Total Holiday Sales +3.4% Year-Over-Year

RESULT: Biggest Holiday Sales in U.S. Retail History

hat tip/ sundance at CTH

Middle-class Americans spent more this holiday shopping season than any year before it.  Despite losing a week due to the late Thanksgiving holiday, total Christmas sales growth was +3.4 percent year-over-year.

(Reuters) […] The holiday shopping season is a crucial period for retailers and can account for up to 40% of annual sales. But this year, Thanksgiving, which traditionally starts the U.S. holiday shopping period, was on Nov. 28, nearly a week later than last year’s Nov. 22, leaving retailers with six fewer days to drive sales between Thanksgiving and Christmas.

E-commerce sales this year made up 14.6% of total retail and rose 18.8% from the 2018 period, according to Mastercard’s data tracking retail sales from Nov. 1 through Christmas Eve. Overall holiday retail sales, excluding autos, rose 3.4%.

“E-commerce sales hit a record high this year with more people doing their holiday shopping online,” said Steve Sadove, senior adviser for Mastercard.

Now watch the Reuters spin…

U.S. President Donald Trump, whose support in the polls has been buoyed by strong economic data despite his impeachment by the House of Representatives, heralded the news in a tweet in all capital letters.

“2019 HOLIDAY RETAIL SALES WERE UP 3.4% FROM LAST YEAR, THE BIGGEST NUMBER IN U.S. HISTORY. CONGRATULATIONS AMERICA!,” Trump tweeted.

However, Mastercard spokesman William Tsang, citing 2018’s 5.1% growth in total sales, said this year’s holiday sales growth was not the biggest ever.

The White House had no immediate comment on the apparent discrepancy.

Despite slowing global growth, U.S. consumer spending is benefiting from wage growth and a strong labor market, retail consultants and analysts say. (link)

There is no discrepancy.  Trump’s tweet was recognizing the record-breaking total amount of U.S. sales, not simply the growth rate.   Knuckleheads.   Mamet principle on full display.

Total Holiday Sales an outcome of a very strong economy, low unemployment, low inflation, higher wages and more disposable income… MAGAnomics at work.

Keep in mind U.S. GDP growth is driven by consumer spending.  A whopping 3.4% gain year-over-year is tens of billions more in economic activity.  More WINNING !