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Goldman Crushes The "Low Gas Prices Are Unequivocally Good" Meme (In 1 Simple Number)

The retail sales data proved it... The Fed admitted it... and now Goldman Sachs has proved it... there is no 'economic stimulus' benefit from low gas prices for the US consumer (it is, simply put, merely a transfer of consumption from one good to another - or worse, it is saved or used to pay for healthcare or debt). As Goldman explains so clearly in its analysis of WalMart's results, the correlation between gas prices and WalMart same-store-sales "is nearly zero."

 

As Goldman shows... the R^2 between WalMart sales growth and gas prices is negligible at best...

 

Not exactly the "unequivocally good" meme confirming data that so many have rested their careers (and their client's money) on...