Retail Sales Disappoint In May, April Revised Even Lower…

Retail Sales Disappoint In May, April Revised Even Lower…

BofA’s practically omniscient analysts were more in line with consensus this month for their US retail sales forecast, with a return to growth expected in May’s data (after a less enthusiastic April print).

Notably, however, consensus and BofA were over optimistic as the headline retail sales rose just 0.1% MoM (vs +0.3% MoM exp). Worse still, April’s 0.0% change was revised down to a 0.2% MoM decline, leaving the headline (nominal) retail sales print up just 2.3% YoY…

Source: Bloomberg

Ex-Autos, the picture was worse with sales dropping 0.1% MoM (vs +0.2% exp) and Ex Autos and Gas Stations rose just 0.1% MoM (vs +0.4% MoM exp).

Gas Stations and Food Services spending were the biggest downside drivers…

Source: Bloomberg

The crucial control group – which is used in the GDP calculation also disappointed in May and April was revised lower – not a great start for Q2’s GDP (April -05%, May +0.4%). That is the fourth monthly miss in a row…

Source: Bloomberg

And finally, admittedly a crude approximation, adjusting the nominal retail sales print for inflation (CPI), we see real retail sales declined in May…

Source: Bloomberg

ah, Bidenomics…

 

Tyler Durden
Tue, 06/18/2024 – 08:41

https://www.zerohedge.com/personal-finance/retail-sales-disappoint-may-april-revised-even-lower