Here’s What To Expect In This Week’s Retail Reports
Everybody is speculating about the business news this week will bring. More specifically, they’re all wondering about the retail report and what news it might hold for the U.S. economy.
Anybody who has been following my blog knows that I am extremely bearish in the long run. I’ve admitted that we’re going up right now, and I’ve also given up trying to figure out when it will stop. But eventually reality is going to have to set in and stocks will either drop like it’s hot or struggle to maintain an even line.
Personally, I believe we’re going to see it fall like a dead cat from the top of the Empire State Building. But that’s just me.
Regardless, I think we’re going to see some very positive information in the retail report though, at least for July and quite possibly for August as well. And here’s why…
It comes down to three words:
Cash… For… Clunkers
The government-run program has been so “successful” that Congress has pledged an extra $2 billion to fund it. Since they appeared to run out of money within the first week or two of opening the $3,500 voucher offer due to high demand, I’m sure that they’ll burn through the additional funding quite quickly.
(Say what you will about our elected official’s competency at anything else, but you’ve got to hand one thing to them: They are excellent at going through money.)
Regardless, that is a sure-fine way of giving a temporary lift to our economic production. But notice the word “temporary.”
So once again, I’m going to preach longer-term doom and gloom. Cash in all you want on temporary profits, but we’re not anywhere close to being in the clear, so be careful out there.
Monday, August 10, 2009 - by Jeannette Di Louie, Assistant Editor, Mt. Vernon Research
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