…the disconnect between retail sales and jobs. But check out this chart:
The same thing happened in the mid 90’s, an absolute boom period. What was going on….? Gas prices collapsed, just like now. Gas as a percentage of total sales has dropped by a third. Even stripping out gasoline isn’t totally clean either – the likes of Costco, Walmart and WaWa all sell gas as well.
We think the jobs picture is more important.