January’s US retail sales report looks soft, falling 0.8% month-on-month versus the 0.2% drop expected while December's growth rate was revised down to +0.4% MoM from +0.6%. The 'control group', which excludes volatile items such as autos, food service, gasoline and building supplies, has a better correlation with broader consumer spending trends – remember retail sales is only around 45% of total consumer spending – fell 0.4% MoM versus expectations of a 0.2% increase. With inflation coming in on the hot side earlier in the week, this implies consumer spending fell in real terms in January, which would be the ... (full story)
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2024-02-15 15:19:00Z
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