Posted on June 12th, 2008 in Daily Stock Market / Economic News - The Real Story
The market rallied on inflation. This will be the shortest post I have ever made except for the Lehman $15 buyout by DB above.
May Retail Sales Expectations were +0.5% and +0.6%. Actual: +1.0% and +1.2% = HURRAY!!! NOT!
Look inside the numbers:Gas Stations +13.8%; Non-Store Retailers (including heating oil deliveries) +10%; Food and Bev Stores +6.2%; Food Services & Drinking Places +5.1%.
Above is all energy and food. Higher prices drove retail sales. This is as far from good news for stocks as any thing I have ever seen. -Best Mr Mortgage