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US ‘Green Shoots’ Die As Retail Spend Contracts On Auto Sales Slump

Courtesy of ZeroHedge. View original post here.

Following March's big surprise improvement, US retail sales growth was expected to slow in April but in fact it collapsed, falling 0.2% MoM in April after rising 1.7% in March

  • Retail Sales -0.2%, Exp. 0.2%, Last 1.7%

  • Retail Sales ex auto 0.1%, Exp. 0.7%, Last 1.3%

Year-over-year, both headline and core retail sales slowed in April…

Under the covers…

The weakness was dominated by a collapse in auto sales (and electronics and building materials also fell)…

And even non-store retailers (internet) saw a contraction in sales…

Retail sales 'Control Group' which tends to be used for GDP forecasts, slowed from +1.0% MoM in March to unchanged in April.

While Q1 GDP headlines looked solid, the consumption signals were weak and April retail sales suggests Q2 is not off to a good start.


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