Even Pavlov’s Dogs Weren’t This Stupid

To understand why today’s 17.7% retail sales gain for May wasn’t all that gangbusters, the starting point—as always—is context. And in that regard, there is nothing like the chart below in the annals of historical personal income data.

To wit, between March and April personal income soared at a $1.965 trillion annual rate or by 12%; and that happened during the worst economic collapse in modern history as Lockdown Nation hit rock bottom!

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