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Apparently Consumers Woke Up to Reality in July

The American consumer has been said to be the most gullibie "human" creature on earth. Showman P.T. Barnum opined as much when he said "There is a sucker born every minute" (in America). In other countries, goods are scarce and buyers are cautious; caveat emptor is the rule.  In America, it's the other way; goods are rich and plentiful, and expected to be, which is to say that American consumers are easily "taken."

But finally the consumer woke up to the fact that jobs are scarce, and aren't coming back. Consumers are just now cutting back, which is being reflected in store sales. Shortly after July 4th in the area served by the Lincoln Tunnel, consumer (as opposed to workaday) traffic, started to slow. Apparently similar things have been happening elsewhere in the country.

Retail sales are about to take a dive. But we won't see that for another month or two, until July sales (or lack thereof) work their way into the numbers.