by Jeff Nielson, Sprott Money:
Retail sales have fallen yet again in the mighty U.S. economy, home of the Never-Ending Recovery . Once again, this number has fallen even before we adjust it for inflation, in order to make the statistic meaningful. A retail sales number which is not adjusted for inflation (by subtracting the rate of inflation) only tells us how much depreciating money the people spent, not how many goods and services they actually purchased.
In June of this year, the month just reported; U.S. retail sales are estimated by the government to have fallen (month-over-month) by 0.3%, a seemingly insignificant number. But this is before we adjust that number for inflation. What is the rate of inflation, the real rate?
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