Retail Details: If there’s one time of the year associated with the retail sector it’s the Christmas holidays. Despite the ongoing warnings of a recession, this year’s Black Friday saw record breaking sales of $9.8 Billion, an increase of 7.5 over 2022’s levels. The retail sector constitutes nearly 2/3s of GDP so it’s important to understand what the numbers mean. ITR Economics Taylor St. Germain offers an overall look at the sector and sees a resilient consumer….but he has some concerns when you unpack the numbers taking into to account the rates of saving and in particular inflation…..and what that means for a recession in 2024. Check out Mr. St. Germain’s Update on Retail Sales on ITR’s Trend talks.
At Your Service (but it will cost you) In ITR’s Brian Beaulieu’s latest edition of Fed Watch he looks at inflation, employment and in particular inflation of not just goods, but what is less reported on: inflation of services like insurance, rent and other non-product offerings.
Dr. Brian Wesbury’s “Three on Thursday” blog post this week provides a primer on the Strategic Petroleum reserve. We hear about this reserve anytime there’s an oil or energy crisis. It’s currently at its lowest level in 40 years. What should you know about this Reserve? (The details may surprise you).
