U.S. Retail Sales "Unexpectedly" Fell in March as Jobs Evaporated

Retail sales in the U.S. unexpectedly fell in March as soaring job losses forced consumers to pull back.

The 1.1 percent decrease followed a 0.3 percent gain in February that was stronger than previously estimated, the Commerce Department said today in Washington. Auto dealers, electronics stores and restaurants led the decline.

Less consumer spending heading into the second quarter means the recession is likely to persist. Incentives and promotions by car dealers and clothing stores such as Gap Inc. failed to draw customers hurt by a lack of credit and the highest jobless rate in 25 years.

``With employment declining sharply and credit restricted, households will spend cautiously this spring,'' Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts, said before the report. ``We expect that a slight rise in real consumer spending in the first quarter will be followed by a slight decline in the second quarter.''

Retail sales were projected to rise 0.3 percent in March after an originally reported 0.1 percent decline the prior month, according to the median estimate of 73 economists in a Bloomberg News survey. Forecasts ranged from a decline of 0.2 percent to a gain of 1.2 percent.

Excluding automobiles, sales decreased 0.9 percent after a 1 percent gain in February. They were forecast to show no change, according to the survey median.

http://www.bloomberg.com/apps/news?pid=20601087&sid=anP.K55X8d_s&refer=home

 

Green shoots everywhere. They are marijuana shoots that people seem to be so keen in consuming lately

 

<cite>Bernanke, in prepared remarks for a speech today in Atlanta, said he is “fundamentally optimistic about our economy.”

“Today’s economic conditions are difficult, but the foundations of our economy are strong, and we face no problems that cannot be overcome with insight, patience, and persistence,” he said.</cite><p> When you are in a postion of power, I guess there is little else you can quote but the party line.

The party line is always the same, no matter what the time in history, no matter what the country, no matter what the party.

 

The economic recovery doesn't need jobs, higher wages, overtime, increased productivity, jobs with benefits such as health insurance or migration to higher skilled employment.

We can continue to prosper and grow even if our currently high 8% unemployment rises to 14% or more, and regardless if former 85k employees takes jobs making 25k.

Everything will be fine. Jobless people will continue to spend as they always have.

 

Massive propoganda campaign that started with Ben's appearance on 60 Minutes a few weeks back. Everyone's tone shifted from honestly negative, to falsely positive a couple of weeks ago. Just a way to trick everyone into believing the economy is okay, and that it's time to spend and reinvest. Lies I tell you...damn lies.

 

Well, what about immigration reform?

The republicans brought the illegals into the country and the democrats are going to make them legal.
btw, that is the "change we need"!?

There is going to be a huge wave of immigration to replace the jobs that are being lost now!