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Downturn Rising, No 'Glitch' In Retail Sales
You just don’t see $4 billion monthly retail sales revisions, in either direction. Advance estimates are changed all the time, each monthly figure will be recalculated twice after its initial release. Typically, though, the subsequent revisions are minor rarely amounting to a billion. Four times that? Last month, the Census Bureau reported that retail sales during the Christmas holiday were a disaster. It was Christmas 2007 bad. For people thinking the US economy was booming, this was a shock. So much so, some like the President’s chief economic advisor Larry Kudlow stated it had to have been a “glitch” in ... (full story)