I have written over and over again on how distorted the U.S. business sales and inventory figures are. Manufacturers are stockpiling products. Retailers are experiencing a decline in sales. Consumer spending is getting softer. But it’s more than just retail that is becoming a drag on the U.S. economy.
Statistics from the U.S. housing market also point to very soft consumer spending.
In July, the annual rate of new home sales in the U.S. economy came in at 507,000 units—a five-percent increase from
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