US Consumers Reeling: Core Retail Sales Post Weakest Growth In Over Three Years
by Tyler Durden
ZeroHedge.com
Jul 14, 2017
This is not the data the Fed was looking for: after the 4th consecutive miss in CPI data, moments ago the Census Bureau also reported June retail sales which was unexpectedly poor, missing across the board once again, and judging by the surge in bonds, suggests that the Fed’s rate hike intentions and narrative is now on indefinite hold.
The details, as shown below, missed in every category:
Retail sales down -0.2%, Exp. +0.2% after falling 0.1% in May
Retail ex-autos -0.2%, Exp. +0.2%
Retail sales ex-autos and gas -0.1%, Exp. 0.4%
Retail sales control group -0.1%, Exp. +0.3%
Furthermore, the steep disappoinment in the control group, suggests that Q2 GDP estimates are about to be revised sharply lower.
Putting the weak consumer spending data in context, core retail sales ex auto/gas posted by the lowest annual increase going back to February 2014.
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