Jim?s Mailbox

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August 13, 2009 08:13 PM

Jim,

Follow not the individual data points but rather their trend in both time and price.

CIGA Eric

U.S. Economy: Sales Unexpectedly Decrease as Job Losses Mount
By Timothy R. Homan

Aug. 13 (Bloomberg) — Sales at U.S. retailers unexpectedly fell in July, raising the risk that consumers will keep cutting back as job losses mount and temper a recovery from the worst recession since the 1930s.

Purchases decreased 0.1 percent, the first drop in three months, as shrinking demand at department stores such as Macy’s Inc. and Wal-Mart Stores Inc. overshadowed a boost from the cash-for-clunkers automobile incentive program, Commerce Department figures showed today in Washington.

A separate government report today showed more Americans than forecast filed claims for unemployment insurance last week, underscoring the threat to spending from the continued deterioration in the job market. Treasury securities jumped and the dollar fell after the reports, and some economists lowered estimates for growth this quarter.

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Dear Mr. Sinclair,

There are those that feel certain areas are immune to the real estate and greater economic downturn. This morning I received the Massey Knakal 1st Half 2009 Queens, NY Building Sales Report and the dollar volume decline in sales is absolutely staggering.

I will type in the data contained in the pamphlet referencing the decline below:

Dollar Volume

"The aggregate sales consideration in 1H09 was $253,879.227.  This figure was down 80.4% from 1H08 and down 81.8% from the peak half year of 2H06 during which consideration was $1.4 billion."

This is alarming!

Best Regards,
CIGA Marc