Elder Patriot – There’s no turning back now. President Trump’s MAGAnomics policy emphasizing Main Street over Wall Street can no longer be denied.
The initial tabulations are in and the Wall Street Journal has reported that shoppers delivered the strongest U.S. retailers holiday sales in years.
Total U.S. retail sales, excluding automobiles, rose 5.1% between Nov. 1 and Dec. 24 from a year earlier, according to Mastercard SpendingPulse, which tracks both online and in-store spending with all forms of payment. Overall, U.S. consumers spent over $850 billion this holiday season, according to Mastercard.
Following an amazing 26.4% jump in year-over-year online sales between the Wednesday before Thanksgiving through Black Friday, the economy’s growing economic strength continued to drive bricks and mortar retail sales, that this year increased 3.3% over the 2017 Christmas buying season.
Last year’s holiday sales were approximately $598 billion, exceeding estimates by $33 billion as reported by Consumer Growth Partners.
This year, Consumer Growth Partners’ early tabulations peg sales for the same period a year later at $850 billion. That’s a whopping $252 billion dollar increase! A quarter of a trillion dollars! A 42% bust out!
That is the major indicator of consumer confidence. And, consumer confidence is a product of low unemployment, rising wages and expanded opportunities for better jobs.
All of that is indicative of booming economic growth here in the United States.
Yet the stock market as represented by the DJIA index was in freefall:
“Wall Street is running around like a chicken with its head cut off, while Mr. and Mrs. Main Street are happy with their jobs, enjoying their best wage increases in a decade”…
~ Craig Johnson, president of Customer Growth Partners
After closing at 26,828 on October 3rd, the DOW crashed as low as 21,715 this morning before roaring back on the incredibly strong numbers were reported. After opening the day down, the 1163 point turnaround by the close of trading made this the largest single day increase ever – a 1086-point gain.
Consumer sales make up two-thirds of GDP calculations so this early data should be a solid measure of the strength of our domestic economy – the focus of President Trump’s MAGAnomics policy.
The massive 19% stock market plunge since October 3rd, and prior to today, at the same time that the U.S. economy is booming and improving the purchasing power of working Americans, clearly illustrates the disconnect between Wall Street’s measure and the health of the U.S. economy – Main Street.
Over the past half-century, Wall Street has increasingly become a measure of the global economy, the strength of an elite cabal which came at the expense of the internal U.S. economy. Offshoring production and outsourcing, did nothing but hurt the American worker… and his/her buying power.
But it did wonders for bottom line profits for multinational corporations and the global banking institutions that funded them who seduced Americans with marginally lower prices.
Wall Street benefited while Main Street America and the people who live there, suffered.