For the second month in a row, retail sales declined in March as 'hard' data fails to live up to 'soft' data's hype. This is the biggest 2-month tumble in retail sales in over 2 years.
The full breakdown shows the biggest declines in building materials and motor vehicles.
This drop in sales should not be total surprise as real average weekly earnings has now failed to rise for 3 straight months.
Two more 'hard' data series to add to the list that dismiss the hope embedded in all the soft survey data... but we are sure stocks know better.