A note from Art Cashin, director of floor operations at UBS Financial Services, was posted today in the financial blog Zero Hedge. Cashin's comments include the following observation from Wal-Mart's CEO:
"About 11 p.m. customers start to come in and shop, fill their grocery basket wth basic items -- baby formula, milk, bread, eggs -- and continue to shop and mill about the store until midnight when government electronic benefits cards get activated, and then the checkout starts and occurs. And our sales for those first few hours on the first of the month are substantially and significantly higher."
Based on the quote, and your own anecdotal evidence, do you think the Great Recession is over? All comments are welcome.
PS. The Dorothea Lange photograph above is titled "Dispossessed Arkansas farmers, Bakersfield, California," courtesy of the Library of Congress.
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