Re: nincs cím

Retail Sales - positive?

The US Retail Sales number was better than expected, but not as much better as the headlines would lead us to believe. The +1.2% MoM comparison ex Autos looks impressive, but the more important data point is the Ex Autos and Gas number, as we should never consider it a positive signs that the US consumer is having to buy more expensive gas. That number was +0.6% vs. +0.2% expected, but the previous month's data was revised down -0.2%, so the cumulative surprise for both months was a mere +0.2% - not exactly a barnstormer of a number. This probably explains why the reaction to the data has been relatively modest.