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Weakness Abounds In Retail Sales Report, But Market Takes In Stride

DATA REACT

A miss on headline retail sales; Poor control (-1.5% M/M) and core (-0.8% M/M) numbers too. Decently higher revisions for March though.

  • Looking in the report, the only really bright spots were motor vehicles (+2.9%) and food services/drinking places (+3.0%), possibly a combination of price effects (cars) and reopening (restaurants).
  • Lots of weak figures, with contractions in furniture, building material/garden stores, gas stations, sporting goods (-3.6%), clothing (-5.1%) and general merchandise (-4.9%).
  • Market appears to be looking through the weakness as transient; Treasuries a touch lower.


Source: Census Bureau

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