Small retailers in Majorca posted a drop in sales last month of 9.6 percent but I do not believe that is an accurate picture of high street trading across the island.
Granted, worst hit will have been the resort shops, although we are told that tourism spending has been very healthy for the past few months thanks to a late surge in British holiday makers.
And, the centre of Palma has been bustling all Summer, especially on Sundays and fiestas thanks to the new trading laws which have freed up trading hours.
So, what I would like to know is where the small traders are suffering the most because, in the heart of the capital for example, as soon as one shop or restaurant closes, within a few months another takes its place.
Over the past week, a branch of one of Spain's most expensive men's clothing outlets has opened along Jaime III and a new mega Italian restaurant has opened along the increasingly popular Paseo Mallorca which is now a hive for great value food.
And, what is more, most of the time, the restaurants are doing a brisk trade and the bulk of the clients are locals - so where's the money?
The banks can complain that their deposits are falling but that is probably a question of trust, or lack of it, on behalf of their clients.
Think what you like about Majorca but where there's muck, there's brass.