Hey there! Have you heard the latest nun news? Wait, wrong article. Let’s venture into the world of finance, shall we? According to noted economist Austan Goolsbee, the advanced retail sales have taken a hit thanks to the bank crisis and potential recession. In fact, the data released showed a 1% decline in March. That’s like one step forward, two steps back – not exactly the cha-cha we were hoping for.

And it seems the retail apocalypse has spread its tentacles even further. The retail sales, excluding autos, fell 0.8% in March. That’s like going from bad to worse. I mean, did we all decide to take a vow of consumer abstinence or something?

But wait, there’s more (or less, in this case). The March producer price index actually declined 0.5% from the prior month despite economists expecting prices to stay the same. And that’s not all – excluding food and energy, the index shed 0.1% from the prior month. Looks like the economy could use some of those “special” accounting practices right about now.

Despite all this, Goolsbee urged investors not to focus on “lagging” indicators like wages. Apparently, wages do not serve as a leading indicator for price inflation. They’re like the cousin that always shows up late to the party. The one we all love, but let’s face it, he’s not exactly the life of the party.

Goolsbee also pointed out that the stress in the financial sector following the industry crisis prompted by the closure of Silicon Valley Bank last month can actually help do the work that monetary policy typically does. Gee, who knew a crisis could be so helpful? And let’s not forget about the potential credit crunch. We wouldn’t want to run out of crunch and end up with a bunch of soggy chips.

So, in conclusion, the data this week has been a rollercoaster ride. It’s like trying to navigate through a maze blindfolded. But hey, let’s all just sit back, have a drink, and watch the financial world spin out of control. It’s much more entertaining that way, don’t you think?

Serious News: cnbc