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Retail Sales Steady As Expected, Despite Small Downwards Revisions for December
The US retail sales report was released a while ago. At first glance, it seemed alright, as headline sales came in at 0.3% for January, as expected, as well as core headlines. But, there were revisions lower for December’s report. Besides that, the control group fell flat, against a 0.3% increase expected.
- US January advance retail sales +0.3% vs +0.3% expected
- Prior was +0.3% (revised to +0.2%)
- Ex autos +0.3% vs +0.3% expected
- Prior ex autos +0.7% (revised to +0.6%)
- Ex autos and gas +0.4% vs +0.3% expected
- Prior ex autos and gas +0.3%
- Control group 0.0% vs +0.3% expected
- Prior control group +0.5% (revised to +0.2%)
So as we mentioned, the control group features a sizable miss along with a large downward revision to December. That’s a big change overall. With the revisions, the 3-month, 4-month and 6-month averages for the control group are all 0%, which doesn’t seem promising.
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