From the Financial Times: The US is on sale - but no one’s really buying.
No, we’re not talking about Treasuries, since that would be patently untrue. No, this is about the fabled US consumer - (s)he who contributes more than 70 per cent to the country’s GDP, and roughly 20 per cent to global GDP, according to Merrill Lynch data.
And the US consumer has gone on a buying strike, little moved by a national proliferation of deep discounting, buy-one-get-one free offers and “the holidays”.
Data released by the Commerce Department on Friday showed sales at US retailers fell for a fifth straight month in November, the longest decline in at least 16 year.
Why buy today when it will be cheaper tomorrow?†
†Oh, and that's called deflation, in case you missed it the first seventeen times.
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