Hosts of CNBC’s Squawk Box were stunned on Thursday after the network broke the news that holiday sales for 2018 had unexpectedly fizzled.
“We just got some big economic data and it’s moving the markets right now,” CNBC host Andrew Ross Sorkin explained. “Retail sales falling the most in a decade, falling 1.2 percent. Gains of futures evaporating. We were up triple digits.”
“I mean, the retail sales data was so disappointing,” one host agreed.
“Nine years,” another host grumbled.
“And we thought the holiday season was so great!” Sorkin exclaimed.
“I was thinking that things were pretty good, maybe I’m going to shift back to more hawkish,” co-host Joe Kernen lamented. “This might seem to indicate that they stay exactly how they are.”
“This is real data,” Sorkin agreed.
The anchors went on to speculate that President Donald Trump’s government shutdown may have contributed to the dismal retail sales.
Later in the hour, CNBC’s Jim Cramer struggled to explain the data.
“It was actually a very bad holiday season,” Cramer remarked. “This was on [Fed Chairman Jerome Powell]. I said that the homework indicated that things had gotten very weak. He had not done the homework. I don’t know who he was speaking to.”
Watch the video below from CNBC.
Memorial service to be held for George Floyd after week of protests
A memorial service was to be held Thursday for George Floyd after more than a week of nationwide protests over the African American's death at the hands of a white police officer.
Led by civil rights activist Al Sharpton, the ceremony will be held in Minneapolis, where Floyd died on May 25 after being detained by police.
A video showing white officer Derek Chauvin kneeling on Floyd's neck for nearly nine minutes as he pleaded for his life triggered rioting in the city and unleashed a nationwide wave of civil unrest unlike any seen in the US since the 1968 assassination of civil rights leader Martin Luther King Jr.
‘This isn’t going away’: Defying curfews and police brutality in relentless push for justice, uprising over killing of George Floyd keeps growing
"Essential workers are exempt from the curfew, and what we are doing here is essential."
Refusing to be cowed by militaristic intimidation tactics, mass arrests, draconian curfews, and violence endorsed and directly ordered by the Trump administration, tens of thousands of people demanding justice for the police killing of George Floyd—and so many others—took to the streets across the U.S. once more Wednesday in a powerful signal that the nationwide uprising is only growing in the face of repression.
Trump’s using protests to gain ‘illegitimate power’ as part of his ‘American Führer’ fantasy: forensic psychiatrist
Dr. Bandy X. Lee is a forensic psychiatrist at Yale School of Medicine, author of the textbook "Violence," and editor of "The Dangerous Case of Donald Trump: 37 Psychiatrists and Mental Health Experts Assess a President." Lee, who heads the World Mental Health Coalition, focuses on public health approaches to violence prevention and has led various think tanks that seek to "draw connections between individual, community, and societal violence, as they are interrelated."