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FINANCIAL NEWS POLITICS

January Retail Sales Plummet: Binenomics Strikes Again!

ByAlki David

Feb 15, 2024

January 2024 saw a significant decline in retail sales, dealing a blow to hopes of economic recovery. According to the latest report, advance retail sales plummeted by 0.8%, marking a stark contrast from the 0.4% gain recorded in December. This downturn surpassed earlier estimates, which had projected a more modest 0.3% drop.

Among the hardest-hit sectors were building materials and garden stores, which experienced a staggering 4.1% decline in sales. Additionally, miscellaneous store sales fell by 3%, while motor vehicle parts and retailers saw a notable 1.7% decrease. These figures underscore the challenges facing various segments of the retail industry, raising concerns about the overall health of the economy.

Adding to the economic woes, initial claims for unemployment insurance also painted a grim picture. Totaling 212,000 for the week ending February 10th, this figure represented a decline of 8,000 from the previous week’s upwardly revised total. However, it still fell below the estimate of 220,000, signaling ongoing challenges in the labor market.

This latest downturn in retail sales and employment figures has reignited discussions about the effectiveness of current economic policies. With the Biden administration’s Binenomics approach facing increased scrutiny, policymakers are under pressure to devise new strategies to stimulate growth and mitigate the impact of external factors on the economy.

As analysts and experts continue to dissect the implications of these latest economic indicators, one thing remains clear: Binenomics is once again in the spotlight, leaving many questioning President Biden’s ability to deliver on promises of prosperity.

By Alki David

Alki David — Publisher, Media Architect, SIN Network Creator - live, direct-to-public communication, media infrastructure, accountability journalism, and independent distribution. Born in Lagos, Nigeria; educated in the United Kingdom and Switzerland; attended the Royal College of Art. Early internet broadcaster — participated in real-time public coverage during the 1997 Mars landing era using experimental online transmission from Beverly Hills. Founder of FilmOn, one of the earliest global internet television networks offering live and on-demand broadcasting outside legacy gatekeepers. Publisher of SHOCKYA — reporting since 2010 on systemic corruption inside the entertainment business and its expansion into law, finance, and regulation. Creator of the SIN Network (ShockYA Integrated Network), a federated media and civic-information infrastructure spanning investigative journalism, live TV, documentary, and court-record reporting. Lived and worked for over 40 years inside global media hubs including Malibu, Beverly Hills, London, Hong Kong and Gstaad. Early encounter with Julian Assange during the first Hologram USA operations proved a formative turning point — exposing the realities of lawfare, information suppression, and concentrated media power. Principal complainant and driving force behind what court filings describe as the largest consolidated media–legal accountability action on record, now before the Eastern Caribbean Supreme Court. Relocated to Antigua & Barbuda and entered sustained legal, civic, and informational confrontation over media power, safeguarding, and accountability at Commonwealth scale.