Note to The Economist: The American Consumer is Toast

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Our good friend JL sent this laugher along from The Economist…is it any wonder why old media financial coverage is heading towards extinction? The Economist reports: The behaviour of American consumers has been rather confounding of late. Early in the year, retail sales were surprisingly strong, even as labour markets remained exceedingly weak. Recently, however, […]

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Late last week, our good friend and fellow deflationist Carson sent over a link from Mish Shedlock’s blog, reporting a sharp annualized decrease in consumer and revolving credit. I just plotted the Fed’s historical data since 1978 (which I chose because there was a single quarter anomaly in 1977 that I didn’t feel like dealing […]

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