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

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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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