In the wake of the release of a new book on how corrupt U.S. politicians are, it should come as no surprise that today’s retail sales numbers coming out from the Obama administration show their best month over month in nearly six years. And yet, this report of pure propaganda comes in spite of three major retailers falling flat on their earnings for Q1 just yesterday, and them issuing lower guidance and expected declining sales for the months ahead.
Macy’s, Nordstroms, and J.C. Penny’s all had weak earnings reports on both May 12 and 13, and issued guidance of further erosion entering into the summer months. However, this did not stop the reporting arm of the White House to issue their April retail sales numbers as the best seen since 2010, which is contradictory to all real data coming out of corporate reporting in the retail sector.
A rout in retail stocks pulled U.S. indexes down Wednesday. Macy’s, the largest U.S. department store chain, slashed its annual profit forecast after it reported a steep drop in earnings. Office Depot and Staples took big losses after a judge blocked their plans to merge. – LA Times
And from J.C. Penny’s this morning…
J.C. Penney Co. posted first-quarter revenue that trailed analysts’ estimates, becoming the latest U.S. retailer affected by a consumer malaise that’s weighing on department-store sales.
Revenue fell 1.6 percent to $2.81 billion in the quarter ended April 30, the Plano, Texas-based company said in a statement Friday. Analysts’ projected $2.92 billion, on average. Same-store sales slipped 0.4 percent. Analysts had estimated a 3.3 percent gain, according to Consensus Metrix. – Bloomberg
Yet despite company stocks on the S&P 500 dumping for most retail companies since earnings season started, the American people are supposed to believe that retail numbers for April were the best monthly print in six years.
“The White House and Wall Street make strange bedfellows. Both have made it very clear that spin, misdirection and outright lying is how you keep the masses engaged, whether it’s getting your vote, or more importantly, your money.
From opaque Obamacare statistics, to job market health and local impacts of the global economy, no one on Main Street has a clue as to the true state of “things.”
The truth is we have been inundated with data and media coverage that are engineered to deceive our view of economic health. Earnings per share, sales per share, the unemployment rate, initial claims, and the GDP have all lost their meaning as quantitative easing and a structural shift in our workforce warps our financial markets like a fun house mirror.”
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com,Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.