Economic Update

ECONOMIC UPDATE….Retail sales in April were down 2.4%, “the most wretched year-over-year showing by major retailers since the International Council of Shopping Centers began tracking the data in 1970,” according to the LA Times.

But take heart. Sales may be down at places that cater to ordinary schmoes, but business is sunny at Saks, Nieman Marcus, and Nordstrom. Apparently shoppers at those places don’t have to worry so much about the home mortgage meltdown, rising gasoline prices, or the soft labor market.

And that’s not all. In other economic news, business is booming for boat moorings in Newport Harbor. So buck up!

Support the Washington Monthly and get a FREE subscription