No, Holiday Sales Did Not Rise 16%

Worthless Holiday Shopping Hype Never Dies
The National Retail Federation presents as fact information that’s nothing more than guesswork.
Bloomberg, December 4, 2019

 

 

 

 

Let’s get this out of the way upfront: Retail sales were not up 16% during the holiday weekend. Nor were they up 14% on Nov. 29, Black Friday.

That we even have to state this tells us a lot about how easy it is to fool people into believing things that are not true. It is also revealing about the state of economics reporting, the effectiveness of fake news and the sheer gullibility of too many journalists. Investors who buy into this nonsense should expect to suffer the financial consequences of their folly.

 

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I originally published this at Bloomberg, December 4, 2019. All of my Bloomberg columns can be found here and here