Here is a chart of apparel trends sent to me last week by reader Tim Wallace.
As I have been saying over the past several months there is a tremendous unit drop going on in the import apparel industry, but it is not reflected in reporting because dollars keep going up, at least until recently when they flat-lined.
The attached chart looks at the two criteria together, dollars imported and units imported reflected as meters square. As you can see, the dollars kept going up but the units turned south back in May, yes the very May my petroleum distillates distinctly show the economy turning south.
Things are just starting south like towards the end of 2007. Give it time.
Demand is plummeting.
JC Penney’s Slashes Prices on All Merchandise by “At Least 40%”
I had forgotten about the apparel chart from Wallace but was reminded of it today by this headline news story today in USA Today: Penney’s slashing prices on all merchandise