The Canary in the Coal Mine
“The discount retailer, one of the recession’s big winners, felt the pinch from belt-tightening consumers in its fourth quarter as sales at US stores fell for the first time.
Wal-Mart’s financial results unnerved investors, outweighing plenty of good news in the Bentonville, Ark., company’s quarterly report… One explanation for sales weakness is deflation. The company said prices for groceries and consumer electronics continued to fall, causing customers to spend less on each shopping trip.” – MSN Money
So goes Walmart, so goes the country. This is a bad omen for Obama’s hoped for “recovery.”