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August 19, 2010
The Endless Summer of "Recovery"
Weekly jobless claims hit 500,000.
Unexpected even.
Discount retailer WalMart showed a solid 2nd quarter increase in net income, up 3.6%, but that was a result of growth in Asia, Central and South America, and cost-cutting in the US. The only measure of activity that matters domestically is same-store sales (year ago year-to-date comparisons), and that's down for the 5th consecutive quarter. There is however another discounter that showed a big jump in same store sales, Dollar Tree.
Used to be when you saw economic downturns, they were accompanied by upticks in WalMart same store sales (people with less money need to save money, or so the theory went).
Not anymore.
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posted by Dave In Texas at
09:04 AM
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