Calling Paul Volcker!
Ooops! The allegedly “strong” US consumer took a belly-flop in May. And that -0.3% month-on-month decline amounts to -1.3% when adjusted for May’s red hot CPI reading. Annualized, that’s a 15% shrinkage in real retail spending. As always, there was a lot of noise in the headline number. Auto sales dropped 3.5% in May, reinforcing […]