US Retail Sales Soared In July As Non-Store Retailers Spending Spiked
“Prepare for a big beat” was the message from BofA’s sage-like forecasters for this morning’s retail sales print….
And sure enough they were right as July retail sales rose 0.7% MoM (beating the 0.4% jump expected) -the best monthly jump since Jan
Source: Bloomberg
Under the hood, everything was green except
-
Motor Vehicles and Parts Dealers: -0.3%
-
Furniture and home furnishings -1.8%
-
Electronics and appliance stores -1.3%
Non-store retailers soared – with some suggesting this was Amazon’s Prime Day…
On a YoY basis, headline and core retail sales accelerated…
Source: Bloomberg
Finally, we note that the control group – which is used in the GDP calculation – soared 1.0% MoM (more than double the expected 0.4% MoM rise).
Source: Bloomberg
One last thing, all of this data is completely divergent from the collapse in retail sales seen by Redbook data…
Source: Bloomberg
We wonder who’s right…
Source: Bloomberg
Bear in mind that all of these numbers are nominal.
Tyler Durden Tue, 08/15/2023 – 08:41
Source: https://freedombunker.com/2023/08/15/us-retail-sales-soared-in-july-as-non-store-retailers-spending-spiked/
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