Bad combo: NYC faces “skyrocketing unemployment rate and the highest deficit in almost three decades,” mnaking this one of the most painful recession Gotham has seen in a long long time:
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via NYT
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Source:
Economists’ Forecast: Chance of Change 100%
DAVID W. CHEN
NYT, February 15, 2009
http://www.nytimes.com/2009/02/16/nyregion/16york.html
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof. —John Kenneth Galbraith
Retail Sales in Jan rose .4% headline m/o/m, .7% ex auto's, .6% ex auto's and gasoline and .7% at the core. The headline figure was less than expected while the rest were slightly better. But, with respect to non headline sales, because Dec figures were revised lower, taking the two months together were about in line with forecasts overall. Sales rose in electronics, building materials, food/beverages, clothing, sporting goods, dept stores and restaurant/bars and fell interestingly for online retailers, health/personal care, furniture and motor vehicle/parts. Bottom line, headline sales were below expectations due to the greater than expected fall m/o/m...
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February 16th, 2009 at 11:35 pm
Sad to say, but it’s almost as if a dirty bomb went off.