US Retail Sales Collapse In December: Biggest Drop In A Decade…(Really Sick…)
by Tyler Durden
ZeroHedge.com
Thu, 02/14/2019
While Bank of America had warned investors to brace for a dismal retail spending print in January, expectations remained positive (albeit just a 0.1% MoM move) for December’s (delayed due to shutdown) official spending data today. As a reminder, on Tuesday we reported that retail sales ex-autos, as measured by the aggregated BAC credit and debit card data, tumbled 0.3% month-over-month seasonally adjusted in January – the biggest drop in three years. This followed a flat reading in retail sales ex-autos in December.
Turning to the January BAC internal data, in January, spending for 4 out of 14 sectors increased in the month, showing broad-based weakening.
As a reminder, Retail Sales for the Control Group soared in November (+0.9% MoM) so some slowdown was expected; but, the government’s official retail spending data for December confirmed BofA’s concerns and plunged…
Headline Retail Sales -1.2% MoM (+0.1% MoM exp)
Control Group Retail Sales -1.7% MoM (+0.4% MoM exp)
That is the biggest MoM drop in retail sales since 2009 for the headline and the biggest drop in the control group since the 9/11 attacks in 2001!…
The Rest…HERE
