The government better not ever stop dousing consumers with free money.
Imports of goods soared, while the already small services surplus plunged to nine-year low.
Need a used pickup truck? Forget it, or pay out of your nose for it. But even spurned mid-sized cars are seeing stunning price increases.
Free money runs out, spending drops: that’s mantra now.
“Lapse” in stimulus payments, bad weather blamed for retail sales decline, as inflation on durable goods hits 3.3%. Counting on next round of free money!
They’re not the same consumers.
Nationally, visits to “places of commerce” remained anemic. Houston, Dallas, Austin, San Antonio, and Nashville, which had been near the top, plunged to the bottom.
Free money whipped consumers into a rollicking eight-month splurge on goods. There’s nothing “pent up.” And services are not a shoo-in for “pent-up demand.”
In whiplash charts. For example, department store sales soared 23% “seasonally adjusted” but collapsed 42% “not seasonally adjusted.” What gives?
People and businesses have changed how they do things. And it shows up in the GPS data.