From time to time I like to update you on. Some of these are standard items like retail and employment; others are more obscure. Today’s data would fall into the latter group.
As you know, sales of discretionary items are usually a good indicator of the direction of the. These items tend to cycle with economic growth on a consistent basis. When the perception of the public is that good times are ahead, sales of discretionary items tend to go up. Of course, as we saw in 2008 and 2009, the opposite is true as well.
The sale of wine for most consumers would fall into the category of a discretionary purchase, especially higher-end wines. As reported recently in the Los Angeles Times, “After a two-year slump, domestic wine retail sales in 2010 increased and U.S. wine exports jumped 26%. For the first time, the U.S. consumed more wine than France.” [Read more…]