CHART OF THE DAY: Europe = U-G-L-Y

... This comes on the heels of rancid mainline European consumption data for Q2:

1. Spanish Retail Sales #slowed to -0.4% year-over-year in MAY vs. +0.7% in APR
2. German Retails Sales #slowed to -1.6% year-over-year in MAY vs. +1.2% in APR

Those aren’t typos. Those are NEGATIVE year-over-year growth rates. If the USA was printing those “levels” of US consumption growth, the SP500 might be trading at 1000. We’d be entering a US recession.