Yet Another Economic Indicator Does Not Look Good

Newly released data shows retail sales fell 1.9% in December, underperforming experts’ predictions and giving yet another sign of economic difficulty this year.

Those figures come on the heels of two major inflation markers showing a record-setting spike in prices which likely helped drive down sales, according to experts.

“[Biden has] just done a miserable job with our economy,” Trish Regan said on her podcast. “Inflation numbers prove that both on producer prices, both on consumer prices, the highest levels we’ve seen since nineteen eighty two. I mean, Americans know what’s going on.”

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The producer price index was released this week and showed the most significant increase in producer prices on record.

“Over a quarter of the December increase in the index for final demand services can be attributed to margins for fuels and lubricants retailing, which rose 13.0 percent,” the Bureau of Labor Statistics said. “The indexes for airline passenger services, food retailing, machinery and vehicle wholesaling, machinery and equipment parts and supplies wholesaling, and traveler accommodation services also moved higher. In contrast, margins for automobile and automobile parts retailing decreased 2.7 percent. The indexes for deposit services (partial) and for health, beauty, and optical goods retailing also declined.”

The consumer price index was also released this week and showed the fastest increase in decades.

“The all items index rose 7.0 percent for the 12 months ending December, the largest 12-month increase since the period ending June 1982,” BLS said. “The all items less food and energy index rose 5.5 percent, the largest 12-month change since the period ending February 1991. The energy index rose 29.3 percent over the last year, and the food index increased 6.3 percent.”

Want more? Check out Trish Regan’s podcast HERE.

 

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