Thanks to dramatic downward revisions (from "resilient" historical data which we pointed out were entirely anomalous at the time and due entirely to seasonal adjustments) retail sales have dropped 0.54% in the last two months - the biggest sequential drop in a year.
While the YoY change rose from +3.0% to +3.1%, it remains below historically-recessionary levels and given the revisions suggests Q1 GDP growth markdowns are on their way with sales down MoM for every cohort from gas stations to furniture.
Retail Sales down most in a year:
And YoY changes still at weak recessionary levels...
And the breakdown shows sales dropped across the board, with all the key segments, including the all important online sales, posting sequential declines:
- Motor Vehicles: -0.2%
- Furniture and Home Furnishing: -0.5%
- Electronics: -0.1%
- Food and Beverage: -0.2%
- Gasoline Stations: -4.4%
- General Merchandise: -0.2%
- Miscellaneous: -1.1%
- Online Sales: -0.2%