As most U.S. investors are aware, Retail Sales in the States have been uncharacteristically weak over the past 3 months.
Unsurprisingly, given the "bad news is good news" environment we're in now, markets have shrugged off the weak Retail Sales with a relatively positive spin, pushing off concerns about Fed tightening into 2016.
This attitude, though, could be missing something important. Global economic conditions are continuing to weaken, at least when measured by most indicators, and here is the Retail Sales view.
Pay close attention to Europe. Interestingly, leading up to the most recent recession, it was Europe, not the U.S., that provided the leading indication of where things were heading.
