BIDEN ECONOMY: Retail and Auto Sales Are Down, Layoffs Announced, A Recession is in the Works
The economic numbers for the Biden economy are coming and they are terrible.
Zerohedge reported this morning on a number of statistics that don’t look good at all.
May Retail Sales are down.
Amid record low consumer sentiment, crashing asset markets, and tumbling savings rates, it is no surprise that May retail sales were a disappointment but the 0.3% plunge was remarkable relative to a 0.1% expected rise and downwardly revised 0.7% MoM rise in April.
Auto Sales have dropped as well.
Auto sales dropped 3.5% in May, reinforcing data from Ward’s Automotive Group that showed sales dropped the most since August in the month. Meantime, spending at gas stations rose 4%, likely reflecting higher fuel pricesin the month. Excluding those categories, retail sales rose 0.1%, the smallest gain in five months.
A Recession looms.
The Control Group – used in the GDP calculation – printed a blank (0.0% MoM). Additionally the Control Group retail sales data from April was revised dramatically lower from +1.0% MoM to +0.5% MoM suggesting Q2 GDP could be heading into contraction and the dreaded ‘technical’ recession looms.
The list retweeted by Zerohedge shows over 30 companies that have announced layoffs coming up.
To this list we can today add Redfin, Compass, and Coinbase. Many more coming https://t.co/sN5Fe027xB
— zerohedge (@zerohedge) June 14, 2022
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