There is no denying it or finding a CNBC silver lining in the retails sales report that was issued today. It was bad and worse than even the most bearish analyst prediction.
This confirms the downbeat consumer confidence numbers that we have been seeing lately and further evidence that consumers are stepping back to evaluate their situations.
While the month-over-month can be choppy, the same trend down is being seen on a year-over-year basis.
Most of the components of the report were also below the zero line, with the exception of clothing, misc. food and beverage and non-store.