It seems like lately we’ve been on a never ending roller coaster of “oh good news” and “oh wait, wait, more bad news” on the economy. So much so, that I’ve learned to take it all with a grain of salt. Yes, me, the ultimate worry wort who worries about everything, has decided to really just not let it get to me any more. After all, there is nothing much that we as average every day citizens can do to pick up the economy besides just do our best to be productive citizens of the world and get out there and start spending some money to boost the economy. Oh wait, that is, if you have it to spend!
That seems to be the sticking point for all of us though, as usual. Of course we’d all be happy to oblige Uncle Sams wishes that we all as consumers go out and shop til we drop to do our patriotic duty to keep the economy in an upswing, but the reality of it is that people are still losing jobs, still getting hours cuts, still losing their homes and barely able to pay their mortgages, let alone other stuff that is considered extraneous, and so we as American consumers can’t really afford to be all that “patriotic” as we once could in the past.
A report came in that was kind of a downer recently about retail sales, which actually temporarily affected the stock market because it took some by surprise that it hadn’t really improved after all the efforts and positive news we’ve been hearing about the direction of the world and US economy. Apparently the July retail sales report came in, and retail sales are still pretty dismal for the month of july, something that analysts were hoping for a jump in so that we could check that off as another positive sign that we are entering recovery of the US economy and almost ready to kiss this whole thing good bye.
However, I don’t know that we should expect anything else at this time. People are still losing jobs left and right. You can’t get together with friends without them telling you, and you sharing your stories of aquaintances or friends or family losing their jobs and having a hard time finding a new one. The stories abound out there that there are lots of people in precarious financial situations who are in need of financial rescue and who do not have the luxury of having extra spending money, so it really does make sense that retail sales are still suffering.