So the retail sales number shows the US economy continues to plod along (or better), as October proved to be a moderately good month according to the retail numbers. I think we can be pretty happy about that, while although we still making economic comps against weakened overall figures – the retail sales increase was good.
Jobs and Income Remain A Concern
Holiday temporary hiring has been in full swing for the bulk of the month as retailers get ready for the final holiday push. Job growth has jumped a bit recently and more money in peoples pockets equals more consumer spending. No surprises there. I can’t sit here and say “all is rosy” just because of a seasonal hiring push and a jump in iphone and auto sales though. Regular readers would note I’m not known for being particularly rosy as a general rule anyway – but the numbers this time around are positive. We’re not going to break the economy out of the sideways pattern it has been in but we’re not going to implode at this rate either.
Dear Europe: Please Get Your Act Together
In other news no new periphery governments over-thrown by the banking cartel, but maybe that’s because we’re still only on Tuesday and Portugal and Spain haven’t imploded yet. I should try to be more optimistic about Europe but they’re working with a fundamentally flawed system, everyone with money at stake knows it, and they’re all trying to pass the match around to avoid getting burned. Note to Europe Banks: you’re going to take a bleepin’ haircut on periphery debt. Make a GOOD offer next time – like 80%+ otherwise you’re probably going to be looking at 100% when they go all Icelandic on you.