ECON Big Retail Sales Miss In Longest Collapse Streak Since 2008 Recession, Confirms US Consume

Today's advance retail sales for June was simply abysmal, printing at -0.5% on the headline, and -0.4% ex autos. Expectations were for a print of +0.2% on the headline and unchanged less autos. Gas was not the culprit either as ex autos and gas the miss was -0.2%, on expectations of a +0.2% print. This was the third consecutive drop in a row: the longest since December 2008, when the US economy was flat out imploding. Expect furious Q2 GDP revisions imminently once the sellside community plugs this number into bean counter abaci. Goldman will likely cut its recently downgraded Q2 GDP from 1.3% to 1.1% or even sub 1.0%, which is essentially stall speed. Finally, today's number confirms our biggest worry: the spike in May consumer credit was not for discretionary purchases: it was for staples. Do the math. Finally, building material & garden eq. & supplies dealers down 1.6%, the biggest sequential drop aside from gas stations. At least housing has "bottomed." Of course, EURUSD spiking on expectations of more imminent NEW QE.

Visually:

More: http://www.zerohedge.com/news/big-r...-recession-confirms-us-consumer-zombification

No one is buying anything. No more paying taxes. Total Collapse. Push The Reset Button.

Bad numbers! Not unexpected though. As far as housing bottoming out, its crazy around here. There is still a good bit of new housing being built, both houses and apartments. At the same time, houses are still being foreclosed on at high rates and those already foreclosed on have their prices dropping lower and lower. Our son bought a foreclosed home last month for less than half of the appraised price. And right now we know of a foreclosed home that someone we know lost and the lender has now lowered the price another $10,000. Its selling for roughly 1/3 of the appraisal - but its been sitting on the market for a number of months now. Why on earth would people buy new homes when they can get existing homes much, much cheaper?

I don't think housing has quite bottomed out here in S. Cal., yet. With all the foreclosures, one would think it would, but I have a feeling there's more bad news for Ca. in general, and this will definitely affect housing even more.
And count our family in for just buying staples. Been this way for some time now. I know malls and retailers aren't making any money off of us!