Click to enlarge.
Start with retail sales. Subtract off motor vehicles and parts (mostly purchased with excess credit), gasoline station sales, food sales, and nonstore retail sales (since nonstores tend to hire non-employees). Adjust for inflation and divide by the population. The chart shows what's left. It's the perfect recipe for MaxedOutMama's disturbing Utterly Schizoid NFIB Report.
In my opinion, the core economy is running out of steam again. They say nobody rings a bell at the top. I guess everyone is just too busy counting their money while they're sitting at the table.
Source Data:
Census: Monthly & Annual Retail Trade
St. Louis Fed: CPI
St. Louis Fed: Population
