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Solid Retail Sales, Inflationary Impact A Key Question

US DATA

Below is the April retail sales report summary table by category - the main debate will be to what degree these nominal figures represent inflationary factors rather than solid real gains.

  • Recall that vs 0.9% retail sales gains, headline CPI in April was 0.3% M/M; vs ex-food and energy was +0.6%.
  • Also not directly seen in this table but the revisions were pretty substantial to the upside.

Source: Census Bureau

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