Actual sales at the wholesale level in January, as reported today by the Census Bureau, fell sharply from December. That's to be expected. But this time was different — really different, because the drop was to a level lower than January 2012, i.e., four years ago.
Four press outlets which covered today's release either missed (or ignored) this shocking news. They only told readers about what happened with the seasonally adjusted data — which, while still pretty dismal, didn't look quite as awful.