California retail sales grew 0.9% vs. inflation averaging 4.9%.
”Survey says” looks at various rankings and scorecards judging geographic locations while noting these grades are best seen as a mix of artful interpretation and data.My trusty spreadsheet sought to quantify how the rising cost of living eroded buying power and cash register activity. SoCalifornia retail sales in the first half of the year grew 0.9% vs. 2022’s first six months. Meanwhile, inflation averaged 4.9% in this period.That was a middle-of-the-road result.
Every state had after-inflation sales drops, with Idaho the largest at 8.7%. Then came Wyoming at 8.4% and West Virginia at 7.2%.The pandemic era’s early spending spree could not be sustained long-term – especially in particular Western and Southern states that were economic wunderkinds during the pandemic era.California shopping grew at an 11.9%-a-year pace while the cost of living inflated 4.7%. The eye-popping 7.2% after-inflation growth ranked No. 25 among the states.
Smallest increases were seen in Rhode Island at 4.3%, West Virginia at 4.6%, and Maine and North Dakota at 4.8%.For starters, the consumer spending gains coming out of 2020’s pandemic lockdowns could never be replicated. Various stimulus efforts ended and there was no longer a need to stock up for work or schooling at home.And don’t forget, the Federal Reserve’s been trying to chill inflation with its economy-choking high interest rates.California’s after-inflation shopping was 11.2 percentage points weaker – this year’s 4% drop vs. 7.2%-a-year growth in 2020-22.
Again, it’s a fairly typical result, ranking 24th among the states and practically the same as the nation’s shopping slump.Miss Manners: I don't find it adorable what she has trained her dog to doDear Abby: He says he's not forcing us to eat it, but basically he isDear Abby: My boyfriend and I resent each other, but we can't break upSan Jose house listed for $1.5 million comes with meth lab. Buyer gets the cleanup.
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