With bad financial and economic performance, that is a miracle, however.
That shows we still have many Americans who love America and who put their trust in God.
~~~
Retail Sales Plunge Despite Easing in Inflation Index ECONOMY, INFLATION, RETAIL SALES, CONSUMERS By Reuters Reuters | 12 Sep 2008 | 08:44 AM ET
Total sales at U.S. retailers in August fell for a second month in a row while wholesale inflation also plunged, according to government reports on Friday that overall showed consumers were coming under increasing pressure amid rising prices.
Sales dropped 0.3 percent in August to a seasonally adjusted $381.17 billion after a sharply revised 0.5 percent drop in July that previously was reported as only a 0.1 percent decline.
Stock futures added to losses off the news, while the price of Treasurys extended gains.
Separate data showed wholesale inflation plunged in August by the largest amount in nearly two years, reflecting a steep drop in gasoline and other energy products.
The Labor Department reported Friday that wholesale prices fell 0.9 percent last month, nearly double the 0.5 percent decline that economists had been expecting. The price moderation followed three months in which wholesale costs had shot up at levels exceeding 1 percent a month as energy costs had surged.
Core inflation, which excludes energy and food, was also well-behaved, edging up just 0.2 percent in August, right in line with expectations, and well below the 0.7 percent spike of the previous month.
But the August fall in sales was sharply contrary to forecasts by Wall Street analysts surveyed by Reuters who had expected a 0.2 percent sales increase.
Sales at motor vehicle dealers rose 1.9 percent in August -- the first increase since January -- after a 4.3 percent July drop. But August sales still were down 13.5 percent from a year earlier.
Excluding motor vehicles, retail sales in August were down 0.7 percent after gaining 0.3 percent in July.
Gasoline sales fell 2.5 percent last month - the biggest monthly decline since mid-2007 - after a 0.2 percent rise in July. Gasoline prices eased in August from record July levels.
Sales of building materials, clothing and electronics all were weaker in August than they were in July. Analysts have been warning that, with businesses cutting jobs in every month so far this year, consumers are bound to have difficulty keeping up spending that fuels two-thirds of national economic activity.
-- The Associated Press contributed to this report. Copyright 2008 Reuters. Click for restrictions.
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