Typically, July is a month where the seasonal adjustments smooth out retail sales to the downside. The following chart shows the "normal" downward seasonal adjustments for July for the last 10 years. Check out this year: Hmmm.. Now, retail sales actually declined from $405.8b to $402b. http://www.census.gov/retail/marts/www/download/excel/table1.xls from ZH "with the July seasonal adjustment factor routinely subtracting a substantial amount from the NSA number, averaging at -$5.2 billion, in 2012, for the first time this decade, the seasonal adjustment not only did not subtract, but in fact added "value" to the NSA number, resulting in a seasonally adjusted number that was $1.9 billion higher than the NSA number at $403.9 billion...Instead of rising by 0.8% Seasonally Adjusted retail sales would have declined from $400.7 billion to $395.5 billion, or a 1.3% decline. " Anybody have a guess why they would do that? I can think of one reason... http://www.census.gov/retail/marts/www/download/text/adv44x72.txt http://www.zerohedge.com/news/mystery-july-retail-sales-beat-solved-it-all-seasonal-adjustment
on the seasonal adjustment.... TRAMO-SEATS Seasonal adjustment software developed by the Bank of Spain. It uses models to estimate the different time series components.
Isnt Spain in deep deep financial crisis? Why would we listen to them? Im pretty sure telling lies wont save us.....
I suspect if the reality of this economy... and all the intellectually dishonest ways his administration is using to smear it with lipstick were publicly unveiled... Obama's approval numbers would sharply descend to align with only the liberal/leftist/parasite demographic. But that would require an objective national media and journalistic integrity....which doesn't exist.
I think the federal reserve needs to get people off the QE tit, so they have justification for QE tit. Thus the huge adjustment...just my opinion. /tin foil off
