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June Retail Sales Miss Across The Board, May Revised Higher

Tyler Durden's picture




 

Following disappointing retail sales number for both April and May, or two thirds of Q2, there was hope that June would finally be the month retail sales would soar. Alas, that would not be the case, following the release of the latest retail sales data by the Department of Commerce which reported that in June retail sales rose just 0.2%, well below the 0.6% expected and matching the lowest end of the forecast expectations (from 0.2% to 1.1%).

Misses were also reported for retail sales ex-autos (0.4%, Exp. 0.5%) and ex-autos and gas (0.4%, Exp. 0.5%). Perhaps the only saving grace was the upward revision of May data from 0.3% to 0.5% for the headline number and from 0.0% to 0.3% for the ex-autos and gas. If anything, however, today's retail sales increase which was the slowest in 5 months confirms that the trend we warned about in April, namely that the US consumer tapped out in March to fund that month's mad spending spree, and the spending trend has been deteriorating ever since.

There was some good news in today's report which was the retail sales control group, which rose 0.6% compared to estimates of 0.5%, and the May revision of 0.0% to 0.2% means that GDP beancounters will likely end up adding a few basis points to their Q2 GDP estimate even as consumers enter Q3 in the weakest shape they have been since the polar vortex.

The breakdown of retail sales by business was rather paradoxical, because while automakers reported yet another surge in June car sales, retail sales for the category per the Dept of Commerce showed a -0.3% decline. The other big drop? Building materials and garden equipment supply dealers which slid -1.0%. Hardly a positive for that other key component to US GDP - housing.

 

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Tue, 07/15/2014 - 08:59 | 4958592 Cattender
Cattender's picture

WoooHooo!!!! its a Recovery? right? it is right?

Tue, 07/15/2014 - 09:10 | 4958629 knukles
knukles's picture

It's all bout the weather forecasts.  You see, if the forecasts were more accurate, everybody would ave more confidence to buy the right things for weather changing, because it changes so unpredictably.  So we gotta expand the weather bureau.  It's all about cow farts.  And raising you taxes, Bitchez, because Obamacare is stimulative.

Tue, 07/15/2014 - 09:47 | 4958722 Keyser
Keyser's picture

So what will be the excuse when the Q2 GDP print is negative, sunshine? 

 

Tue, 07/15/2014 - 09:51 | 4958735 optimator
optimator's picture

Inflation not high enough for FED, must increase printing.

Tue, 07/15/2014 - 09:55 | 4958747 yogibear
yogibear's picture

Can't do that, it right before an election.

Tue, 07/15/2014 - 09:49 | 4958728 NotApplicable
NotApplicable's picture

My balls are chilly. Is that GDP positive?

Tue, 07/15/2014 - 09:25 | 4958671 tempo
tempo's picture

more illegals, more ebt, more student loans, more subprime car loan, more part time jobs, more please.

Tue, 07/15/2014 - 09:57 | 4958753 yogibear
yogibear's picture

Print, print, print. Eventually crash the dollar and use SDRs. Seems to be the plan.

Tue, 07/15/2014 - 09:02 | 4958600 Latitude25
Latitude25's picture

Ha!  In the new normal of Central Bank manipulating every market what difference does retail sales make?

Tue, 07/15/2014 - 09:02 | 4958601 orangegeek
orangegeek's picture

Kramer : It's just an adjustment for them .

Jerry : How is it an adjustment ?

Kramer : They just adjust it .

Jerry : Adjust it off what ?

Kramer : Jerry all these big companies they adjust everything

Jerry : You don't even know what an adjustment is .

Kramer : Do you ?

Jerry : No . I don't .

Kramer : But they do and they are the ones doing the adjusting .

Jerry : I wish I just had the last twenty seconds of my life back .

Tue, 07/15/2014 - 09:44 | 4958679 Save_America1st
Save_America1st's picture

a couple years ago I snapped this pic off my TV one day when Kramer was on.  I had to rewind and pause my TV because I couldn't believe what I was seeing.  For one...look at the pics he had on his desk in the back ground behind him...

Yes...that's Mao and Lennin. 

Then look at the pose Kramer was making compared to the Lennin pic.  It was spooky how much like the Lennin picture Kramer looked at that moment. 

https://twitter.com/ArgentusMaximus/status/467069127891636225/photo/1

Still don't get why he had those pictures on his set...a tribute to his favorite mass murderers and communist mentors, maybe???

Tue, 07/15/2014 - 09:44 | 4958717 Freddie
Freddie's picture

TV and Hollywood are for idiots who like being viewing sheep for the elites.  Keep watching because your viewership ensures you are a little slave.

Tue, 07/15/2014 - 09:48 | 4958729 Keyser
Keyser's picture

Or as an educational tool so you can spot bullshit from 50 paces... 

 

Tue, 07/15/2014 - 09:53 | 4958740 Save_America1st
Save_America1st's picture

well...FYI...I wasn't "watching" and I don't watch that shit ever.  I just happened to be flipping through channels and spotted that and had to at least get a pic of that fucking idiot looking like Lennin with his commie pics on his desk.   

Tue, 07/15/2014 - 09:05 | 4958609 AdvancingTime
AdvancingTime's picture

The effect of lower interest rates seems to be on the wane. Much of the economic landscape is beginning to look like something out of  "Alice And The Looking Glass" A bizarre  and unrecognizable land, a land that is distorted and papered over by ream after ream of paper.

This paper has been rolling off the printing presses of central banks all across the world in an attempt to mask reality. Peter Schiff says, printing money is to the economy what taking drugs is to a drug addict. In the short term it makes the economy feel good, but in the long run it is much worse off. What was once the "long run" or "distant future" may be getting much closer. More on this in the article below.

http://brucewilds.blogspot.com/2013/01/what-happens-after-momentum-ends_...

Tue, 07/15/2014 - 09:46 | 4958721 Osmium
Osmium's picture

You said ream, which is what is happening to the middle class on a daily basis.

Tue, 07/15/2014 - 09:05 | 4958612 Agent P
Agent P's picture

Bloomberg headline on TOP: "U.S. Retail Sales Showed Broad-Based Increase Last Month After May's Gains"

Tue, 07/15/2014 - 09:12 | 4958633 knukles
knukles's picture

 

 

                                                                           sigh

 

Tue, 07/15/2014 - 09:30 | 4958684 BeetleBailey
BeetleBailey's picture

LOL

fuckin Bloomie...and his gun up his asshole...and his minions spewing nonsense....and the dumbed down....BELIEVING IT....

BUY BUY BUY BUY BUY BUY...motherfuckers

Tue, 07/15/2014 - 09:05 | 4958616 dobermangang
dobermangang's picture

The only things selling well now are hand guns, ammo, lotto scratch-off tickets, diapers for illegal aliens and "Going Out of Business" & "Office Space Available" signs.

Tue, 07/15/2014 - 09:13 | 4958635 Agent P
Agent P's picture

Also Cheetos, Pop-Tarts, and Kool-Aid, with a perfect correlation to EBT growth. 

Tue, 07/15/2014 - 09:21 | 4958658 headhunt
headhunt's picture

and skittles...

Tue, 07/15/2014 - 09:25 | 4958669 LetThemEatRand
LetThemEatRand's picture

"Will work for skittles" signs are really flying off the shelves.

Tue, 07/15/2014 - 09:30 | 4958683 SecondAdamWon
SecondAdamWon's picture

You forgot to mention water cannons, batons and tear gas cannisters.

Tue, 07/15/2014 - 10:54 | 4958982 espirit
espirit's picture

Bought any hollowpoints lately?

Jeez, talk about demand/supply. 

Tue, 07/15/2014 - 11:58 | 4959332 KnuckleDragger-X
KnuckleDragger-X's picture

I prefer soft points myself...

Tue, 07/15/2014 - 09:12 | 4958624 Tjeff1
Tjeff1's picture

Look at the non "seasonal adjusted" data between May and June.  Virtually every department dropped about 5%.  How do they get away with this shit.  Total BS

              June 438,468 may 464,425                

 

What seasonal adjustments need there be between May and June for retail?  Makes no sense.

Tue, 07/15/2014 - 09:19 | 4958655 ejmoosa
ejmoosa's picture

Comparisons to same month last year would always be much more accurate than this seasonal adjustment business.  

The way the weekends fall would be a slight variation, but the numbers would always be actual, and we could then decide for ourselves whether or not the difference was significant.

 

Here, they decide what is significant and what they "think" the number should have been.

 

Tue, 07/15/2014 - 09:39 | 4958699 Ms. Erable
Ms. Erable's picture

Index the BS retail sales number with inflation (even the bogus CPI print) and it's a wash at best; indexed against a real inflation number and you learn that any retail sales 'increase' is due solely to accounting firms purchasing large lots of red ink printer cartidges.

Tue, 07/15/2014 - 09:08 | 4958625 overmedicatedun...
overmedicatedundersexed's picture

somehow millions of un educated low IQ illegals will help the economy..well jails are in a boom market so there's that.

Tue, 07/15/2014 - 09:14 | 4958637 knukles
knukles's picture

Aren't they the Nw World Order's Uselesss Eaters, or am I missing the gist of the program?

Tue, 07/15/2014 - 09:17 | 4958648 Winston Churchill
Winston Churchill's picture

If you can't tell the sucker at the poker table..........

Tue, 07/15/2014 - 09:09 | 4958627 Ban KKiller
Ban KKiller's picture

People are really looking at what they need as opposed to what they want.

Time for new "i" gadget to be marketed to the masses! Stat!

Tue, 07/15/2014 - 09:13 | 4958636 Seasmoke
Seasmoke's picture

That's a lot of news posts this morning. And all of it meaningless 

Tue, 07/15/2014 - 09:16 | 4958641 ejmoosa
ejmoosa's picture

We need to move the start of school to the middle of July...get those sales pulled forward.

 

I went into Costco yesterday, finally ready to buy some summer stuff, since we are in the third week of it....

 

I'll be dammned if it had all been replaced by leather sofas and other furniture.  

 

Ready to get a few more summer  shirts, and damn, the winter stuff was there in it's place too.

 

I guess I can put those things off another year....I did fine so far without them.

Tue, 07/15/2014 - 09:25 | 4958668 dobermangang
dobermangang's picture

Staples and Office Depot have been doing "Back to School" sales right after July 4th for the last several years.  If you need to stock up on office supplies, check their ads during this month.  You can find great bargains in July. 

Tue, 07/15/2014 - 09:37 | 4958693 Rubbish
Rubbish's picture

I'm doing my part, bought two new shirts because I'm losing weight, I'm eating less.

 

Gold Bitchez...Gold

Tue, 07/15/2014 - 09:38 | 4958696 Spastica Rex
Spastica Rex's picture

Summer shirts are always in stock at St. Vincent Depaul.

Tue, 07/15/2014 - 10:00 | 4958775 Agent P
Agent P's picture

I can't wait for August to get here, so I can start buying Christmas ornaments again!!!

 

Tue, 07/15/2014 - 09:16 | 4958644 I woke up
I woke up's picture

It's because of global warming

Tue, 07/15/2014 - 09:23 | 4958664 ejmoosa
ejmoosa's picture

Tonight in the Atlanta suburbs we will be in the upper 50's....

 

I know of not one person who isn't laughing at those global warming preachers.

 

Did you see this one?  Red Heads to disappear due to global warming....

 

http://www.dailyrecord.co.uk/news/scottish-news/climate-change-could-mak...

Tue, 07/15/2014 - 09:24 | 4958667 Save_America1st
Save_America1st's picture

Q2 +3.2 GDP

Signed,

The Vampire Squid

Tue, 07/15/2014 - 09:50 | 4958730 drchris
drchris's picture

Anything to squeeze out a positive H1. The revisions will force it back into the red, but by that time it will all be in the past.

Tue, 07/15/2014 - 09:27 | 4958674 BeetleBailey
BeetleBailey's picture

BULLSHIT BITCHEZ!!!!!

 

I MEAN....GREEN FUCKIN SHOOTS.....GREEN FUCKIN FIAT.....GREEN FUCKIN LIGHT....

 

BUY BUY BUY BUY BUY.....KEEP RAMPING THIS PIG...

Tue, 07/15/2014 - 09:28 | 4958678 redc1c4
redc1c4's picture

Okay, who forgot to put "Unexpectedly" in the story?  i thought that was in the style book as mandatory for news like this... %-)

Tue, 07/15/2014 - 09:30 | 4958685 blabam
blabam's picture

Oil prices are falling because of the ROARING economy. 

Tue, 07/15/2014 - 09:40 | 4958700 intric8
intric8's picture

Toilet paper, toothpaste, soap, shampoo, tampons, underwear, chips and soda on sale, paper and pencils for school

Retail sales.

Tue, 07/15/2014 - 09:42 | 4958705 Everybodys All ...
Everybodys All American's picture

Well it is Tuesday ...

Tue, 07/15/2014 - 09:55 | 4958746 sbenard
sbenard's picture

Who needs an economy? Who needs jobs? Who needs reality? We have PRINTED prosperity now!

But there will be a day of reckoning. The stench of hubris of central bankers is so appalling that only a calamity of biblical proportions will wake them -- or the sheeple -- up from their apathy!

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