Back to Basics

2010 NOV U.S. retail sales up 0.8% but Autos down 0.8%, Furniture/appliances down 0.5%, Electronics down 0.6% & Building materials down 0.1%. What was up? Groceries 0.8% Gas 4.0% Drug stores 0.9% & Clothing 2.7% What we had was a surge in “necessities” which rose 2%, the largest increase since Nov 09. Either there is a seasonal need for more toilet paper, macaroni and fuel in November or the public is feeling poor.