There’s More to the Economy Than Walmart

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Early last month, the blogging world was transfixed by a leaked set of emails from a Walmart executive complaining that the first week of sales in February was terrible. “February MTD sales are a total disaster,” said Jerry Murray, Walmart’s vice president of finance and logistics. “The worst start to a month I have seen in my ~7 years with the company.”

I didn’t bother reporting this when I first heard it, and I didn’t bother a second time when it started making the rounds of the blogosphere. It was one week of sales! Turns out this was a good call:

Retail and food-service sales increased 1.1% to a seasonally adjusted $421.4 billion, the Commerce Department said Wednesday, marking the fourth straight monthly gain and biggest rise since September. The figure was up 4.6% from a year ago….Retail sales excluding gasoline, automobiles and building materials—a figure watched closely by economists who use it as a truer gauge of consumer behavior—was up 0.36% in February, the Commerce Department said.

The number for general merchandise stores like Walmart wasn’t great, but it wasn’t disastrous either. Overall, consumer spending was fairly strong last month, it just wasn’t being directed Walmart’s way.

The lesson is simple. It’s silly to get too exercised about a single month’s economic data. It’s really silly to get too exercised about a single week’s economic data. And it’s silly beyond belief to get too exercised about a single week’s economic data at a single store, even if it is Walmart. Live and learn.

BY THE WAY: The company refers to itself these days as Walmart, not Wal-Mart. Copy desks everywhere take note.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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