Following June's very modest rise in retail sales, analysts are expecting a stimmy-less American public - whose buying attitudes have utterly collapsed along with sentiment - to spend less in July (-0.3% MoM consensus).
Specifically, BofA, which has nailed the numbers all year, is forecasting a dramatic drop in retail sales in July as the spikes from stimulus checks fades into the distance (and the hopes of imminent recovery are dashed by government fearmongering and actions over the Delta variant).
So just how bad was it? US Retail Sales fell 1.1% MoM in July - almost four times worse than the 0.3% slide expected
Under the hood, motor vehicles, clothing, and non-store retailers (online) all saw sales tank...
This is not the self-sustaining recovery you were looking for...
Finally, most concerning is the 1.0% tumble in the control group data, which slots right into GDP. That is five times worse than the 0.2% decline expected!
Get back to work Mr.Biden... Americans need their stimmies!!