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In September, for example, nominal sales were 1percentt below the year-earlier period.
In the more than 40 years for which comparable data is available, there had never been even a 1 percent decline in nominal sales before this cycle.
"The key point is the strong between-the-lines message that the E.P.A. is sending, which is that out in the business world, where the only real number is nominal sales, things are tougher in Japan than it thought earlier," said Jesper Koll, an economist at Merrill Lynch in Tokyo.
He fears that analysts' optimistic forecasts may themselves be a form of "money illusion", because the forecasts "are anchored by nominal sales growth projections extrapolated from recent historical trends"—ie, from a time of higher inflation.Those who do not believe in the "new economy" reckon instead that the equity premium will be much lower in future.
Currently, 33 states have nominal sales taxes on soft drinks that are considered too small to alter consumption habits.
Similar(55)
The nominal sale price reflects the scale of the challenges facing the new owner, a group of investors operating under the name Retail Acquisitions.
The nominal sale price of the retail chain announced last week was universally viewed as a reflection of the scale of the challenges facing the new owner, a group of investors with little-to-no previous retailing experience.
This year, though, nominal retail sales are dropping fast enough that year-over-year sales growth may drop below zero in December, despite rising prices.
Only the Thanksgiving effect may keep December's nominal retail sales growth positive.
Since the Census Bureau began keeping records in 1953, there has never been a December in which nominal retail sales fell below the previous year.
Nominal GDP, sales, etc., are still positive.
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