Once again the inestimable Nouriel Roubini catches something that all the major news outlets missed, though in this case, it ain’t rocket science^*: since inflation is running now above 4%, an year over year increase in sales of 3.6% is actually a decrease in sales.

Both the New York Times and The Wall Street Journal get this wrong.

^*Full Disclosure, in 1999-2000 and 1996-1998, I worked as a mechanical engineer for what is now Lockheed Martin Missiles and Fire Control, and I have some claim to actually being a rocket scientist.