“Surely the economy will tank,” President Trump critics have repeatedly echoed since his election victory. But, the opposite keeps happening.
Critics of President Trump are quick to point out the government shutdown, Democrats recently winning a majority in the House and administration shake-ups — anything to swipe the president — but remain mum on the fact sales over the holiday hit their strongest numbers in six years.
From the Washington Times:
“U.S. Holiday Retail Sales Are Strongest in Years, Early Data Show,” the Wall Street Journal reported on Christmas Day.
And this from CNBC, the following day: “Retail is having its best holiday season in 6 years.”
In six years. Imagine that.
What that means in political-speak is that even the darkest Trump hours seem to pretty much beat out the best Barack Obama hours.
What that means is the naysayers in the anti-Trump camp have lost yet another bullet point to make their anti-Trumping case.
A chart from Digital Commerce 360 shows total retail sales growth plummeted in 2009, rose slightly in 2010 and 2011, and then fell and stayed about the same through 2017. The dots and lines followed roughly the same route whether retail or e-commerce.
The Balance, meanwhile, reported this: “Retail sales hit a record of $5.7 trillion in 2017, according to the U.S. Census. That’s better than the pre-recession high of $4.4 trillion spent i 2007. It’s also a 42 percent increase from 2009’s record low of $4.06 trillion.”
As CNBC reports, many major retailers fared well during the holiday season and saw substantial jumps in their stocks.
“Some of those stocks were soaring Wednesday, on the heels of the Mastercard data being released,” CNBC reports. “Abercrombie shares were up 6 percent, while Ross Stores gained nearly 6 percent and Burlington Stores rose 4 percent. Kohl’s stock jumped nearly 7 percent, while Lululemon shares were up more than 4 percent, and Macy’s was up a little more than 5 percent.”
The report continued: “The S&P 500 Retail ETF (XRT) was up more than 3 percent, on pace to break a four-day losing streak and on track to mark its best daily performance since March 26, when the ETF gained 3.17 percent.”
Meanwhile, big-box retailers like Walmart and Target have invested in their websites — in addition to what they’re doing in stores — to try to grab more sales online, but the majority of purchases are still happening on Amazon. The e-commerce giant was taking a whopping 81 percent of internet sales against other big-box retailers from Dec. 1 to Dec. 19, according to Edison Trends, a firm that tracks the market share of online retailers.
During this holiday season, Amazon also reportedly sold more items than ever before. CNBC reported their stock also jumped 9.5 points on Wednesday.
Looks like people are spending the thousands they received in tax cuts, which House Democrat Nancy Pelosi called “crumbs.”
The Stock Market, though having a rough Christmas day, had its largest jump ever the following day. As the Daily Caller reports, the Dow Jones Industrial Average rose 1,086 points to 22,878.45. The jump represented a 4.98 percent jump, its largest since 2003.