Among other things, the month of November was memorable because for the first time, Caterpillar – that bellwether of the old industrial economy in which “stuff” was actually made, dug out of the ground, erected, or otherwise processed instead of merely hosted ad impressions – posted declining retail sales in every region around the globe. This was the first time of uniform declining retail sales since February 2010. To say that this data conflicts massively with all the rumors, fairytales and lies about a global recovery, is an understatement which is why it has not been mentioned anywhere, in hopes the subsequent month would demonstrate some improvement and perhaps an upward inflection point. That did not happen.
Moments ago CAT released its November dealer retail sales: for the second time in a row CAT posted negative retail sales across the world, with total retail sales down a whopping 12%, the lowest since February 2013, and then, going back all the way to 2010. But at least the Fed is tapering because it is convinced the global economy is finally recovering…
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/7KQX-18N6x8/story01.htm Tyler Durden