This is not supposed to happen...
Headline retail sales tumbled 0.3% MoM in May, the biggest drop since January 2016 (and all the weather-related malarkey that was blamed on).
Core retail sales also dropped the same...
Retail sales less autos fell 0.3% in May, notably worse than the expectation of a 0.1% rise.
- Retail sales forecast range -0.3% to 0.3% from 79 economists surveyed
- Retail sales rose 0.4% in April
- Retail sales fell to $473.808b in May vs $475.009b in April
- Retail sales ex-auto dealers, building materials and gasoline stations unchanged in May
- Retail sales ‘control group’ unchanged m/m in May
The breakdown show a big tumble in Electronics and appliance stores, along with gasoline prices.
This is the weakest YoY retail sales growth since the election and continues to signal that despite record high stock market indices, all is not at all well in 'Murica.