by John Galt
September 16, 2009
The Port of Long Beach Monthly TEU report is out and as a follow up to my report on how the retailers and wholesalers are NOT preparing for a big Christmas season and this report indicates that those empty ships in Singapore may have company with the container fleets of Taiwan soon also. The monthly TEU report continues to indicate that retail sales in the coming months during the peak of the Christmas season are anticipated to be horrid as we have not increased our imports. July and August are the key months for stocking retail distribution centers and the continued decline for the year as a whole and the month of August (down 11.7%) should be a red flag for anyone who still believes the fiction of this statistical recovery. While economists might celebrate the growth being created via Keynesian spending from the government, retailers know the consumer is dead and that this is going to be a frugal holiday season.