Retail Sales Worst Collapse In History MoM, JP Morgan Warns Profits To Collapse 70%, Home Builders!
Retail sales just had the worst collapse in history despite the biggest spike in history for food retail sales. The data just released was for March and for the most part people we're not entirely broke yet so the next print will probably be much worse. I mentioned Homebuilders sentiment the other day was somehow strong despite the collapse in home buyers sentiment. That has all changed now as homebuilders experienced the largest collapse in history as well. The fact is, there is a good reason as JP Morgan just announced it was going to be tightening credit substantially and they are probably just the first of a long list of US banks that will be following suit. JP Morgan also has been warning we will probably see profits at US corporations collapse by 70% despite the substantial support from the stimulus efforts.