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Weak Retail Sales = Weak Q1 GDP

Goldman Sachs described this morning’s retail sales report a “significant disappointment”.  As a result, they’re cutting Q1 GDP estimates to 1.9%.   The headline figure came in at a monthly decrease of 0.4% as auto sales disappointed and broader trends remained soft.  The cold weather was a contributing factor, but the general sluggishness in the US economy is persisting.  This report brought the year over year growth to just 3%, which is growth, but is also the slowest rate of growth since August 2010.

Muddle through is here to stay.  And muddle through means QE is likely here to stay.

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