April retail sales +0.3%, right on exp but..>

US DATA: April retail sales +0.3%, right on analysts' exp +0.3%, but 

below the whisper exp +0.5%. Ex-mtr veh +0.3% vs +0.5% exp. Both 

Feb and March sales rev up.

- Analysts have overestimated ex-mtr vehicle retail sales in three of 

the last four years, so today's data continue that trend.

- Vehicle sales rose 0.1% compared with a decline that most analysts 

expected. However, there was softness in a number of other components 

that restrained an otherwise decent ex-mtr veh gain. 

- Gas station sales +0.8%. April sales ex. mtr veh and gas +0.3% and 

+0.4% ex auto, bldg mat, gas and food services, still fairly positive. 

- Building materials and clothing store sales were both strong in the 

month, offset by weakness at restaurants and at health food stores.

- April retail sales were +3.3% SAAR from the 1Q average. Ex-mtr veh, 

April sales were +3.0% SAAR, and were +3.0% ex. autos, bldg materials, 

gas, and food services, a much better start for 2Q.