the latest available numbers, as of December 7th.
Although the relationship between employment, income and these tax receipts is a complex one, essentially, one would expect to see the year-to-year change in the tax receipts run in parallel to the year-over-year change in total payroll earnings (jobs times average earnings), as estimated by the Bureau of Labor Statistics (BLS). This was the case during most of 2011, but, starting in October, a divergence developed: Whereas year-to-year change in BLS estimated payroll earnings continued at a more-or-less constant, positive level, tax receipts fell quite markedly.
The sharp decline in withholding tax deposits that began in early 2011 is gaining momentum as we move into 2012 and this type of material deterioration was accompanied by economic contraction when it occurred in 2001 and 2008. As always, there are no certainties when it comes to financial market forecasting, only possible scenarios and their associated probabilities. However, the vast majority of historically reliable indicators continue to signal that the development of a recession is highly likely, so we will remain defensive until provided with compelling evidence to the contrary.
Dear Jim,
Just a little reminder to all of where we have come from in terms of gold coin prices and the Canadian dollar investor. Since this journey began back in 2005, we’ve seen a typical staircase being developed. Maple Leafs wandered back and forth 10% or so, from 500-550 dollars per coin, and that carried on for months. When that paradigm was broken out of, with coin prices moving north of 550, they ran to 770, some 40%, before retrenching to 700 dollars. Prices then steadied, and varied within the 10% band, 700-770, for many months. When the 770 level was breached, prices ran to 1043 to buy, before retrenching in a sideways chop from about 900 to 1043. This again was a break of 35% to the upside. Once 1043 was breached, coin prices ran to 1335 or so, before becoming range bound from about 1180 to 1335, the normal 10% or so pulse. Once 1335 was decisively broken, we paused at 1500 or so, and then moved to 1960 on the high side. Another 40% move depending on whether you wish to use 1335 or 1500. The current price range in maples, is now from 1720 on the low side, to 1960 on the high side, a range of about 12%. Note that the percentage numbers have remained about the same all along, while the dollar values have fluctuated greatly. Maples, if past history is any guide at all, should be accumulated by those wishing to add to their positions, as price approaches the 1720 area. This may well be caused by Cando strength or gold price weakness, or a combination of the two.
Volatility is only going to increase as we move forward, but with the unlimited amounts of paper currency being printed every single day, the present trend is unlikely to change any time soon. Many of you may be unaware that the Canadian central bank, amongst others, purchased Euro bonds last week, to “liquify” the system, with money created out of thin air. In fact, it might accelerate. 2012 will be a year of many surprises. Maintain proper cash cushions outside of the system, be patient in your holdings (many gold mining companies are now paying dividends or are increasing them) as the values currently given do not reflect reality in any way, and hold physical gold and silver in bars and coins to deal with depreciating paper. Remember, that all paper currencies, have been devaluing against gold and silver bullion at a 20% annual clip since 2001. I see nothing out there at this point, that would suggest that isn’t going to continue.
We are at year end, where tax loss selling and portfolio rebalancings are going on, so the markets are unpredictable on a day to day basis. It is a time to be buying gold and silver and their related equities, not selling them, and cherry picking those things which make sense. People in Europe are rushing out of euros to buy the paper currency of a bankrupt nation, the US. That’s clever. As Martin Armstrong has alluded, once they’ve finished that dance, and look around to see that the US dollar is no longer a safe haven, I wonder what they might be buying?
CIGA Yahn
Dear CIGA Yahn,
Alf is right. Gold is going to $4500.-
Nobody promised the golden trip would be a rose garden; the promise made was just where it was going.
Regards,
Jim
My Dear Friends,
A Fed which has just made major swaps available to the ECB and today promised to keep rates near zero until at least mid 2013 also said they are not doing anything to further stimulate the economy. That is total double talk.
Regards,
Jim
Jim Sinclair’s Commentary
John Williams confirms the Formula as Federal tax receipts falter.
- Faltering Tax Receipts Show Consumer Income Taking A New Hit
- November Retail Sales Change Not Meaningful
www.ShadowStats.com
Endless American Consumption Is A Crowded Trade
CIGA Eric
How many times have the talking heads told us not to bet against the American consumer? Too many times to count. It’s gotten to the point that many investors believe that the US consumption machine will never stumble. Sounds like a crowded to trade to me.
Economic activity is either rising or falling at an increasing rate. Real and gold adjusted retail sales have been contracting since early 2011. The trends are becoming difficult to ignore now as the public feels the grip of the Great Recession tightening once again.
Consumption is a key driver of economic growth in the US. If the negative consumption trend extends into 2012, it will become both a political and social hot potato.
Real or CPI-Adjusted Retail Sales (RRS) and YOY Change
Gold-Adjusted Retail Sales (RSGLDR) and YOY Change
Headline: Retail sales rise less than expected in November
WASHINGTON (Reuters) – Retail sales rose less than expected in November as a drop in receipts for food and beverages weighed against stronger sales of motor vehicles, tempering some of the expectations of a strong holiday shopping season.
Total retail sales increased 0.2 percent after rising by an upwardly revised 0.6 percent in October, the Commerce Department said on Tuesday.
Economists polled by Reuters had forecast retail sales climbing 0.6 percent last month.
"It’s fairly disappointing given that all the evidence was pointing to fairly strong gains during the month," said Millan Mulraine a macro strategist at TD Securities in New York.
Consumer spending – which accounts for more than two-thirds of U.S. economic activity – rose sharply in the third quarter but November’s retail sales growth was the weakest in any month since June.
However, shoppers flocked to stores over the Thanksgiving weekend, traditionally retail’s biggest sales period.
Source: finance.yahoo.com
More…
Presenting The Three Unscripted Sentences That May Have Cost Jon Corzine His Freedom
Today,
in advance of their sworn testimony, each witness to the Senate
Agricultural Committee's MF Global hearing was requested to disclose
what their prepared remarks would be. Sure enough, CME executive
chairman Terry Duffy did that, and his prepared testimony can be found here.
In and of itself there was nothing unexpected about said speech, the
relevant section of which has been transcribed below. Where things got
very ugly for Corzine, is when Duffy literally veered from the
script, and added three unexpected sentences, catching everyone in the
committee off guard (including those who had given up on the
testimony which came just after Corzine's) and which according to most
news wires could have buried Corzine's defense strategy, exposing him
for a liar under oath, and potentially costing him his freedom. The
video of the relevant 2 minutes is attached below.Shear Lunacy!!
Good evening Ladies and Gentlemen: The stock market reversed course on news that Merkel will not increase any bailout funds for Europe. This caused the Euro to tumble and caused bourses to falter. (courtesy zero hedge). EUR Tumbles To Lows On Report Merkel Rejects Raising Upper Limit On ESM Bailout MechanismSubmitted by Tyler Durden on 12/13/2011 10:32 -0500 RANSquawk Reuters Having
Existing Home Sales Debacle, As Larry 'Baghdad-Bob' Yun Confirms Overstatement
In what can only be described as completely unsurprising, Larry Yun of the National Association of Realtors (NAR) has admitted, according to CNNMoney, that maybe possibly they overstated, purely by accident, the number of existing homes sales statistic that has formed the cornerstone of his constant corner-turning commentary over the past few years. We have unequivocally challenged the Ph.D.'s claims as fudged and fabricated this year and even the Wall Street Journal, back in February of 2011,
saw 'challenges' in the NAR's data when compared to other unbiased
sources of the same reality. We can only assume that when Yun explains,
in true Baghdad-Bob-style, the adjustments (when they are released on
December 21st) that they will be either a signal that the bottom is in
for home sales or that from such a low base, things can only get better.
From our perspective, the NAR data remain irrelevant and
untrustworthy with the CoreLogic data seemingly always less naturally
biased to an organization desperate for a foothold on the
glimmering slope back to the American Dream. Yun emphasized that the
revisions will have no impact on consumers because median home price
data will not be revised - all good then!Was The "Collapse" Of MF Global Premeditated? A Conspiracy Theory Thought Experiment
Derivatives,
unlike stocks where the equation has always been murky, are for the
most part zero-sum products: one's gain is someone else's loss (net of
commissions) unless of course the entire system collapses in a
daisylinked chain reaction (think AIG). And MF Global's bankruptcy, by
dint of being a derivatives broker, and the resulting massive losses to
both shareholders and clients, means that some entity, on the other
side of all these failed bets, made off like a bandit. Which bring us
to a rather disturbing theory proposed by Walter Burien of CAFR1.com
who has floated the rather the chilling idea, and what some may call an
outright conspiracy theory, that by scuttling MF, Corzine effectively
helped some shell company (or companies) which were controlled by a
"cabal" of his closest confidants (we will let readers come up with
their own theories who the former CEO of Goldman Sachs may have been
close with) to make the offsetting profit that resulted from the
accelerated and massive losses borne by MF's stakeholders in the
vicious liquidation. As Burien says: "A government and media cover up
would just focus on MFG's loss. A true and open investigation would be
focused on "who" took the other side of the coin; the profit." And now
that we know that Corzine allegedly lied to the Senate, just how much
deeper does his transgression go, and did his really hand over the
company on a silver platter to some anonymous "Hold Co" by taking on
massive risks he knew were going to blow up in his face, albeit knowing
the "other" side of the trade would compensate him for it? After all,
Corzine's legacy may have been forever tarnished, but if there was one
thing the man knew after all those mostly successful years at
Goldman, it was risk. So did he really blow up MF on a idiotic risk
miscalculation bet within two years of joining, purely by mistake, or is
there something more?CBO on Tobin Tax - "Don't do it!'
MF Global Employee Indicated Corzine Knew Loans Were Made From Customer Accounts
MUST HEAR: Ann Barnhardt – Gold, Silver & Near Future, “Monumental Market Disorder?”
from DollarVigilante.com:
This
joyous holiday season, those still living in the US should give thanks
for one thing: that it’s not 2012 yet. If you haven’t begun the
countdown, now’s the time. And there’s not a whole lot left of it before
it’s too late.
You see, the overlords in DC have a host of new disciplinary and capital-control legislation ready to be unleashed upon the populace starting in less than a month.
So, in celebration of the coming new year, here are two more reasons to move your assets out of the good ol’ “land of opportunity” immediately before 2012:
NEW LAWS, SAME OLD TOTALITARIANISM: CAPITAL CONTROLS
Read More @ DollarVigilante.com
Jim Sinclair’s Commentary
Click here to listen to my recent interview on the subject with Eric King of KingWorldNews…
CME won’t guarantee funds that remain missing from MF Global
CME COO Durkin says has responsibility to shareholders 1:55 p.m. CST, December 12, 2011
CME Group Chief Operating Officer Bryan Durkin said on Monday the exchange will not guarantee the funds that remain missing from customer accounts at bankrupt brokerage MF Global after they are reimbursed by the bankruptcy trustee.
Such a move would be "unwise" and the CME has a "fiduciary responsibility" to its shareholders, he said at a National Grain and Feed Association conference on Monday.
CME in late November expanded the size of a fund to help return cash to former MF Global clients to $550 million from $250 million. The brokerage collapsed Oct. 31 after making bad bets on European debt.
Hundreds of millions of dollars were missing from clients’ accounts at the firm.
A trustee overseeing the bankruptcy has said an increased payout to former clients should restore at least two thirds of U.S.-based property for the broker-dealer unit.
CME will not guarantee the remainder, Durkin said.
"We really feel we cannot expose ourselves to that level of responsibility or risk," Durkin told the NGFA Country Elevator Conference. "It’s not covered as part of our rules. All of that being said we have taken some very unprecedented steps.
More…
This
joyous holiday season, those still living in the US should give thanks
for one thing: that it’s not 2012 yet. If you haven’t begun the
countdown, now’s the time. And there’s not a whole lot left of it before
it’s too late. You see, the overlords in DC have a host of new disciplinary and capital-control legislation ready to be unleashed upon the populace starting in less than a month.
So, in celebration of the coming new year, here are two more reasons to move your assets out of the good ol’ “land of opportunity” immediately before 2012:
NEW LAWS, SAME OLD TOTALITARIANISM: CAPITAL CONTROLS
Read More @ DollarVigilante.com
Jim Sinclair’s Commentary
Ignore this at your own dire financial risk!
Click here to listen to my recent interview on the subject with Eric King of KingWorldNews…
CME won’t guarantee funds that remain missing from MF Global
CME COO Durkin says has responsibility to shareholders 1:55 p.m. CST, December 12, 2011
CME Group Chief Operating Officer Bryan Durkin said on Monday the exchange will not guarantee the funds that remain missing from customer accounts at bankrupt brokerage MF Global after they are reimbursed by the bankruptcy trustee.
Such a move would be "unwise" and the CME has a "fiduciary responsibility" to its shareholders, he said at a National Grain and Feed Association conference on Monday.
CME in late November expanded the size of a fund to help return cash to former MF Global clients to $550 million from $250 million. The brokerage collapsed Oct. 31 after making bad bets on European debt.
Hundreds of millions of dollars were missing from clients’ accounts at the firm.
A trustee overseeing the bankruptcy has said an increased payout to former clients should restore at least two thirds of U.S.-based property for the broker-dealer unit.
CME will not guarantee the remainder, Durkin said.
"We really feel we cannot expose ourselves to that level of responsibility or risk," Durkin told the NGFA Country Elevator Conference. "It’s not covered as part of our rules. All of that being said we have taken some very unprecedented steps.
More…
Jim Sinclair’s Commentary
QE to Infinity is unavoidable due to The Formula in action.
Greetings Jim,
I thought you would find the following data trend interesting.
Best,
Erik McCurdy
Prometheus Market Insight
http://www.prometheusmi.com
Sharp Decline in Withholding Tax Receipts Signals Imminent Recession
The forward indicators that produce the most reliable signals with respect to recession forecasting continue to indicate that a return to economic contraction is highly likely in early 2012. Our computer models have been predicting the likely start of a new recession in the US for the past several months and the data trends continue to weaken as we approach the end of the year, suggesting that the recession scenario is becoming even more likely. One indicator that has weakened significantly during the last two months is the trend in Federal withholding tax deposits. Economist John Williams of Shadow Government Statistics discussed the deterioration in this data set in a recent commentary.
A sharp downturn in the annual change in withholding tax receipts by the U.S. Treasury is signaling a deterioration in personal income. The shift in tax revenues began to surface in Treasury reporting of October 2011 and has continued through the latest available numbers, as of December 7th.
Although the relationship between employment, income and these tax receipts is a complex one, essentially, one would expect to see the year-to-year change in the tax receipts run in parallel to the year-over-year change in total payroll earnings (jobs times average earnings), as estimated by the Bureau of Labor Statistics (BLS). This was the case during most of 2011, but, starting in October, a divergence developed: Whereas year-to-year change in BLS estimated payroll earnings continued at a more-or-less constant, positive level, tax receipts fell quite markedly.
The sharp decline in withholding tax deposits that began in early 2011 is gaining momentum as we move into 2012 and this type of material deterioration was accompanied by economic contraction when it occurred in 2001 and 2008. As always, there are no certainties when it comes to financial market forecasting, only possible scenarios and their associated probabilities. However, the vast majority of historically reliable indicators continue to signal that the development of a recession is highly likely, so we will remain defensive until provided with compelling evidence to the contrary.
Dear Jim,
Just a little reminder to all of where we have come from in terms of gold coin prices and the Canadian dollar investor. Since this journey began back in 2005, we’ve seen a typical staircase being developed. Maple Leafs wandered back and forth 10% or so, from 500-550 dollars per coin, and that carried on for months. When that paradigm was broken out of, with coin prices moving north of 550, they ran to 770, some 40%, before retrenching to 700 dollars. Prices then steadied, and varied within the 10% band, 700-770, for many months. When the 770 level was breached, prices ran to 1043 to buy, before retrenching in a sideways chop from about 900 to 1043. This again was a break of 35% to the upside. Once 1043 was breached, coin prices ran to 1335 or so, before becoming range bound from about 1180 to 1335, the normal 10% or so pulse. Once 1335 was decisively broken, we paused at 1500 or so, and then moved to 1960 on the high side. Another 40% move depending on whether you wish to use 1335 or 1500. The current price range in maples, is now from 1720 on the low side, to 1960 on the high side, a range of about 12%. Note that the percentage numbers have remained about the same all along, while the dollar values have fluctuated greatly. Maples, if past history is any guide at all, should be accumulated by those wishing to add to their positions, as price approaches the 1720 area. This may well be caused by Cando strength or gold price weakness, or a combination of the two.
Volatility is only going to increase as we move forward, but with the unlimited amounts of paper currency being printed every single day, the present trend is unlikely to change any time soon. Many of you may be unaware that the Canadian central bank, amongst others, purchased Euro bonds last week, to “liquify” the system, with money created out of thin air. In fact, it might accelerate. 2012 will be a year of many surprises. Maintain proper cash cushions outside of the system, be patient in your holdings (many gold mining companies are now paying dividends or are increasing them) as the values currently given do not reflect reality in any way, and hold physical gold and silver in bars and coins to deal with depreciating paper. Remember, that all paper currencies, have been devaluing against gold and silver bullion at a 20% annual clip since 2001. I see nothing out there at this point, that would suggest that isn’t going to continue.
We are at year end, where tax loss selling and portfolio rebalancings are going on, so the markets are unpredictable on a day to day basis. It is a time to be buying gold and silver and their related equities, not selling them, and cherry picking those things which make sense. People in Europe are rushing out of euros to buy the paper currency of a bankrupt nation, the US. That’s clever. As Martin Armstrong has alluded, once they’ve finished that dance, and look around to see that the US dollar is no longer a safe haven, I wonder what they might be buying?
CIGA Yahn
Dear CIGA Yahn,
Alf is right. Gold is going to $4500.-
Nobody promised the golden trip would be a rose garden; the promise made was just where it was going.
Regards,
Jim
My Dear Friends,
A Fed which has just made major swaps available to the ECB and today promised to keep rates near zero until at least mid 2013 also said they are not doing anything to further stimulate the economy. That is total double talk.
Regards,
Jim
Jim Sinclair’s Commentary
John Williams confirms the Formula as Federal tax receipts falter.
- Faltering Tax Receipts Show Consumer Income Taking A New Hit
- November Retail Sales Change Not Meaningful
www.ShadowStats.com
Endless American Consumption Is A Crowded Trade
CIGA Eric
How many times have the talking heads told us not to bet against the American consumer? Too many times to count. It’s gotten to the point that many investors believe that the US consumption machine will never stumble. Sounds like a crowded to trade to me.
Economic activity is either rising or falling at an increasing rate. Real and gold adjusted retail sales have been contracting since early 2011. The trends are becoming difficult to ignore now as the public feels the grip of the Great Recession tightening once again.
Consumption is a key driver of economic growth in the US. If the negative consumption trend extends into 2012, it will become both a political and social hot potato.
Real or CPI-Adjusted Retail Sales (RRS) and YOY Change
Gold-Adjusted Retail Sales (RSGLDR) and YOY Change
Headline: Retail sales rise less than expected in November
WASHINGTON (Reuters) – Retail sales rose less than expected in November as a drop in receipts for food and beverages weighed against stronger sales of motor vehicles, tempering some of the expectations of a strong holiday shopping season.
Total retail sales increased 0.2 percent after rising by an upwardly revised 0.6 percent in October, the Commerce Department said on Tuesday.
Economists polled by Reuters had forecast retail sales climbing 0.6 percent last month.
"It’s fairly disappointing given that all the evidence was pointing to fairly strong gains during the month," said Millan Mulraine a macro strategist at TD Securities in New York.
Consumer spending – which accounts for more than two-thirds of U.S. economic activity – rose sharply in the third quarter but November’s retail sales growth was the weakest in any month since June.
However, shoppers flocked to stores over the Thanksgiving weekend, traditionally retail’s biggest sales period.
Source: finance.yahoo.com
More…
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