Sales at U.S. retailers unexpectedly climbed in February as shoppers braved blizzards to get to the malls, signaling consumers will contribute more to economic growth.
More consumption driven growth! Like historical (nominal) comparisons of net worth and equity prices, retail sales comparisons are also meaningless because the currency is not a stable measuring stick over time.
Even real, or CPI adjusted sales prices are not comparable because the CPI is not a stable measuring stick either.
Real or CPI-Adjusted Retail Sales (RRS) and YOY Change:
The only unbiased trend is gold-adjusted retail sales. The effects of currency devaluation are removed when retail sales are converted into ounces purchased. This number is historically comparable and shows no unexpected monthly or year-over-year gain.
Gold-Adjusted Retail Sales (RSGLDR) and YOY Change:
Source: bloomberg.com
Source: shadowstats.com
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