Tuesday, July 14, 2009

Government Economists Gone Whacky????

These guys must be smoking Green Shoots to issue a report like this:

The Commerce Department said Tuesday that retail sales rose 0.6 percent last month

Retail sales rise in June by largest amount since January, led by a surge in gasoline prices

Someone needs to examine these Economists for reporting the above data!

Last year, gasoline was OVER $4 per gallon. Thousands of retailers have closed since last year including Circuit City and Linens N Things. Retail vacancies are skyrocketing. And practically every retailer that reported JUST LAST WEEK reported NEGATIVE comps.

Target Corp. June Sales DOWN 6.2 pct

Costco Wholesale Corp. June Sales DOWN 6 pct

BJ's Wholesale Club Inc. June Sales DOWN 7.5 pct

Bon-Ton Stores Inc. Sales DOWN 8 pct

Macy's same-store sales down 8.9% in June

Dillard's June same-store sales down 14%

Limited Brands June same-store sales fall 7.9%

The Limited June same-store sales down 12%

Children's Place June same-store sales down 12%

Destination Maturnity: June comp. sales down 10.7%

Hot Topic June same-store sales down 7.9%

American Eagle June same-store sales down 11%

Gap June same-store sales down 10%

Abercrombie & Fitch same-store sales off 32%

Kohl's Corp. -5.6 pct

Neiman Marcus Group Inc. -20.8 pct

Nordstrom Inc. -10 pct

Saks Inc. -4.4 pct

Stage Stores Inc. -12.6 pct

Cato Corp. -3 pct

The Children's Place Retail Stores Inc. -12 pct

Last week we learn retail sales in the tank, this week they are up? The mistakes seem to be getting more obvious as each week goes by!

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