Someone call the President, because the July numbers are in and, as usual,  they don’t support his “the stimulus is working” claims.

According to the Commerce Department, retail sales fell 0.1% last month.  That’s a far cry from the 0.7% gain they’d predicted.  Car sales, thanks to the cash for clunkers program, posted a 2.6% increase, but everything else, particularly furniture, electronics, and oddly enough gas stations, posted big declines.  Even food sales fell.

At the same time, jobless claims rose to 558,000 and home foreclosures jumped 32 percent from the same month last year.

According to economist Jennifer Lee, “There is really no positive spin to put on these numbers.”

Someone better get word to the administration, because according to them, we’ve bottomed out, and everything is starting to get better.  If you need to find them, they’ll be the politicians in the corner, curled up in a ball, rocking back and forth whispering “lagging indicator….lagging indicator….lagging indicator….”

- Robert Laurie