Jan retail sales above expected, but after..>

US DATA: Jan retail sales above expected, but after downward revisions, 

+0.2% vs flat BBG consensus and -0.1% in an MNI survey, following Dec 

downward revised -1.6% (prev -1.2%) and Nov flat (prev +0.1%). 

- Sales ex-mtr veh +0.9% vs +0.3% BBG and +0.2% MNI, showing rebounds in 

a number of components to offset another gasoline decline. Dec rev down 

to -2.1% vs -1.8% prev, Nov now -0.1% vs flat prev.

- Jan sales ex. mtr veh and gas +1.2% and control group +1.1% (ex auto, 

bldg mat, gas and food services), but after downward revisions in Nov 

and Dec that will depress Q4 PCE revision.

- Vehicle sales -2.4% after +0.3% in Dec. Gas station sales -2.0%, ex. 

only gas, sales would have still been +0.4%.

- Building materials sales +3.3%, while food services +0.7%, with 

other categories generally higher. 

- Jan retail sales were -3.4% vs the Q4 average at an annual rate. 

Ex. mtr veh, retail sales were -2.1% vs the Q4 average, and were 

-0.9% ex. autos, bldg materials, gas, and food services, suggesting PCE 

growth was very weak to start 2019, though the shutdown was likely a 

factor.