Sobering Math: Domestic Beer in Real Trouble

Dear Client:Last year, beer sales were up only 0.3% in volume, per preliminary Beer Institute estimates. DOMESTIC BEER SICK. We reported last week that that was largely on the strength of imports, which were up 7%, or about 2 million barrels. Domestic beer -- basically, everything that was not imported -- was actually down 0.8%. DOMESTIC NON-CRAFT DYING. But it gets worse. We've done a few back-of-napkin estimates, to determine that if you take out craft -- which was up