The holiday sales numbers, +2.9% for chain stores, are being touted as evidence of a recovery. But this is off of last year's extremely depressed levels, and actually represents a significant drop in real demand since inflation for non-durable goods y-o-y was 4% in November and possibly as much as 7% in December.
No doubt the price increases are good news for corporates and show declining economic slack, but we're making and selling fewer products.
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