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No Sales

10:06 AM, Aug 13, 2014 • By GEOFFREY NORMAN
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Optimists have been hoping for robust GDP growth in the 3rd quarter and had pegged their hopes on improved consumer performance.  As is often cited, consumer spending accounts for some 70 percent of GDP.  It now seems that last month it did not match expectations.  As Lorraine Woellert of Bloomberg reports:

Retail sales were little changed in July, the worst performance in six months, as car demand slowed and tepid wage growth restrained U.S. consumers.

The recovery, such as it is, remains hobbled by regulation, taxation, and uncertainty.  So the general political demoralization that shows up, again and again, in the polls is matched by economic doldrums in the marketplace.

With no immediate relief in sight.

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