“Retail sales rise better than expected 0.6 percent” is one of the headlines for the retail sales figures that were released earlier today. Simply reading the headline can result in potentially misleading conclusions about the economy. Taking a closer look at the figures reveals that half of the gain came from the rise in gasoline prices. The other half of the gain came from the beaten down auto industry. Therefore, excluding those items, retail sales were actually flat to down. This important information is not conveyed by the headline and is a perfect example of why you have to “read between the lines”. Our take on the figures is that consumers are still acting frugal, sticking with necessities, seeking bargains, and being very careful with their discretionary spending.
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