The financial media has become about as worthless as the MSM at large. Month after month they report on inflation numbers that are simply made up. Inflation only rises 1.8% scream headlines. That is 1.8% if you exclude non-essential items like food and gas.
The same nonsense has started happening with retail sales. Retail sales soar scream the headlines today.
NEW YORK (CNNMoney.com) -- Retail sales were slightly better than expected in March, although high gas prices and a slowing economy continued to erode demand for products.The Commerce Department reported Monday that total retail sales rose 0.2%, compared to a revised 0.4% decrease in February. In February, overall sales were originally reported to have decreased 0.6%.Economists surveyed by Briefing.com expected a 0.1% gain in retail sales for the month.
Woo hoo. The recession is over! Everybody go out and buy a house or two and a BMW while you're at it. Except, like the bogus inflation numbers that come out, this retail number is bogus.
Stripping out volatile auto sales, sales rose 0.1% compared to a 0.2% gain in February, but the increase was boosted by a 1.1% jump in gasoline station purchases.
Just like when you strip out "volatile" food and gas prices, inflation is always steady. Why do they even bother with these reports?