Retail sales in the U.S. last year hit the highest dollar mark on record: $63.3 billion, 10% above 1942, 64% above the 1935-39 average. But, the U.S. Department of Commerce reported, on a volume basis the $55.6 billion of retail business done in 1941 still represents the high-water mark. (In 1941 the cost of living was 18.3% below the 1943 average.) Based on what 1935-39 dollars would buy now, last year's retail bonanza was only 23.2% higher than the 1935-39 average.
Most extraordinary thing about last year's retail sales is that they were no higher. According to another Commerce Department...