Biden is sinking the ship Trump built him.
Newly released retail figures clearly show a bad decline at the hands of President Joe Biden.
According to Breitbart, the U.S. Commerce Department claimed that retail sales have declined 1.3 percent in May from the previous month and US auto sales have fallen off by 3.7 percent.
“We expect the underlying upward trend in core sales to re-emerge (in June) as the drag from the end of the stimulus payments fades and the continued reopening persuades people to start running down some of their huge pile of accumulated savings,” Ian Shepherdson of Pantheon Macroeconomics said of the May data.
Furthermore, “Stronger demand for services on reopening should provide support to household spending in” the second quarter, added Rubeela Farooqi of High Frequency Economics.
“But it is still unclear momentum can be sustained beyond the reopening even as job growth restores incomes, but savings diminish and fiscal support expires.”