Well, heck! There’s no winter weather to blame this on!!!!
WASHINGTON (AP) — U.S. shoppers kept their spending in check in April, as modest wage growth over the past year keeps family budgets tight.
The Commerce Department said Wednesday that retail sales were unchanged last month after rising 1.1 percent in March. Sales have risen just 0.9 percent over the past 12 months. Steady hiring has yet to spark significantly higher incomes.
The retail sales report also raises the possibility that nasty winter weather can’t entirely explain the recent lackluster consumer spending in prior months, since the anticipated spring rebound has not materialized.
“The continuing weakness of retail sales in April brings into question our working assumption that the soft patch through the winter months was largely due to the unseasonably cold temperatures in the Northeast,” said Paul Ashworth, chief U.S. economist at Capital Economics.
Americans cut back on their purchases at autos dealers, furniture outlets, building supply stores, gas stations, supermarkets and department stores last month. Offsetting those declines were increases in spending at restaurants, clothiers, health-related stores and online retailers.
Excluding the volatile categories of autos, gas, building materials and restaurants, sales were flat.
Many economists say that sales should improve once the strong job growth fuels acceleration in wage growth. But the addition of 3.1 million jobs over the previous 12 months has done little to push up paychecks at a meaningfully faster pace than inflation.
Wages have risen at a relatively modest 2.2 percent clip over the past 12 months, barely outpacing inflation, the Labor Department reported last week. …….
The wages aren’t rising because these are crap jobs which are being filled, and, they’re not going to Americans, but, rather people we import …… specifically for the purpose of artificially keeping wages suppressed. But, leftarded economic writers will never write that. Indeed, they’d be still writing about how smurfy things would be if it wasn’t for the cold winters, but, like last year, and now this year, reality is slapping them in the face.
The horribly sad news is, we won’t recover from the last recession before the next recession sets in.