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"Real" Retail Sales Back To Early 2021 Levels

US DATA

The negative M/M CPI print in December (-0.1%) meant that deflated by CPI, a rough proxy for "real" retail sales growth was a little less negative than the nominal figure.

  • But overall, real retail sales volumes continue to fall, now back to Q1 2021 levels, with % Y/Y contractions in the past two months.

Source: Census Bureau, BLS, MNI

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