Article of the Week from UPFINA
The monthly retail sales comparisons were too hard for April to deal with. This pushed most readings negative for the month which vastly missed estimates. Monthly headline retail sales growth was 0% which missed estimates by 1%. That’s a very big miss. However, the March reading was revised up by 9 tenths to 10.7%. That growth is almost impossible to lap positively. If you take the difference between the revision and the miss, this was only 1 tenth off estimates. Retail sales growth excluding vehicles was -0.8% which missed estimates by 1.6%. This wasn’t made up by the revision which went up 4 tenths to 9%.
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