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Recovery Winter: Industrial Production Drops, Wal-Mart Sees Disastrous Month

Posted By Daniel Greenfield On February 16, 2013 @ 9:18 am In The Point | 14 Comments

I would blame George W. Bush, but I have trouble seeing why his paintings are responsible for an economic collapse that began anew after Obama’s re-election.

Industrial production fell 0.1% due to weak manufacturing and mining. And Wal-Mart is wondering where all the customers went.

Wal-Mart Stores Inc. had the worst sales start to a month in seven years as payroll-tax increases hit shoppers already battling a slow economy, according to internal e-mails obtained by Bloomberg News.

“In case you haven’t seen a sales report these days, February MTD sales are a total disaster,” Jerry Murray, Wal- Mart’s vice president of finance and logistics, said in a Feb. 12 e-mail to other executives, referring to month-to-date sales. “The worst start to a month I have seen in my ~7 years with the company.”

Wal-Mart and discounters such as Family Dollar Stores Inc. are bracing for a rise in the payroll tax to take a bigger bite from the paychecks of shoppers already dealing with elevated unemployment.

Murray’s comments about February sales follow disappointing results from January, a month that Cameron Geiger, senior vice president of Wal-Mart U.S. Replenishment, said he was relieved to see end, according to a separate internal e-mail obtained by Bloomberg News.

“Have you ever had one of those weeks where your best- prepared plans weren’t good enough to accomplish everything you set out to do?” Geiger asked in a Feb. 1 e-mail to executives. “Well, we just had one of those weeks here at Walmart U.S. Where are all the customers? And where’s their money?”

The government has all their money. And it has all the customers too. But don’t worry, we’re in a recovery. That’s why even the media which keeps babbling incessantly about a recovery is… cutting jobs.

Thomson Reuters Corp., a provider of news and information services, declined the most in more than six months after the company predicted slow growth and narrowing profit margins in 2013, and announced plans to cut 2,500 jobs.

It’s another Obama miracle.


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