The Obama economy continues to limp along. Wall Street might be doing okay thanks to QEForever, but main street is still hurting. The latest news is that retail sales plunged last month. But the Democrats and their buddies in the media want us to think the economy is swell, and that the only thing wrong with it is that the Republicans won’t let them raise taxes and spend even more money.
Retail sales in the U.S. unexpectedly fell in March by the most in nine months as employment slowed, showing households ended the first quarter on softer footing.
The 0.4 percent decrease, the biggest since June, followed a 1 percent gain in February, Commerce Department figures showed today in Washington. The median forecast of 85 economists surveyed by Bloomberg called for an unchanged reading in March. Department stores and electronics dealers were among the weakest showings.
The figures may prompt economists, who are projecting consumer spending climbed in the first quarter at the fastest pace in two years, to reduce growth estimates. A pickup in hiring and bigger increases in wages will be needed to ensure any slowdown proves temporary as federal budget cuts and an increase in the payroll tax restrain the expansion.
If you think it’s bad now, just wait until Obamacare is fully implemented.