Retail Sales: Why A Real Recovery Hasn't Happened

It’s the lack of clear acceleration that demands our attention, with or without tropical disturbances. Past cyclical periods, including those related to near-recessions like 2015-16, are uniform in their “V” shapes. It may not quite be as flat as a perfectly scripted “L”, but after 2011 in particular that’s the closer symbolic reflection.

 

 

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