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.
Amid enormous shifts and distortions and trillions of dollars handed out by the government and the Fed.
Meanwhile, away from the stock market mania…
GDP fell by 3.5% in the year 2020, the worst annual decline since 1946. Trade deficit in Q4 hit new all-time worst.
Rates for trucking, ocean containers, airfreight, parcels, you name it, the costs for shipping consumer & industrial goods are surging.
Third month in a row of declining retail sales, “seasonally adjusted.” But the curveball from ecommerce caused me to dig and doubt. 15 whiplash charts of retail sales.
Weirdest Economy Ever, as 20 million people still claim unemployment benefits.