Retail sales contracted in March for the second time in three months and consumer confidence tumbled in April, a sign tax hikes early this year stole momentum from the economy.
Sales fell 0.4 percent in March, missing analysts’ expectations for a flat reading, Commerce Department data showed on Friday.
The data suggests consumer spending was considerably weaker in the first quarter than analysts previously believed, and many cut economic growth forecasts for the period.
The most pathetically amusing thing about this post is the headline: Retail sales point to flagging economic momentum.
I monitor the Reuters feed every day and although it’s an international news organization it has still be a big cheerleader for the Obama administration. Every less-than-depressing bit of economic news is trumpeted as a sign that all is well again. In fact, its reporting can be all over the emotional spectrum in just one news cycle. To any rational observer, this economy hasn’t had anything resembling momentum since Karl Rove was still a thing.
Yes, Virginia, elections do have consequences. So do tax hikes, no matter what you call them.