vrijdag 12 mei 2017

Retail Sales Miss Across The Board; Grow At Slowest Pace Of 2017

Earlier today we warned to expect a miss in retail sales...


And, sure enough, the actual spending data once again did not disappoint when moments ago the Census reported April retail sales which, well, did disappoint across the board:
- Retail Sales up 0.4%, missing expectations of +0.6%, up from an upward revised 0.1%
- Retail sales up 4.5% Y/Y, down from 5.2% in April
- Retail sales less autos rose 0.3% in April, est. 0.5%, unchanged from last month's revised 0.3%
- Retail sales ex-auto dealers, building materials and gasoline stations rose 0.2% in April
- Retail sales ‘control group’ rose 0.2% m/m in April
*) Visually...


The full breakdown by category shown below...


While increases were posted across most sectors, they were uninspiring with the exception of online sales. aka "nonstore retailers" which rose 1.4% in April, and are up a whopping 11.9% Y/Y...



And now, bring on the downward revisions to Q2 GDP....