27 December 2007

Retail Sales Fall During Christmas Season, But Innumerate Reporters Miss It

Once again the inestimable Nouriel Roubini catches something that all the major news outlets missed, though in this case, it ain't rocket science*: since inflation is running now above 4%, an year over year increase in sales of 3.6% is actually a decrease in sales.

Both the New York Times and The Wall Street Journal get this wrong.

*Full Disclosure, in 1999-2000 and 1996-1998, I worked as a mechanical engineer for what is now Lockheed Martin Missiles and Fire Control, and I have some claim to actually being a rocket scientist.


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