There has been much made of the poor US Retail Sales Data for December.
However, the figures were only down 0.4% on November. The most likely explanation being that some early Christmas shopping occurred November; and the increase in gift-card sales will not come through until early in 2008.
Clearly, the Sub-prime issues are having some effect. But, if you follow HS Dent at all — their view is that … “a short, mild recession is indeed likely, and we are arguably already in the middle of it.” (Update: Wednesday 16 January 2008).
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