Yesterday, Shobhana Chandra reported government news releases for Bloomberg ("U.S. February Retail Sales Decline Less Than Forecast," Bloomberg, March 12, 2009.).
Here is the good,
March 12 (Bloomberg) -- Sales at U.S. retailers in February fell less than forecast and January’s gain was almost double the previous estimate, indicating the biggest part of the economy may be starting to stabilize.
Purchases decreased by 0.1 percent, led by the slump in demand for cars, following a revised 1.8 percent jump in January, the Commerce Department said today in Washington. Excluding automobiles, sales unexpectedly climbed 0.7 percent.
The bad,
A separate report today showed claims for unemployment insurance rose to 654,000 last week from 645,000 the previous period, the sixth straight week above 600,000.
And the ugly,
Sales at automobile dealers and parts stores slumped 4.3 percent, the most since October.
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America needs to realize that we may be facing another "Great Depression" in the near future. As stated under the "And the ugly" segment, the demand for automobiles are declining. This could lead to job losses and a greater unemployment rate.
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