Meanwhile, mood-wise, consumers are feeling about as good as they did in June 1980, with consumer confidence is at its lowest point in 28 years, Reuters reports.
Economists had been expecting an index reading of 62 instead of the 59.5 reading. The numbers are fueling worries that the United States could be entering a period of stagflation – a sluggish economy combined with accelerated price growth.
If that’s the case, people may continue to steer clear of the malls and still restrict themselves to mostly buying the bare essentials. Retail ETFs might continue to feel the pain:
For full disclosure, some of Tom Lydon’s clients own shares of RTH.
