The boyz in the stats department said wholesale inflation rose at the highest rate in 34 years. That is worse than the late 70s folks. Today's inflation is worse than the Jimmy Carter era.
WASHINGTON (AP) -- A record jump in gasoline prices pushed wholesale inflation
up by the largest amount in 34 years. Still, shoppers stormed the malls in
November, giving retail sales their biggest gain in six months. The Labor
Department said Thursday that wholesale prices soared by 3.2 percent last month,
propelled by a record 34.8 percent rise in gasoline costs.
This is what happens when Ben Bernake keeps lowering interest rates. Inflation happens. And lots of it. I learned this on day 4 of my intro to econ class. I would hope Ben Bernake, with a PhD in Economics and all, would also know this kind of stuff. So for all of you out there who are now paying 1% less on your VISA interest rate, you are paying 3 or 4 times that much in
higher costs of every day things. How's all that working out for you?
As for the surge in spending, uhm do these buffoons the MSM not read what they write? If rices are higher of course retail sales will be higher too.
Meanwhile, the Commerce Department reported that retail sales jumped by 1.2
percent last month, double the gain economists had expected. It was the biggest
increase in six months and followed a much weaker 0.2 percent rise in retail
sales in October.
Hello? McFly? Anyone home? Retail sales jumped by 1.2%. But prices rose by 3.2%. So the dollar value went up but doing simple math would show that the number of items bought fell. In other words we are spending more money and getting less stuff. Again, how's that all working ou for everyone?
Are reporters really this stupid?