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Tuesday, July 15, 2008

Witching Week?

Oil crashes out, Moody's downgrades Fannie and Freddie, retail sales are theoretically up .1 on the month, but clearly below CPI on the year (i.e. declining in real terms), Bernanke changes his direction assessment, and producer prices charge higher (1.8 on the month). It's the big one, pups.

In the meantime, our dauntless scientists are forging the path to a new tomorrow. For instance, they are warning about global warming-caused kidney stones. I'm fighting the temptation to make a range of extraordinarily crude jokes.

Retail sales are really quite poor. The trading day holiday adjusted numbers over the year:
June 2008: 384,211
June 2007: 372,878
Difference: 11,333
Now looking at components for June both years:
Gas 2008: 45,971
Gas 2007: 36,910
Difference: 9,061

Groceries 2008: 44,062
Groceries 2007: 41,631
Difference: 2,431
I believe you all can draw the logical conclusion from here. It's no surprise that motor vehicles and parts sales are down over 10% on the year.

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