Friday, Jun 20, 2008
The Truth Behind the Retail Sales Headlines
The Market Oracle: http://www.marketoracle.co.uk/Article5141.html
In the midst of the worst economic conditions in nearly 20 years, May saw retail sales soar by a surprising annualised rate of 8.1%, the highest rate in 20 years, up 3.4% for the month. The surge is more akin to that expected during boom times rather than the bust that the UK is fast heading towards. The mainstream media immediately seized on the headline rate to announce Britain is experiencing a mini high street spending boom. However looking behind the headline figures tells a different story.
Posted by nadeem walayat @ 06:00 AM (201 views) Add Comment
1 Comment
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1. icarus said...
I thought the figures you quoted were volume figures. This means that they have already been adjusted for inflation. But you've added another inflation adjustment.