US holiday sales disappoint even in online world

from AFP, via Yahoo!



US holiday sales disappoint even in online world
by Laurence Benhamou
Thu Dec 27, 11:50 AM ET



NEW YORK (AFP) - Despite the last-minute shopping frenzy, holiday retail sales were sluggish as the American consumer spent less than expected while Internet shopping slowed down.

Many shoppers waited until the last moment to buy gifts for Christmas, as only 18 percent of Americans had finished their holiday shopping in mid-December, according to the International Council of Shopping Centers (ICSC).

Weekly chain store sales rose 2.8 percent in the week ending December 22, according to ICSC and UBS Securities.

But sales rose a disappointing 3.6 percent between the late November US holiday of Thanksgiving and Christmas, according to MasterCard Advisors. Clothing sales went up 1.4 percent while electronics went up 2.7 percent.

And Internet sales slowed down to 22.4 percent.

"Excluding just the gas purchases, holiday sales rose a lackluster 2.4 percent," said Barry Ritholtz, chief analyst at Ritholz Research.

"If we back out restaurants (and their price increases), then I ballpark sales at approximately two percent -- or a bit below the core rate of inflation," he said

"In other words, real sales may have reflected an actual loss over last year. This was despite the longer holiday shopping season," he said, noting that stores enjoyed a shopping season this year as Thanksgiving fell on November 22 compared to the 30th in 2006. .....(more)

The complete piece is at: http://news.yahoo.com/s/afp/20071227/ts_alt_afp/usinternetconsumerretail_071227165034

it's gonna come out from some part of the budget.

It seems like they started just after the Fourth of July. There's an awful lot of "uncompressed" activity (outside the traditional thanksgiving to xmas) that distorts the numbers.

.... so it's bad no matter how you slice it.

toward the end of the calender year, kinda gotta expect shit to go downhill eventually.

Yeah, right, sure. Inflation is well above 2% - 3%. Try 8% - 10%.
The books have been pureed and cooked.