2019 ROI First Quarter Edition 2019 - HIS Capital Group | Page 19

The employment picture is positive. What about the consumer? The consumer is not as strong. When measured
by Retail Sales, consumers are spending at a 4% annual clip. Not a booming growth rate, but not too bad either.
The fact that Retail Sales are not booming like in prior expansions suggests that this expansion can keep going
for a long time. Retail Sales were at 6% and 8% before prior recessions took hold.
The retail picture isn’t as bright for department stores. Amazon must love this chart!
According to the Census Bureau, sales at department stores were just $12 billion in March. By contract, online
sales almost reached $60 billion. The world is a-changin.
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