Monday, April 14, 2008

Spend Spend Spend

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 ( -- 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 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?

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