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Consumption-Addicted Americans Engineer Actual ‘V-Shaped’ Recovery In Retail Sales
The optimists among you can look to retail sales for confirmation bias of any "V-shaped" narrative you might be harboring.
Coming off the largest MoM gain in recorded history, retail sales again came in hot, rising 7.5% in June, easily besting estimates for a 5% gain. May's record rise was revised higher to 18.2%.
The ex-autos print was also a strong beat, rising 7.3%, while the control group rose 5.6% last month.
This is one place where the "V-shaped" recovery has, indeed, materialized.
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