.
CHARLES: THE ECONOMY CONTINUES
TO BOOM AND PRESIDENT TRUMP'S
TAX CUTS CONTINUE TO BOOST ALL
OF THE REALLY OUTLETS OF
AMERICA.
TODAY WE SAW IT IN A FEW
THINGS.
U.S. RETAIL SALES 0.3% IN
APRIL.
UP 0.7% YEAR-OVER-YEAR, DESPITE
RISING GAS PRICES.
FOOD REALLY UP, CLOTHING THE
BEST.
BUT ABOUT THE ONLY THING THAT
WAS UP TODAY.
I WANT TO BRING IN MANAGING
DIRECTOR OF STRATEGIC RESOURCE
GROUP ALONG WITH CHAIRMAN AND
CEO OF PATRIARCH ORGANIZATION,
ALSO CHAIRMAN OF REPUTATION
MANAGEMENT CONSULTANTS.
BITTERSWEET DAY, GUYS, A STRONG
EMPIRE STATE NUMBER,
MANUFACTURING IN THE NEW YORK
STATE AREA.
STRONG RETAIL SALES REPORT
NUMBER.
AND HOUSING CONFIDENCE UP
THERE, TOO.
BURT, ON THE RETAIL SIDE, YOU
WERE SURPRISED?
BECAUSE WE SHOULD STATE THAT
EVEN THOUGH THE NUMBER CAME IN
ACCORDING TO CONSENSUS, THE
PRIOR MONTH WAS REVISED TO A
VERY STRONG NUMBER SO
TECHNICALLY LAST MONTH WAS
STRONGER THAN WALL STREET
EXPECTED?
>> WE'RE SEEING TREMENDOUS
AMOUNT ACROSS THE BOARD, AS WE
WERE SAYING BEFORE THE BREAK.
SPORTING GOODS IS THE ONLY
OUTLIER THAT IS SLIGHTLY
NEGATIVE.
YOU ARE RIGHT, VERY POSITIVE,
VERY GOOD MOMENTUM, CHARLES.
>> WHAT DO YOU ATTRIBUTE THAT
TO?
I SEE A CONSUMER THAT IS A
LITTLE BIT MORE DISCIPLINED.
WE SAW CREDIT CARD DEBT COME
DOWN TWO QUARTERS IN A ROW AND
SMALLER THAN EXPECTED CONSUMER
SPENDING IN THE FIRST QUARTER,
BUT THEY DO SPEND MONEY, RIGHT?
JUST NOT GETTING OVER THE SKIS
IN MY MIND.
>> SPENDING MONEY, BETTER
QUALITY, THE LATE GREAT RODNEY
DANGERFIELD PREDICTED THIS 25
YEARS AGO IN BACK TO SCHOOL AND
THE TV ADS FOR BIG AND FAT.
RECORD LEVEL OF OBESITY,
OVERWEIGHT IN AMERICA AS PEOPLE
MOVING FROM DRESS SIZES FROM 8
TO 18 AND PLUS SIZES FOR GUYS
LIKE ME GETTING BIGGER AND
BIGGER.
CLOTHING SALES ARE UP 4% FROM
LAST YEAR.
FIFTH OF A POINT VERSUS PRIOR
MONTH.
CHARLES: ERIC, THE FLIPSIDE IS
WALL STREET IS GETTING NERVOUS
BECAUSE IN THE EMPIRE STATE WE
SAW PRICES ARE GOING UP AGAIN,
SO THOUGH THIS INFLATION DATA
HAS BEEN BENIGN, THERE'S A
SENSE THAT, YOU KNOW WHAT, IT'S
TOO GOOD AND SOMETHING HAS TO
BE DONE ABOUT IT.
>> YEAH, I DON'T THINK SO.
I THINK THAT IT'S PERFECT.
I THINK IF IT WAS A FIGHTER, HE
WOULD BE MUHAMMAD ALI IN HIS
PRIME.
WE'RE PERFECT ON CONSUMPTION,
INVESTMENT, GOVERNMENT
SPENDING, ALL THE THINGS AND
YOU COMPARE IT WITH EUROPE THAT
IS SPUTTERING.
THEY REALLY ARE.
AND IT'S LARGELY BECAUSE OF
POLICY IN MY OPINION.
SO CONSUMERS, I DON'T THINK
IT'S GOING TO GET OUT OF WHACK,
I THINK IT'S THE PERFECT
ECONOMY AND I THINK IT'S GOING
TO CONTINUE TO BE SO AND
LARGELY BECAUSE WE'RE GOVERNING
IT, SMARTLY.
CHARLES: SO THE SPIKE WE SAW IN
THE 10-YEAR YIELD, THE STRENGTH
IN THE DOLLAR, THE MARKET BEING
DOWN ON THOSE DEVELOPMENTS.
ARE YOU NOT CONCERNED, DO YOU
THINK THIS IS NATURAL AND WE
SHOULD BE CELEBRATING THE FACT
THAT FINALLY THE YIELDS ARE
GOING UP?
>> I THINK WE SHOULD BE
CELEBRATING.
IT SAYS THAT WE HAVE A STRONG
ECONOMY.
IT SAYS THAT WE'RE DOING THE
RIGHT THINGS ON POLICY.
PRESIDENT TRUMP PUT FORTH A
POLICY WHETHER IT WAS TAX CUTS
OR RELENTLESS REGULATION
EXECUTION THAT HAS SET THE
PLATFORM.
COMPARE THIS TO EUROPE, THEY'RE
SPUTTERRING ON POLICY.
COMPARE TO OTHER COUNTRIES.
POLICY HAS BEEN THE DIFFERENCE
IN MY OPINION THAT HAS REALLY
SET US APART AS DRIVING THIS,
AND IT'S A PERFECT BALANCE.
I'M NOT CONCERNED AT ALL.
AT ALL.
CHARLES: WHERE DO WE GO FROM
HERE WITH THE CONSUMER, BURT?
SOME PEOPLE CONTINUE TO
SPECULATE THAT FOR WHATEVER
REASONS CONSUMERS ARE TAPPED
OUT OR RELUCTANT TO STEP UP TO
THE PLATE?
>> CONSUMERS GOING UP, AS WE
LOOK TO PRIOR ECONOMIC CYCLES.
HITTING ON FOUR CORNERSTONES.
INCREASE ENERGY, MINING,
CONSTRUCTION, MORE HOURS
WORKED, MORE OVERTIME WORKED,
MORE SPENDING IN THE STORES,
AND WE'RE SEEING RECOVERY
ACROSS AMERICA FROM CENTRAL
U.S. IN AGRICULTURE AND
RANCHING TO MINING AND ENERGY,