Retail analyst Howard Davidowitz, discusses the ongoing problems in the consumer sector.  He remains incredibly bearish:

Source: Bloomberg


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Cullen Roche

Mr. Roche is the Founder of Orcam Financial Group, LLC. Orcam is a financial services firm offering research, private advisory, institutional consulting and educational services.

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  • fran

    These reporters are cadavers.

    Gallup Consumer Spending Data Refutes Commerce Department January Retail Sales Announcement

    As if anyone needed more reasons to doubt the data coming out of our government. Earlier today the Commerce Department reported that January retail sales data came at a nice and bubbly 0.5% sequential increase, and an even nicer and bubblier 4.7% YoY. This presumably beat expectations which were looking for a sequential beat of 0.3%. Yet here comes the much more reliable Gallup data to throw some salt in yet another economic data fabrication. According to daily Gallup consumer polling, which due to its lack of proximity to the government propaganda complex is vastly more reliable, the January average data showed a decline of 5.8% over January 2009 and a whopping 16.3% decline over December. This is beginning to parallel the ever increasing divergence between the ABC consumer comfort index and the UMichigan index which lately seems to only track the average leve of the S&P over the prior month.


  • billw


    I disagree that this man is bearish, he is nothing but a realist and backs up everything he says with real data. He knows the retail industry, and his data jives with the real unemployment numbers much better than do the government fabrications. We are sitting at 18% unemployment using real U6 data and probably considerably worse by Shadowstat’s data. Unemployment checks amount to about 50% of what the worker actually made. Thus 0.5 * 18% giuves you 9%, and 9% of the 70% of the GDP made up of consumer spending would be 3.6% to the negative in consumption alone. And the Obama government wants to tell us that GDP is up yoy and spending was up. In what universe are they reporting from, or better yet what are they smoking?

  • ken

    Last week I was shopping in two Home Depot stores. At every aisle I was practically attacked by workers asking if I needed help finding something. It made me really look around, there were only five or six customers in these huge stores. What this man is saying makes perfect sense. Those with money are spending, the others let us pray…….