As the business media is all a flutter about what words big Ben might include in his answers to the Senate today, we have a few more big picture postcards from the real economy to ponder, courtesy of Zerohedge:
- tech bellweathers have now all officially missed their revenue targets for Q2 as they did in Q1 as well. Intel clocked its 4th consecutive quarter of negative revenue growth. See: With recoveries like this who needs micro-chips. This happened in both the 2001 and 2008 recessions.
- and according to this week’s weak retail sales report, food-service sales (consumers eating out) fell 1.2% in June, the largest decline since February 2008. See: June restaurant spending plunges
But then, I know….who needs customers and revenue when the world has central bankers pumping US stocks to record highs??