Related: Commerce Department Lies About Economy
Government Continuously Lying About Economy
And they DID IT AGAIN!!!
"April's shoppers still wary, data show; 0.4% drop in sales was unexpected" by Courtney Schlisserman, Bloomberg News | May 14, 2009
WASHINGTON - Retail sales in the United States unexpectedly dropped in April for a second month, indicating that rising unemployment is prompting consumers to conserve cash.
The 0.4 percent decrease followed a revised 1.3 percent drop in March that was larger than previously estimated, the Commerce Department said yesterday in Washington.
Yup!
When the economy grows, the lying government always overestimates!
When it contracts, the government always underestimates!
Smells like LIES to ME, pheeeewwwww!
Fewer jobs, falling home values, and the biggest loss of household wealth on record may limit consumers' ability to spend for years, analysts said. Stocks dropped for a third day as the reports indicated that any recovery from the worst recession in at least half a century is likely to be subdued.
"It looks like consumers are losing momentum heading into the second quarter and that is a very worrisome development," said Carl Riccadonna, an economist at Deutsche Bank Securities Inc. in New York. "They have very significant headwinds, and number one among them is that the labor market is far from turning the corner."
A separate report from Commerce showed inventories at US businesses fell 1 percent in March, a seventh consecutive drop as slumping sales forced companies to pull back. The streak of decreases is the longest since 2001-2002. Economists surveyed by Bloomberg earlier this month projected that consumer spending will be unchanged this quarter after rising 2.2 percent the first three months of the year.
Yesterday's sales figures run counter to an industry report last week that showed demand had improved.
Translation; we were getting smoke blown up our asses!
Kohl's Corp. and BJ's Wholesale Club Inc. were among retailers last week that said first-quarter preliminary earnings exceeded their forecasts and April sales signaled shoppers were returning to stores....
They report that with fingers crossed, or....?
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