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US Shoppers Balk At High Prices
Retail sales in the US rose less than expected last month, this week's only top-tier macro release from the world's largest economy showed.
Nominal spending managed a mere 0.1% advance, just a third of the uptick consensus expected. Notably, April's headline was revised to show a 0.2% decline. March was revised lower too.
Taken at face value, this is more evidence to support a slowdown narrative. As I put it while previewing this week's data docket, a miss "add[s] to a string of releases which
I think best to look at the retail sales series deflated by goods CPI, since almost all retail sales are “goods”, save the relatively smaller portion that is eating and drinking establishments.