While we await the government's retail sales data on December 11, the last official economic report the Fed will see before its December 16 FOMC decision, Bank of America has been kind enough to provide its own full-month credit card spending data.
And while a week ago the same Bank of America disclosed the first holiday spending decline since the recession, in today's follow up report BofA reveals that if one goes off actual credit card spending - which conveniently resolves the debate if one spends online or in brick and mortar stores as it is all funded by the same credit card - the picture is even more dire.
According to the bank's credit and debit card spending data, core retail sales (those excluding autos which are mostly non-revolving credit funded) just dropped by 0.2% in November, the first annual decline since the financial crisis!
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However, if you want you can keep believing the US government's foul lies. That way you won't know what hit you when the bottom falls out.
War Is Peace
Freedom Is Slavery
Ignorance Is Strength
[from George Orwell's Nineteen Eighty-Four]