33 Months of Falling Retail Sales in Spain; Austerity the Wrong Way

Guru's blog in Spanish highlights the dramatic retail spending situation in Spain.

Here is a Mish-modified translation.

Last month I discussed the retail drama in Spain.

March data is more of the same. Sales have fallen 33 consecutive months coupled with 56 months of job destruction.

This month overall sales fell by 10.9%. Accounting for seasonal effects, sales are down 8.9%. The Corporate sales fell 14.1% (10.9% accounting for seasonal effects). Small business spending is down 12.7% (9.2% seasonally adjusted).

Spain is in a national emergency with no consumer spending, no credit, and no job creation, coupled with strongly rising unemployment.

Austerity the Wrong Way

This is what happens when you implement austerity the wrong way, by raising taxes instead of cutting needless bureaucrats.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com 

Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.
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