Retail Sales Decreased 5.4% In August 2024
After adjusting for the retail sales rate of inflation – measured at 2.7% in August – the overall volume of retail sales index decreased 5.4% when compared to August 2023, according to the recently released Retail Sales Index.
A Government spokesperson said, “Today, the Ministry of Economy and Labour released the August 2024 Retail Sales Index publication.
“August’s volume of retail sales index decreased 5.4 per cent compared to last year. In value terms, retail sales decreased to an estimated $97.7 million.
Chart extracted from the report:
“One of the seven sectors recorded a year-over-year volume index increase in August 2024:
- The sales volume for Building Material Stores increased 5.4 per cent.
“The following sectors had a decrease in sales volume compared to the previous year:
- The Food Stores’ sales volume decreased 3.7 per cent.
- The Liquor Stores’ sales volume fell 3.7 per cent.
- The sales volume for Motor Vehicle Stores decreased 3.1 per cent.
- The Service Station’s sales volume decreased by 1.5 per cent.
- The sales volume at Apparel Stores decreased 14.3 per cent.
- The sales volume in the All-Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals, and tourist-related goods] decreased by 9.1 percent.
“Selected overseas declarations increased 3.5 per cent compared to August 2023.”
The full August 2024 Retail Sales Index publication follows below [PDF here]:
Yet Burt and Hayward say the economy is booming. Which data do they use, the alternative set that they give to the rating agencies?
“After adjusting for the retail sales rate of inflation – measured at 2.7% in August”
I will not quibble with the reported rate of retail sales price inflation. The United States reported retail sales price inflation of 2.5% during the month of August 2024.
“the overall volume of retail sales index decreased 5.4% when compared to August 2023″
Ok. Now if our economy is improving, why is retail sales down?
Clothing stores report a 14.3 decrease in sales and other retail stores report a 9.1% decrease in sales.
is that what the PLP Government calls economic improvement?
It would appear that the man in the street only cares about the up swing or the down turn in the economy simply because he can not do any thing about it.
Except he can cut back on his purchasing power , that is called recession. and in my opinion that is in full swing now ,you will note that i do no include numbers here, hardship is what it is hardship , because there is no other word for it .
Here it is 2024 and i am talking hardship what caseshardship GREED .
I would go on to say this latest inflation is the worst I have seem in the past 50 years since a bag of cement went up from ten shillings.
Recession ( Like schools is out for the summer or the worker has to put down his tools . ). that will continue untill those retailers reduces their companies profit margins and company gets the message that their cost of many of their item exceeds their value.
To put it bluntly Bermuda is ecomomically out of balance
Did you know that there were companies who have gone under whoes profit margins were over half the price of the orrigional cost of the item. resuting in many people being out of work .
Price and value are not the same thing.
To proove the point cost and value of a diamond ring come into question, as the ring only has symbolic value other than what it can be traded for which creats profit.
Economy directly relates to the type of Government the people vote for and who that government serves ..
The cost of the retailer items ,and may I also include the wholesaler an every body in the loop in this . and including all those who follows suit and who jumps on the band wagon.
Untill this our greatest inflation situation ends the will be continued hardship.
Who does inflation effect the most , you may ask THE WORKING MAN.
We can no longer keep putting a band aid on one of our bigest problems resulting in people out of work and many business just going under .
Here we are looking at a chain reaction .
Where does inflation hurt the most ?
I would say it is ” services” , however services are all Bermuda has to offer so we are shooting out selves the foot.
What does getting the message to mean ” When the penny drops ” is also when inflation goes above 1% as financially that hurts everybody more so those who did not get an increase in their income to hypothetically balance the books for all caught up in the loop.
With a view to clarification here it is :-
We can not wait for other countries to solve our inflation and recession problem.
We have to do that our selves by the sweat from our own backs.
Procrastination is not called for at this time.
This island people has got to come together with a posative long lasting solution .
If we cant pay our taxes we will not have an efective Government.
Many more business will fail including banks
OPTION
The people of bermuda wil live a life of dispair.
A RECOMENDATION
We all who reside here have got to come to gather and work it out with a workable posative solution.
DECORUM
Friendly / orderly
LOCATION
Can we have our CITY HALL THEATER theater for the venue.
PARKING
Can we have a open city hall parking lot with a PA system required
EXTERIOR lighting
MEDICAL
Ambulance required
TRAFIC
Coordinators required
Volunteer required
DATE
First available SUNDAY
VENUE SET UP
SUNDAY MORNING
TIME
1 :00 PM until
TOPIC
“”"”"”"”" FOR A *****BETTER BERMUDA “”"”"”"”"”"”
The economy of Bermuda
inflation
Recession
Labor
obsessions
money
BERMUDA’ S FUTURE
ATTENDEES
THe Bermuda Government
The Bermuda pubic
BELCo
The media / paper / broard cast. ” ON AIR” no secrets here .
Banks
Insurance companies
Transportation
KEMH
All Bermuda business companies
The Bermuda Government
Any an all business
FAILURE IS NOT AN OPTION
I my previous posts I wonder if i am fighting a one man battle again inflation and recession as both are equally non productive.
We need to go with the flow.
FACT we need to increase our countries notional income.
I am no going to give up fighting for the working man/ woman.
The workers have done their part just look how Bermuda has grown over the last 60 years
As I have said before no body across the pond is going to solve our money problems ,for us we only can do that our selves.
Do we have unfortunately have what is called a “Run away train “.
We are told the fairy tale that increase in the cost of living are under what we see out there on the shelves
would you beleive that some of the list prices are jus plain rediciouse.
Did you know where alot of our money goes ? That is unearned income, as we are not getting what we are paying fore.
That is in short to say value for money
Is price control the answer ?
That will start with the bank loan interest reduction policy compare to interest earninin savings accounts the margin needs to be reduced .
That restriction has been done before .
Do we need more price control monitors ,supermarkets do that with full page adds.
We have all to face this on coming winter with reduce over seas income and seasonal lay off.
I remenber the days when our women had to go to work to help with the family budget .
Unemployment come with several adverse coesquences with the loss of the ability to put food on the table and the ability to pay rent being impacted.
Increses profitability was the goal of many business which started years ago with advent of the computer which put up to seven plus people out of a job .
We were faced with the self service store further reducing the need to hire people there by reducing store overheads
now we are looking at inflation.
“Is price control the answer?”
No. Price controls do not work.
The fundamental problem is that in 2007 and 2008 Bermuda drove away some 5,000 residents, most of them high-earners.
Whilst our population has recovered from those exits, the people that have come in the last 15 years are workers taking jobs that Bermudians do not want. They are not creating jobs for Bermudians, they are taking jobs that Bermudians could do. And they do not spend their money in Bermuda, they send it home.
The reasons for our high price inflation and $3.75 Billion current account debt are all home grown.
I remember when the PLP first came in power which i regrettably helped, as Joe stated they kicked out all the high earners and after that everyone suffered including the grocery stores , schools , retail sales … everything and that was the beginning of the downward spiral that we continue to be in today and will continue to be in with the current government .
By way of clarification, I do not contend that the downward spiral happened when the PLP first came to power. It started in about 2004 and came to a head in 2007/2008. And it was independent of the recession of 2008.
I see that you are taking sides !
” JOBS we do not want and could not do” that is not a good idea to express your oppinion on that which appears to be contradictory with regards to the abilities of Bermudians .
In support of our people ,come to think of it ,we are very versatile.
Boat people are here for the money can can pick up leave when ever the choose !
How do you think Bermuda got to where it is today certainly was not by the efforts of paper pushers, they got paid for their worth ..
We don’t see the Pats in the fields pulling Bermuda onions, they might get dusty .
We have to get our hands dirty if you want to get done and any where .
We are running a country a thousand times better than the size of a city.
A person who earns his money is entitled to spend or distribute that by his own choosing, his family comes first .
You are off the mark on that one .
On inflation, we are the inheritor of inflation from the USA ……. Biden and friends.
We all should be concerned on the large amount of our National debt some required for the present income earning Mega Cruise Ship North Channel and also for the absolute necessary double piers at Dockyard .
DEBT .
By the way the USA owes a bundle and UK has reached its borrowing limit .
In reality initially we had millions that went before we hit zero down to what we are responsible for today ..
We do not control our economy, the rest of the world does that .
We pay rent !
If i remember correctly they went by a certain date of the foreigners being in the island so they could not claim Bda status or any other benefits .
I knew a British woman who had been here for over 20 years , she was devastated that she had to leave and felt Bermuda as her home .