We are still in very ugly territory. After being almost at break-even in March and May, we have fallen back the last two months. July sales fell by 19 percent against the last two months of July. Once again, one of our big participants was far down. Once again, we had more gainers than losers, but when a big one falls hard, the Indicator has a hard time getting up. Also, given that we use a two-year moving average, it may be until April of next year before we see big jumps up. April 2008 was when the stamp industry really started to decline.

Other Products sales rose about 5 1/2 percent. This is the fifth month in a row of increases!

Click each graph for a larger view.