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December 05, 2003

Retail Sales Disappoint

Job growth still looks low for any kind of real recovery and retail sales in November were relatively anemic.

The Bank of Tokyo-Mitsubishi's same-store sales tally of 74 retailers rose 3.6 percent, slightly below Niemira's forecast of a 4 percent gain.
A few retailers, betting on the end of the recession, decided not to start sales early -- as they had last year.

They lost the bet.

Merchants who heavily discounted last weekend were the winners, while those that tried to wean consumers away from big markdowns found the strategy didn't work.
So I continue with my basic sense that the abtract economic numbers -- GDP, producitivity, and so on -- seem to have fundamental calculation problems at this point, since the "real" measures of economic well-being like jobs and consumer willingness to spend money just don't seem to be getting any traction.

Posted by Nathan at December 5, 2003 10:19 AM