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

After 3 months of missed expectations and the first consecutive drop in retail sales since Lehman, retail sales rose 0.9% in March (missing expectations of +1.1%). While the 0.9% rise is the biggest since March last year, this is now the worst streak of missed expectations in retail sales since 2008/9. Ex-Autos, retail sales also mised expectations (rising just 0.4% vs 0.7% exp).